Ron and Ed usually wait six months before having a previous Guest reappear on the show. This is one of the exceptions. Our conversation for this show focused on a new conference that Hector and his team are developing, Business Models of the Future Knowledge Worker. Hector shared his thoughts and we had a live brainstorming event around topic for conversation at the conference.

Use these show notes to follow along with the audio…

Segment one:

Will accountants be displaced by AI? Well, yes. Those that do not use AI tools to help themselves will be replaced. Hector has been doing a large amount of experimentation here and talked about it today.
Will AI continue to advance at a rapid rate? Of course it will. Look at something as simple as nails. They’ve been around for about 100 years and CONTINUE to show even tiny advances. And that’s just a simple metal nail.
ChatGPT has opened Hector’s mind to the creative possibilities and the things he can do as an accountant and leader of the profession. He experiments with these tools because he wants to stay at the forefront and be a part of the movement.
It’s time for “self disruption”. Creation…preservation…and destruction . Hector studied Hinduism in college and draws a strong parallel to his desire for “self disruption” in the accounting profession.

Segment two:

Hector was very kind to give Ron Baker a shout out today for his work around Time’s Up. Check out more information at this link if you are curious or interested https://timesupclub.com/
Hector is REALLY excited about a conference on October 25-27th in Miami called Creative Business Models for Accountants. Here is the link for the FINAL 22 tickets! https://altaccountant.com/creative/
Subscription is the easiest, most friction free way to collect revenue from customers but THEN it allows us as accountants to focus on important things like the delivery platform and overall customer experience
Hey! Did you know that our Patreon channel at Patreon.com/TSOE is sponsored by @90Minds? Need a mind? Find one at 90Minds.com

Segment three:

Alan asked a great question today about changing the business model of his industry. Ron, Hector, and Ed all had some great thoughts that are DIFFICULT to capture in 140 (280? 5,000?) characters. Check it out in segment three.
In wealth management, customers have been taught that paying a finance professional is only a function of how much money is being moved around. But the real advice has almost nothing to do with just moving money around.
The customer of the future will buy from firms that provide two things: 1) to feel good/secure about who they are interacting with and 2) to work with the company providing the least amount of friction when working towards a goal
“The best products in the world offer some sort of lifetime guarantee and that’s what people buy.” —Hector Garcia
Hector recently made the shift to subscription and had this short, INSIGHTFUL statement to share: “You transform your firm one customer at a time.”

Segment four:

For rising seniors in high school, Ed is not convinced that the job they will do even exists yet. In fact, he’s not even sure their final major in college exists….just FOUR YEARS from now. How’s that for a rate of change?
“If we are professionals understand that communication is about translation — reframing a problem — you can move much faster.” —Hector Garcia
A big THANK YOU to Hector Garcia for joining us today. There are only 22 TICKETS left (as of this tweet….er….”X”) for his conference in October in Miami. Check our more info at this link https://altaccountant.com/creative/

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits.