October 15, 2015
BIG FOUR, NO MORE?
After a Big four partner boasted on linkedin that worldwide his company earned over US 35 billion in profit I reacted by stating that all that money (in fact it is much more of course) came out of the pockets of this firm's clients. The partner reacted professionally by expressing his hope that his "Big four" would continue to exceed their clients expectations. I do not think they do but hey, nothing wrong with that answer. An associate from another Big four company replied by asking if my firm's income does not come out of its clients pockets. Of course it does but we for one do not boast with respect to the amount. Both individuals seemed to have felt attacked by a mere observation. Interesting, because my intention was not to attack anyone. I do feel however that Big four has served its purpose.
Our offices every year welcomes high net worth individuals from Big four. Most of the time I have the feeling that it is not the high fees that chase them away from Big four; they are high net worth individuals after all. It seems it is more the feeling being transmitted by big four that these individuals are not that important to them. Big four has bigger clients than high net worth individuals like listed companies. What also seems to chase away these persons is that Big four is riddled with scandal. Another observation from a new client was that he was somewhat appalled by the pricey cars he saw on Big four's parking lot. Of course he understands that these are being purchased with money out his -and other clients- pockets.