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What 500 CFO Advisors Told Us About Offering CFO Advisory Services
Adam Lean
April 23, 2025 • 7 min read
April 23, 2025 • 7 min read
Insights from The CFO Project’s Annual Survey
The accounting and bookkeeping industries are facing major disruption. Between the rise of automation, AI, and low-cost software, traditional services like tax prep and bookkeeping are becoming commoditized and undervalued. Many accountants and bookkeepers feel stuck in what we call the accountant's trap—working long hours for low pay.
But there’s a solution that’s helping financial professionals escape the trap and build more profitable, scalable practices: CFO Advisory services.
Every year, The CFO Project surveys its members—CPAs, accountants, bookkeepers, CFOs, and financial professionals—to gather real-world insights into the state of CFO Advisory services. In this article, we share the eight key takeaways from our most recent survey of nearly 500 CFO Advisors.
But there’s a solution that’s helping financial professionals escape the trap and build more profitable, scalable practices: CFO Advisory services.
Every year, The CFO Project surveys its members—CPAs, accountants, bookkeepers, CFOs, and financial professionals—to gather real-world insights into the state of CFO Advisory services. In this article, we share the eight key takeaways from our most recent survey of nearly 500 CFO Advisors.
Watch the Full Breakdown
Watch the Full Breakdown
Prefer to watch the full video instead? Check it out below:
1. CFO Advisory Clients Are Worth Nearly $2,000 Per Month
Our members charge an average of $1,978 per client per month for CFO Advisory services. Compare this to:
The financial difference is significant. CFO Advisory services allow you to earn more per client while working less time overall.
- $100-$600 per month for a typical bookkeeping client
- $750 per year for a typical tax prep client
The financial difference is significant. CFO Advisory services allow you to earn more per client while working less time overall.
2. Effective Hourly Rate of $549 Per Hour
Our members spend an average of 3.6 hours per month per CFO client. That works out to an effective hourly rate of $549.
Compare that to:
This means you can earn more while working fewer hours, freeing up time for personal pursuits or scaling your firm.
Compare that to:
- $42 per hour for the average tax accountant
- $22 per hour for the average bookkeeper
This means you can earn more while working fewer hours, freeing up time for personal pursuits or scaling your firm.
3. High Conversion Rates: 57% of Leads Become Clients
The average lead conversion rate for CFO Advisory services is 57%. That means for every 10 leads, you can expect to convert 6 into paying clients.
4. Strong Client Retention: 83% Annually
Retention is key to building a stable business. Our members retain 83% of their CFO Advisory clients annually.
This means that even with modest lead generation, you can build a sustainable practice without constantly chasing new clients.
This means that even with modest lead generation, you can build a sustainable practice without constantly chasing new clients.
5. Top Client Industries for CFO Advisory
The most common industries that hire CFO Advisors include:
These businesses are often run by experts in their craft, not financial experts. They need guidance on how to use their financials to grow and succeed.
- Business services (marketing agencies, law firms, IT firms)
- Construction and real estate (real estate investors, architecture firms, home builders)
- Trades (plumbing, HVAC, roofing)
- Health, beauty, and fitness (gyms, salons, barber shops)
- Manufacturing and distribution (small food distributors, parts manufacturers)
These businesses are often run by experts in their craft, not financial experts. They need guidance on how to use their financials to grow and succeed.
6. Many Members Combine CFO Advisory with Other Services
While some members offer CFO Advisory exclusively, 68% combine it with bookkeeping, tax prep, or both.
This allows for upselling existing clients or packaging services together, creating recurring revenue streams and deepening client relationships.
This allows for upselling existing clients or packaging services together, creating recurring revenue streams and deepening client relationships.
7. Why Clients Hire CFO Advisors
There are three main reasons why business owners seek CFO Advisors:
The common thread? Business owners are focused on the future, not just recording the past. They want a financial professional who can help them achieve their goals.
- To improve profitability
- To better understand and improve their financials
- To get guidance toward building a growing, successful business
The common thread? Business owners are focused on the future, not just recording the past. They want a financial professional who can help them achieve their goals.
8. Why Financial Professionals Join The CFO Project
The number one reason our members join The CFO Project is because of our proven systems.
We also provide:
These systems help financial professionals escape the accountant’s trap and build scalable, profitable firms.
- Our CFO advisory system has been tested and refined over a decade.
- It’s scalable, allowing you to serve clients in about 4 hours per month.
- It delivers real results, helping clients grow and improve profitability.
We also provide:
- Lead generation and conversion systems
- Tools and templates for every aspect of CFO engagements (scoreboards, action plans, target setting)
- A supportive community of CFO Advisors led by experienced mentors
These systems help financial professionals escape the accountant’s trap and build scalable, profitable firms.
Take the Next Step
Option #1: Check out our full breakdown in our advice video. You can also check out a full breakdown of our Trends Report.
Option #2: If you want to learn how to become a highly successful CFO Advisor, explore all of our CFO Training for Accountants, CPAs, Bookkeepers, and Tax Professionals by checking out our CFO Training.
Option #3: Join an upcoming Right-Fit call to meet with an Enrollment Advisor to get a behind-the-scenes tour of our done-with-you mentorship program where we'll give you a turnkey system to start offering CFO Advisory services. Click to reserve your spot.
Option #2: If you want to learn how to become a highly successful CFO Advisor, explore all of our CFO Training for Accountants, CPAs, Bookkeepers, and Tax Professionals by checking out our CFO Training.
Option #3: Join an upcoming Right-Fit call to meet with an Enrollment Advisor to get a behind-the-scenes tour of our done-with-you mentorship program where we'll give you a turnkey system to start offering CFO Advisory services. Click to reserve your spot.
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