Forvis Mazars Group: Comprehensive Company Profile

Background

Forvis Mazars Group is a leading global professional services network formed in June 2024 through the strategic integration of Mazars, an international partnership operating in over 100 countries, and FORVIS, a top-ranked firm in the United States. This union established Forvis Mazars as a top 10 global network, uniquely structured with just two member firms: Forvis Mazars LLP in the U.S. and Forvis Mazars Group SC internationally. The organization is committed to delivering an unmatched client experience by providing audit & assurance, tax, advisory, and consulting services worldwide.

Key Strategic Focus

Forvis Mazars emphasizes agility, consistency, and global scale to meet the evolving needs of clients across various industries. The firm's strategic objectives include expanding international capabilities, enhancing service offerings, and maintaining a client-centric approach. Specializing in sectors such as financial services, life sciences, manufacturing & distribution, private equity, and technology, media & telecommunications, Forvis Mazars leverages advanced technologies and methodologies to deliver tailored solutions.

Financials and Funding

In its inaugural financial year ending August 31, 2024, Forvis Mazars reported combined revenues of $5.2 billion. Audit and assurance services contributed 40% of this revenue, followed by tax and advisory services at 24% each, and accounting services at 12%. This financial performance positions Forvis Mazars among the top global accounting networks.

Leadership Team

The leadership of Forvis Mazars comprises seasoned professionals with extensive experience in the professional services industry:

Hervé Hélias: Chairman of the Forvis Mazars Global Network Board.

Tom Watson: CEO of Forvis Mazars LLP in the United States.

Pascal Jauffret: CEO of Forvis Mazars Group SC.

These leaders are instrumental in steering the firm's strategic direction and ensuring the delivery of high-quality services globally.

Leadership Changes

As part of the network's formation, several key leadership appointments were made effective June 1, 2024:

Connie Cagle: Managing Partner – Boston.

Chris Clark: Managing Partner – Dallas.

Chris Lindner: Managing Partner – Nebraska.

Karine Philippon: Managing Partner – California & Arizona.

Danielle Solomon: Managing Partner – Chicago.

Heather Wallace: Managing Partner – Birmingham, Alabama & Jackson, Mississippi.

Andy Williams: Managing Partner – Arkansas.

These appointments reflect the firm's commitment to strengthening its leadership team to support growth and client service excellence.

Competitor Profile

Market Insights and Dynamics

The global professional services industry is characterized by a competitive landscape dominated by the "Big Four" firms: Deloitte, PwC, EY, and KPMG. These firms have established significant market share through extensive service offerings and global reach. Mid-tier firms like Forvis Mazars are increasingly challenging this dominance by leveraging agility, personalized client service, and strategic growth initiatives.

Competitor Analysis

Key competitors include:

BDO: A global network providing audit, tax, and advisory services, with a strong presence in numerous countries.

RSM: Offers a range of professional services with a focus on middle-market clients, operating in over 120 countries.

Grant Thornton: Provides audit, tax, and advisory services, emphasizing personalized service and industry expertise.

These firms compete by expanding service lines, investing in technology, and enhancing global networks to meet client demands.

Strategic Collaborations and Partnerships

The formation of Forvis Mazars itself is a strategic collaboration between Mazars and FORVIS, combining their strengths to create a unified global network. This partnership enhances the firm's ability to serve clients with international needs and positions it as a formidable competitor in the global market.

Operational Insights

Forvis Mazars differentiates itself through its unique two-firm network structure, allowing for agility and consistency in service delivery. The firm's integrated approach ensures seamless collaboration across borders, providing clients with comprehensive solutions tailored to their specific needs. This operational model positions Forvis Mazars to effectively compete with larger networks by offering personalized service without compromising on global capabilities.

Strategic Opportunities and Future Directions

Looking ahead, Forvis Mazars aims to capitalize on its expanded global presence by deepening industry specialization, investing in technological advancements, and enhancing client engagement strategies. The firm is committed to sustainable growth, focusing on delivering value to clients through innovative solutions and maintaining a strong emphasis on quality and integrity in all its services.