Industry Outlook: Financial & Professional

Financial and Professional CFOs is a new category in the Survey this year, so we do not have contextual data to compare from last year. We do know that respondents were split pretty evenly between Tucson and Phoenix, and they felt that the economic climate of the state and their city would be the same or better than 12 months ago. Types of companies categorized as financial or professional included banking and investment groups, media, engineers, and consultants. A consistent tax structure and better tax incentives were a concern by just over half of respondents. They also craved skilled talent, regulatory cost reductions, and technology incentives. Competition was the biggest concern for 2017, and therefore CFOs in this industry did not foresee raising rates for services.

Financial and professional companies are open to accommodating for diversity in their employee base and are concerned about reputation management. Eroding profits have an impact on their reputation, and they are turning to increased marketing and technology to efficiently attract and keep business.

CFO Says: “I am trying to lead with a steady hand. There are lots of moving parts with people wanting to make changes.”

Revenue in 2017

Will increase significantly: 43%
Decrease slightly: 14%

Optimism? 40% very optimistic
20% somewhat uncertain
Access to Cash? Some concerns
Border Security? 73% very little impact
Environmental Issues? 60% small impact
Millennials? Warmer

Top Areas of Focus:

Security Protocols
Traditional and Online Engagement Tools
Continuous Innovation
Owner Retirement/Transition
Reputation Management
Branding/Rebranding