Professional Portfolio

Professional Portfolio

Ashton Lee

University of North Florida

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Table of Contents

Executive Summary.........................................................................................................................4

Finance and Insurance Industry.......................................................................................................5

Health and Size of the Industry....................................................................................................5

Legal and Ethical Concerns.........................................................................................................5

Technology and Data...................................................................................................................6

Smoak, Davis, and Nixon LLP........................................................................................................6

Philosophy....................................................................................................................................6

Analysis of Office and Website...................................................................................................7

Chain of Command......................................................................................................................7

Size...............................................................................................................................................8

Philanthropies...............................................................................................................................8

Interview..........................................................................................................................................8

Current Position...........................................................................................................................8

Job History...................................................................................................................................9

Communication............................................................................................................................9

Preparation...................................................................................................................................9

Writing Sources.............................................................................................................................10

Writing Sample 1...........................................................................................................................11

Analysis Writing Sample 1............................................................................................................11

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Writing Sample 2...........................................................................................................................12

Analysis Writing Sample 2............................................................................................................14

References......................................................................................................................................16

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Provided for: Priscilla Berry

Professional Communication for Business

Executive Summary

This report is provided to profile the Finance and Insurance Industry as a whole, to

profile one particular firm within a sector of this industry, to discuss an interview with a

practicing professional at this firm, and to analyze samples of writing provided from this

individual. This report will discuss the size of the industry, legal and ethical concerns in this

industry, and this industry’s relationship with technology. It will also discuss Smoak, Davis, and

Nixon LLP, a CPA firm with a wealth management subsidiary and a computer consulting

subsidiary. This report analyzes the philosophy, website, office, hierarchy of leadership, and

extraneous activities. This report will discuss the position, career, and advice of a supervisor at

the firm. It also analyzes samples of writing provided by this individual.

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Finance and Insurance Industry

According to the Bureau of Labor Statistics, the Finance and Insurance Industry is

comprised of “establishments primarily engaged in financial transactions” [CITATION Abo21 \l

1033 ]. These “financial transactions” are defined as “transactions involving the creation,

liquidation, or change in ownership of financial assets”.

Health and Size of the Industry

The Finance and Insurance Industry is a very prominent industry in the U.S. According to World

Atlas, the Finance and Insurance Industry is the third largest in the US[ CITATION Ben17 \l

1033 ]. It accounts for 8% of the national GDP. World Atlas estimates that the Finance and

Insurance Industry employs 5 million people within the U.S., which is 4% of U.S. national

employment.

Legal and Ethical Concerns

The Finance and Insurance Industry has been in the spotlight many times in recent decades due

to legal and ethical issues. In a report for Santa Clara University’s Markkula Center for Applied

Ethics, Anne Federwisch theorizes that the industry’s intense regulation may cause more

breaches of ethics to be identified and reported than in industries with less regulation

[ CITATION Ann15 \l 1033 ].

Perhaps this intense regulation within the Finance and Insurance Industry is a result of the

scandals that have wrought the industry. In a list of accounting scandals provided by the

Corporate Finance Institute, each scandal shows a different way that corporations have

disregarded ethics [ CITATION Top \l 1033 ]. The Waste Management scandal shows that

corporations could be reporting fake earnings. The Enron scandal shows that corporations could

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be hiding bad debt. The WorldCom scandal shows that corporations could be reporting inflated

assets. The Tyco scandal shows that executives could be stealing from the corporations. The

Bernie Madoff scandal shows the dangers of Ponzi schemes.

Technology and Data

The Finance and Insurance Industry has greatly benefitted from advances in technology. In its

most basic sense, technology has improved communication across the board, but it doesn’t stop

there. The Corporate Finance Institute calls this marriage between finance and technology

Fintech (Fintech (Financial Technology), n.d.). Examples of Fintech at play include mobile

payments, automated investment apps, cryptocurrency, online lending businesses, and

crowdfunding platforms.

Smoak, Davis, and Nixon LLP

Smoak, Davis, and Nixon LLP, referred to as SDN commonly on the website, is a public

accounting firm based in Jacksonville, Florida. SDN is an example of a firm within the Finance

and Insurance Industry. SDN has a section for public accounting, as well as sections for wealth

management and computer consulting.

Philosophy

As found on the firm’s website, SDN’s mission is to be “Small enough to know you, big enough

to be all you need.” SDN strives to offer a comprehensive assortment of services. These services

include tax, audit, attestation, and accounting services; investment advisory and wealth

management services; and computer consulting services all under one roof. The website even

details the firm’s philosophy.

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Analysis of Office and Website

The website of SDN is very user friendly. It allows prospective clients to gather an overview of

services offered, as well as allowing current clients to navigate to a tab for paying a bill. The

home page of the website includes an appealing picture of the Jacksonville skyline, showing an

emphasis in the location of the firm’s headquarters. The home page also features a concise list of

services and a brief history of the firm.

The office and the website both emphasize the firm’s long history. A history of the firm can be

found on the website. The firm was opened in 1924 and has been operating in Jacksonville for its

entire history. In the lobby of the office, there is also a 95th Anniversary booklet showing the

firm’s history and the partners of the firm throughout the years. The website and the office also

both emphasize the color blue. Blue is the color of business. SDN’s use of the color blue shows a

theme of consistency and steadfastness.

Chain of Command

The organizational structure of SDN mimics that of many public accounting firms in the Finance

Industry. Internal communication within departments often originates with managers and is

passed down to the staff through the supervisors. The main method of communicating within

SDN is through Microsoft Teams messaging or audio/video calls, and some emails.

Partners

Senior Managers

Managers

Supervisors

Seniors

Staff

Interns

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Size

SDN has its headquarters in Jacksonville, with a remote office in Miami. There are 44 employees

total working for SDN. SDN is smaller than a Big 4 Accounting firm, but is larger than a local

firm. SDN falls in the range of a regional firm, and would be considered a small cap or micro-

cap firm.

Philanthropies

Outside its day-to-day business, SDN does a lot to show its support to its employees and the

Jacksonville community. The firm hosts monthly Happy Hours for employees, annual trainings

in destinations like Las Vegas, and hosts a mentoring program for employees. In the community,

SDN participates in food drives and toy drives, and partners with the Ronald McDonald House.

Interview

A supervisor from SDN, Quinton Taylor, was interviewed about SDN, the changing

public accounting industry, and the unique position of supervisor. The lobby of the Smoak,

Davis, & Nixon LLP office is inviting. The interview was held on a Tuesday morning. While a

few meetings were being held, the office was less inhabited than a normal day. Employees are

invited to work remotely, and many take advantage of this offer. Mr. Taylor was dressed in a

polo and jeans for the meeting, which was held in a conference room.

Current Position

Quinton Taylor is a supervisor at SDN. The job description for this position entails overseeing

staff and seniors, and acting as intermediary between staff and managers. Mr. Taylor was

promoted to this position after being hired on at SDN as a senior. Prior to his time at SDN, he

was a senior at a different firm, which he left due to relocating for personal reasons. The duties

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of Mr. Taylor’s current position differ from his expectations due to the increased responsibility

over others.

Job History

Mr. Taylor’s resume includes an undergraduate degree in Accounting Information Systems, a

Master’s Degree in Accounting, and several years in the industry. These years in the industry

begin in a wealth management firm doing tax and financial planning, which sparked an interest

in tax. Promotions within public accounting firms got him to senior, before a recruiter helped Mr.

Taylor earn his position at SDN. Mr. Taylor was then promoted from senior to supervisor within

his year and a half at Smoak, Nixon & Davis LLP.

Communication

Communication is an important aspect of Mr. Taylor’s position. He must act as a channel of

communication between managers and staff. This includes sitting in meetings with both

managers and staff, voicing concerns of each side to the other. These meetings take place

virtually more often than in person, utilizing Microsoft Teams video and audio calling, as well as

messaging for more informal communications. When workpapers must be sent between

associates, they are often sent through email, where security measures can be taken if need be.

Mr. Taylor finds it both challenging and rewarding to act in his position. It can sometimes be

difficult to appropriately convey concerns from one end to the other.

Preparation

Mr. Taylor’s undergraduate and graduate degrees alike where an important step in preparing him

for communicating in the Finance and Insurance Industry. This includes a business

communication course. It also includes the pursuit of a CPA license. Mr. Taylor understands the

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value of public speaking and has continued to practice this skill throughout his career. SDN

assists in this preparation by regularly hosting presentations during slow seasons. Each member

of the staff gives a presentation to practice public speaking. The staff also practices

communicating by attending career fairs and interacting with students.

Mr. Taylor believes the best way to prepare to communicate in the Finance and Insurance

Industry is through practice and repetition. He also states the importance of always doing

research and going into every situation in the industry knowledgeable and prepared.

Mr. Taylor does this research on his field and stays up to date on current events in the industry

by reading publications like Tax Advisor, consulting the IRS website, and using CCH Answer

Connect as a resource.

Writing Sources

Mr. Taylor provided samples of writing from SDN as examples of communication in the

Finance and Insurance Industry. These samples show many different facets of communication

between associates, clients, and levels of management.

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Writing Sample 1

Analysis Writing Sample 1

This sample is from Microsoft Teams and shows an example of a conversation between a

supervisor and a manager about late fees incurred by clients on quarterly tax payments. The

supervisor, Quinton Taylor, initiated the chat with the initial question. The conversation goes

back and forth a few times, and does not have a conclusion that can be seen in this screenshot.

The conversation is initiated without salutation, just a question. Improper grammar and

punctuation are used. It is overall extremely informal.

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Writing Sample 2

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Analysis Writing Sample 2

This sample of communication shows an email chain from between Quinton Taylor

(supervisor), Waseem Baraz (senior staff), and Eric Bachman (manager). It shows an initial

email sent regarding a tax return from the manager, down to the staff member, and including the

supervisor in between. It informs the preparer of the tax return of certain circumstances

surrounding the return. This communication is slightly more formal. It includes greetings,

salutations, and email signatures. This sample of communication shows conversation back and

forth between different levels of management. It shows that in the Finance and Insurance

Industry, specifically in the public accounting sector, there is a lot of collaboration involved.

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Writing Sample 3

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Analysis Writing Sample 3

This sample is a quarterly newsletter updating the associates at Smoak, Davis, and Nixon

LLP’s wealth management and financial advising sector on the outcomes of the third

quarter during 2021. It also outlines strategy for the upcoming quarter. This sample

includes a bulleted list at the beginning with key takeaways. It also includes headings,

charts, graphs, and page numbers. This document is very formal. The language used in

the newsletter is advanced and uses a lot of jargon. The green color in the letterhead is

reminiscent of the financial aspect of the document. This document is the kind of formal

document one could expect of the Finance and Insurance Industry.

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Writing Sample 4

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Analysis Writing Sample 4

This writing sample shows external communication between a supervisor and a client.

The supervisor reached out regarding information about a home office, which the client

provided. This sample shows a moderate degree of formality, including greetings, salutations,

official SDN signatures, and proper grammar. The purpose of this exchange was to gain

information from a client that will help SDN complete their tax return. This purpose was

achieved through the interactions back and forth.

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Writing Sample 5

Analysis Writing Sample 5

This sample is the least formal of all the samples. The sample is from a Microsoft Teams

chat between 2 associates of the same level. There is no greeting and no salutations. The

grammar, spelling, and punctuation are all improper. The slang “wth” is even used. The sample

starts with a question about a client. It ends with the associates coordinating on accessing a tax

return, which can only be open by one person at a time. This is not the kind of communication

characteristic of the industry.

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Conclusion

The career opportunities offered by this project include enriching the relationship

established by gaining an internship at SDN. This project encouraged the deeper, more thorough

research into the Finance and Insurance Industry. This knowledge will prove invaluable in future

searches for internships, as well as fulltime positions. The education required in the public

accounting sector starts with at least a bachelor’s degree, but many in this field also earn a

master’s degree, or a CPA license. This sector requires a lot of communication and collaboration

between associates and different levels.

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References

About the Finance and Insurance sector. (2021, November 9). Retrieved from U.S. Bureau of

Labor Statistics: https://www.bls.gov/iag/tgs/iag52.htm

Federwisch, A. (2015, October 6). Ethical Issues in the Financial Services Industry. Retrieved

from Markkula Center for Applied Ethics: https://www.scu.edu/ethics/focus-

areas/business-ethics/resources/ethical-issues-in-the-financial-services-industry/

Fintech (Financial Technology). (n.d.). Retrieved from Corporate Finance Institute:

https://corporatefinanceinstitute.com/resources/knowledge/finance/fintech-financial-

technology/

Sawe, B. E. (2017, August 17). The Biggest Industries In The United States. Retrieved from

World Atlas: https://www.worldatlas.com/articles/which-are-the-biggest-industries-in-

the-united-states.html

Top Accounting Scandals. (n.d.). Retrieved from Corporate Finance Institute:

https://corporatefinanceinstitute.com/resources/knowledge/other/top-accounting-

scandals/

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