MPC Interviews Mike Morris of Wipfli
Please state your name, title, company, and email address to provide to prospective partners and customers interested in receiving more information.
Mike Morris, Partner, Fintech Practice Leader, Wipfli, mike.morris@wipfli.com
How are you different than other brands in your space?
Wipfli sets itself apart from competitors through its steadfast dedication to serving small and mid-sized businesses, particularly in growing midsized markets. Our culture is unique — rooted in trust, collaboration and accessibility, which resonates with clients seeking genuine partnerships rather than transactional relationships.
We emphasize local presence and deep, personal connections, ensuring that our services are high-touch and relationship-focused. Unlike many firms that pursue larger clients and prioritize their own growth, we remain true to our mission of supporting SMBs with tailored, integrated solutions
How would you describe your value proposition to prospective customers and channel partners?
Our value proposition lies in delivering top tier, comprehensive services that are typically available only to larger organizations but tailored for small and mid-sized businesses. We blend our extensive financial institution and fintech industry expertise with personalized, local service, allowing clients to meet their unique growth goals.
Our commitment to understanding client challenges and fostering long-term relationships means clients gain a pragmatic partner that works alongside them to navigate complex landscapes and achieve measurable ROI. Additionally, our fintech and financial institutions’ practices come together to help craft integrated solutions that helps each best achieve their goals and help customers.
What recent challenges have your company’s leadership faced and how did you overcome them?
In recent years, Wipfli has faced the same challenges as other firms in employee retention, particularly due to the competitive landscape for skilled professionals. To address this, we have implemented several initiatives:
- Enhanced benefits and support: Recognizing the financial and time commitments required for CPA licensure, Wipfli participates in the Experience, Learn and Earn (ELE) program. This initiative, led by the AICPA and NASBA, provides aspiring CPAs with a practical pathway to achieving the necessary 150 credit hours for licensure while gaining invaluable work experience. This program is a perfect example of Wipfli’s total rewards philosophy, offering choice and meeting our employees at their point of need.
- Diversity, equity, and inclusion (DEI) Initiatives: We have expanded our DEI efforts, creating a stronger sense of belonging and engagement among women, LGBTQ+, and military veteran associates. For instance, our Women of Wipfli India – Aparajita business resource group grew by 85% and hosted multiple events throughout the year.
- Talent acquisition and onboarding: We retooled our talent acquisition strategy to include more than filling requisitions. We’ve cultivated a robust sourcing approach, leveraging tools like Handshake and LinkedIn to maintain our brand presence and build a strong talent pipeline year-round. Our university outreach program expanded its footprint to 110 institutions nationwide, bringing diverse perspectives that enrich our culture.
What recent milestone have you achieved and why is it significant?
Our most significant success in FY24 has been our ability to sustain strong growth while driving innovation and excellence in every aspect of our business. We’ve achieved an 8% increase in net revenue, reaching $590 million, and have seen continued growth across all service lines.
We also significantly expanded our practice with the acquisition of acquired Sheshunoff Consulting + Solutions’ risk management and loan review services divisions.
We also maintained a high-level of quality client service – our NPS score is more than 10% higher than the national average and we also were named a top 5 firm by Wealth Solution Report.
What near-term opportunities will 2024 present to you and your team?
We see significant opportunities to work with clients to achieve sustainable change. Our ability to provide pragmatic, integrated solutions that address risk, finances, people, operations and technology allows us to help financial institutions and fintechs overcome substantial roadblocks — and move beyond outdated, temporary fixes and position themselves as competitive players in a rapidly shifting market.
With ongoing market fluctuations and regulatory pressures, clients are seeking comprehensive support that not only addresses their immediate challenges but also lays the groundwork for long-term success. Our deep expertise and collaborative approach ensure that we can guide them through transformative change, helping them adapt to new realities with confidence. This opportunity aligns perfectly with our mission to empower clients with strategic, lasting solutions that make a real impact.
What’s a key trend for your industry in 2024, and why do you think it’s important?
Together, several trends — open banking, AI-driven analytics, regulatory shifts and enhanced cybersecurity — are reshaping the financial industry.
Open banking fosters data sharing with third-party providers, opening the door wider for fintechs and enabling more personalized, customer-centric services and promoting innovation.
Add to that, how AI is revolutionizing how financial institutions utilize benchmark data. AI and fintech companies developing AI tools, allows a new level of data integrating from various sources and the ability to apply predictive analytics to forecast trends and respond effectively to customer behavior changes.
Regulatory changes always bring big changes, but that’s increasing with the recent elections. For example, the Consumer Financial Protection Bureau (CFPB)’s recent reclassification of buy now, pay later (BNPL) products under Regulation Z. That underscores the need for financial institutions to adapt quickly to changing compliance landscapes.
Cybersecurity remains a top concern as open banking and AI adoption increase the potential for cyber threats. Protecting sensitive customer data and ensuring robust security protocols are crucial. It’s imperative we prioritize advanced threat detection, real-time monitoring, and compliance with stringent cybersecurity regulations to safeguard information and maintain trust.
