The Future of the Mid-Tier:

Is Independence Still a Viable Strategy?

Mid-tier accountancy and advisory firms are standing at a crossroads. The recent acquisition of Raffingers by Xeinadin is one of many moves reshaping the profession. Private equity-backed groups are scaling fast, promising more resources, stronger technology, and wider client reach. But is bigger always better? Or does independence still hold a competitive edge?

For independent firms, the challenge is clear: differentiation. Competing on size is a losing game, but competing on value, focus, and client experience is not. The firms that thrive are those that know their market, strengthen relationships, and build advisory-led models that deepen client trust. These firms can grow on their own terms, without the pressure of external investors.

The reality, though, is that independence carries its own pressures. Regulatory demands are rising. Technology costs are growing. Attracting and keeping the right people is more challenging than ever. Without the scale or capital of a larger network, firms must be deliberate about where they invest and how they lead.

On the other side, consolidation brings clear benefits. Larger groups enjoy shared infrastructure, pooled expertise, and the ability to invest in AI and automation at a pace smaller firms can’t match. But rapid growth can create new risks: cultural drift, diluted relationships, and the complexity of aligning different systems and ways of working. The question becomes not whether consolidation works, but for whom, and at what cost.

For many firms, the decision is no longer about being independent or joining a group. It’s about finding a model that balances control, culture, and growth. The mid-tier firms that get this right will define the next phase of the profession.

Sources:

Accountancy Today: Xeinadin marks biggest acquisition yet with Raffingers takeover

Forrester: The reality of B2B market consolidation

City AM: Are mid-tier firms the next target for large-scale acquisitions?