Firm Growth
AS “RSM Latvia” - A Network Advantage for Global Growth
Building on its longstanding success in the Latvian market, AS “RSM Latvia” joins the RSM network to further its international capabilities with enhanced access to global expertise, cross-border insights, and a broader range of services. Zoya Malik, editor-in-chief, International Accounting Bulletin spoke to Andrejs Ponomarjovs, its managing partner to find out more on their objectives for joining RSM and regulatory impact on accounting firms in that jurisdiction.
The white paper - Women, Wealth and the Workplace – amplifies the voices of women working in personal finance and urges the sector to increase female visibility and ease the path to leadership.
The WWA is hoping to assist with these aims via its roadmap for change, which looks to help level up female representation.
Informed by the survey responses of over 500 women, the WWA’s roadmap begins with:
- Publishing a career guide that demystifies roles and routes for women into the industry
- Developing a professional framework and CPD programme for financial coaching
- Creating a digital hub for development, mentoring, and the sharing of good practice
The paper also outlines actionable steps for advice firms, such as collecting gender data, rethinking hiring practices, and openly promoting female success stories, helping the profession to become more representative of its future clients.
Chair of the Women’s Wealth Alliance, Chartered Financial Planner, Vanessa Barnes, comments:
“This white paper distils key insights from over 500 women in personal finance and offers a practical roadmap for change. It’s clear that boosting female visibility and leadership isn’t just about fairness—it’s about strengthening the sector’s future.
We’re calling on both men and women to champion a more inclusive, resilient profession that reflects the clients it serves and inspires the next generation.”
But these results represent outcomes, not the underlying explanation. The real driver is what our firms are doing within their own markets: strengthening capability, developing new service offerings, and responding directly to the needs of clients navigating increasingly complex environments.
Zoya Malik: After 20 years of growth, why was now the right time for AS RSM Latvia to join the RSM network, and what opportunities will it create?
Andrejs Ponomarjovs: Over the past two decades, our firm has built a strong, trusted and partner-led foundation to provide compelling client support. We have grown to become the fifth largest provider of assurance, tax and consulting services in the country, and now have the platform on which to build and serve clients seamlessly across borders.
Joining RSM is the natural next step in our firm’s evolution. It opens doors to the network’s global expertise and cross-border insights. Being a part of RSM further strengthens our ability to provide a broader range of services to clients across a wider number of industries.
As an RSM member firm, our people can continuously develop their offering to clients through access to international training, shared global methodologies, and collaboration with RSM colleagues worldwide.
Joining a global network which closely aligns with our own core values and strategic priorities was also a fundamental driver of our decision.
RSM’s emphasis on understanding clients’ needs and delivering tailored services reflects not only the way we have built and developed our firm over the past two decades, but also our vision for the future.
Andrejs Ponomarjovs, managing partner, AS “RSM Latvia”
ZM: How will joining RSM help Latvia-based clients with cross-border tax, compliance and investment needs across the Baltics and Europe?
AP: For middle-market businesses operating across borders, our firm joining the RSM network means clients have local expertise backed with regional and global intelligence.
In practice, this means coordinated RSM support for businesses with cross-border operations, delivering consistently high-quality services aligned to international standards, and the right specialists brought together to solve complex compliance challenges across the Baltics and wider Europe.
Joining RSM means our specialists can work seamlessly with other member firms on cross-border tax, compliance, and investment matters, drawing on local insight in each jurisdiction. The result is providing genuine confidence for domestic businesses seeking to expand, enter new markets, or manage intricate group structures.
Having a single, trusted partner connected to a network spanning 119 other countries, means clients in Latvia will not see borders as barriers to their growth plans.
ZM: What local expertise does RSM Latvia bring to the network’s audit, tax and consulting capabilities?
AP: Our firm’s provision is driven by our 40-strong team, each member of our team brings deeply held expertise in the Latvian market.
The extent of this expertise has been formed through the long-standing service we have delivered to a wide client base. Our firm has a strong track record auditing public interest entities, complex group structures, and companies listed on Nasdaq Riga.
We are also a trusted working partner to small to medium sized companies, helping them forge the paths and strategies to maximise their success.
With offices in Riga, Liepaja, Ludza, and Valmiera, our firm is uniquely present in every Latvian region, giving the RSM network true national reach and on-the-ground understanding.
ZM: Which industries or services will see the quickest benefits from RSM Latvia's integration into the regional network?
AP: RSM Latvia brings strong experience to bear across a wide range of sectors. These specialisms are reflected by the diverse client base that we support.
We have long-standing expertise working with clients in manufacturing and metal processing, real estate and construction, wholesale and retail trade.
Other areas of expertise, which are unique to the Latvian market, includes in forestry and wood processing. This is a key industry given more than 50% of our country’s territory is covered by forests.
This breadth of our sectoral experience enables us to understand industry-specific challenges and deliver tailored, high-quality services to clients with varying levels of complexity, both locally and in cross-border environments.
ZM: As companies rethink supply chains and regional hubs, how attractive is Latvia for foreign investment and Baltic expansion?
AP: Latvia continues to attract a steady level of Foreign Direct Investment (FDI), supported by its European Union membership, strategic geographic location and a competitive tax environment.
The majority of FDI in Latvia originates from European countries and reflects not only Latvia's deep European integration, but also historical ties with Baltic nations.
Sweden, Estonia, Finland, Germany and the Netherlands are traditionally the largest investors, collectively accounting for the majority of inward FDI stock. Lithuania and Denmark are also significant contributors.
Key sectors attracting foreign capital include financial services, real estate, manufacturing, transport and logistics, and increasingly in information and communication technology.
From a supply chain perspective, Latvia’s skilled workforce, competitive cost base, and growing digital infrastructure further enhances its attractiveness for foreign investors to set up operating hubs.
For professional services firms such as ours, this FDI landscape directly shapes client demand, foreign-owned subsidiaries represent a substantial and growing segment of our client portfolio.
ZM: As EU rules around ESG, tax and governance become more complex, where is advisory demand growing fastest in Latvia's mid-market?
AP: One area of fast-growing advisory demand has been driven by a large number of bond listings on the alternative Nasdaq First North Growth Market. These are made of companies that typically need capital loans.
Our firm is supporting clients in these endeavours, particularly to ensure they comply with several European Union regulations and reporting requirements. All of which contribute to making the listings expensive and require extensive and value-adding support.
The same cohort of clients may also be offering bonds which are sold to private investors or to investment funds. Given these bonds can be offered to investors around the world, demand is particularly strong for global, well-trusted counsel on company structure.
ZM: How does RSM Latvia support the network’s wider Baltic and Nordic growth strategy?
AP: RSM’s growth strategy across the Baltic market is driven by the inherent and integrated nature of the region.
Businesses are either aiming to expand their Latvian operations into neighbouring countries or expanding from operations in other Baltic countries. In both cases, these businesses need to be served by a firm with trusted and reliable capabilities across the Baltics.
The integration of our firm into RSM marks a key chapter of our strategy, and to support the network’s provision and expansion of capabilities into other countries such as Lithuania and Estonia.
What is important to emphasise is that RSM is committed to consistent quality wherever we operate in the region, ensuring that clients receive the same high level of service no matter where they engage with us.
ZM: Looking ahead, how will collaboration between RSM Latvia and other member firms evolve as clients expand across markets?
AP: For our clients, collaboration between our firm and other member firms means greater confidence when they are expanding internationally, entering new markets, or managing complex, multi-country operations.
Through the RSM network, and as clients seek expansion, we can collaborate closely with other member firms, share knowledge and best practices, and bring together the right expertise to address increasingly sophisticated business challenges.
For our firm, it represents an opportunity for continuous development, access to global methodologies, and alignment with leading professional standards. It also strengthens our ability to attract and develop talent, while contributing to a collaborative, values-driven international community.
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