High-performing firms are more likely to hire young advisers, reach out to the adult children of existing clients, and implement digital solutions like client portals and mobile applications to drive future growth, according to the Macquarie Accounting and Financial Services Benchmarking Report.
What this means, according to division director at Macquarie Wealth Management, Sherise Mercer, is that firms across the accounting and financial services industry must learn to future-proof their businesses by reaching out to a younger client base.
Mercer said while almost 70 per cent of accounting and financial services firms were looking to engage clients under the age of 44, 80 per cent of high-performing firms were doing so as opposed to 67 per cent of all firms.
Mercer said in order for firms to remain competitive with the next generation, they would be required to create a service package tailored specifically for younger clients, but only 35 per cent of firms surveyed had implemented this type of service.
The AFS Benchmarking Report showed 55 per cent of high-performing firms looked to hire younger advisers and accountants, and Mercer said it was primarily due to their experience and insight.
“They have a good understanding of what will resonate with a younger client base and recognise that these clients are not necessarily interested in the same things as their parents. They are at a different life-stage and have different financial objectives,” she said.