Next gen must future-proof businesses: Macquarie
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.
AUTHOR
Anastasia Santoreneos
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
