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
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
