{"id":6380,"date":"2010-07-23t08:24:08","date_gmt":"2010-07-23t12:24:08","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=6380"},"modified":"2010-07-28t08:16:30","modified_gmt":"2010-07-28t12:16:30","slug":"are-you-already-missing-the-next-generation-of-clients","status":"publish","type":"post","link":"\/\/www.g005e.com\/2010\/07\/23\/are-you-already-missing-the-next-generation-of-clients\/","title":{"rendered":"are you already missing the next generation of clients?"},"content":{"rendered":"

sure, the current generation of accounting firm owners faces a crisis in finding the people for succession.<\/strong><\/span><\/p>\n

but that issue pales in comparison to the problem we have today, right now, with the gap between the generations seen in clients and the cpa firm workforce.<\/span><\/p>\n

according to data from thomson reuters, the aging client base is much more pronounced than the aging workforce.<\/span><\/p>\n\n\n\n\n\n\n\n
generation<\/strong><\/span><\/td>\n\n
% of workforce<\/strong><\/span><\/div>\n<\/td>\n
\n
% of client base<\/strong><\/span><\/div>\n<\/td>\n<\/tr>\n
traditionalists (62+)<\/span><\/td>\n\n
4%<\/span><\/div>\n<\/td>\n
\n
7%<\/span><\/div>\n<\/td>\n<\/tr>\n
baby boomers (44-61)<\/span><\/td>\n\n
38%<\/span><\/div>\n<\/td>\n
\n
87%<\/span><\/div>\n<\/td>\n<\/tr>\n
generation x (28-43)<\/span><\/strong><\/td>\n\n
48<\/strong>%<\/span><\/div>\n<\/td>\n
\n
6<\/strong>%<\/span><\/div>\n<\/td>\n<\/tr>\n
millennials (under 28)<\/span><\/td>\n\n
10%<\/span><\/div>\n<\/td>\n
\n
0%<\/span><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

<\/span><\/p>\n

“if we think the pipeline for future professionals is small, the pool of future clients is miniscule,” says jim boomer of boomer consulting<\/a>. “just as the next generation of workers will require new strategies, so too will the next generation of clients.”<\/span><\/p>\n

\"jim<\/span>
jim boomer<\/figcaption><\/figure>\n

he makes four important points:<\/span><\/p>\n

    \n
  1. the mill<\/em>ennials and gen xers are more comfortable with online tools that enable them to do things themselves. they have access to information at their fingertips like no generation before them – and they know where to find that information with relative ease. <\/em><\/span><\/li>\n
  2. while potential increased regulations and tax law complexities could change things, the fact is younger generations are less likely to utilize a professional accountant.<\/em><\/span><\/li>\n
  3. firms will need to develop innovative strategies that identify and take advantage of new opportunities with a drastically different client base. <\/em><\/span><\/li>\n
  4. this reality only makes younger generations of workers more integral to the long-term success of a firm.\u00a0they understand the technologies and values that shape the mind set of the demographic.\u00a0 in short, they hold the answers to what it will take to transform and sustain a firm.\u00a0learn from them and, at the same time, teach them to build lasting relationships that will be the foundation of the firm\u2019s future client base.<\/em><\/span><\/li>\n<\/ol>\n