General Business

Why Working with a Gen Y Advisor Can Lead to Gen Success

Millennial advisors (aka Gen Y) are those who were born between 1981 and 1996. A question that is frequently asked is: “What are the advantages of working with a millennial?” Millennials tend to be proficient in the latest trends, digital tools, and bring a fresh perspective on businesses. Here are some additional advantages of working with a millennial advisor:

Use of technology – It’s no surprise that technology continues to be at the forefront of enterprises and continues to shift. Millennial advisors are open minded to new trends and are up to date on the latest tools and platforms. Because of this, millennials help streamline operations and assist businesses in reaching wider audiences.

Collaboration When working with multiple advisors, millennials tend to work well in groups and can help a business be more inclusive and create an innovative work environment.

Social Media – Millennials are experts on social media platforms. Having a strong online presence is critical for a thriving business. Helping to implement a social media strategy with your focused audience helps drive your online presence and, ultimately, engagement with your company.

Thought Diversity – Millennials have lived through many tumultuous events in their lifetime, which has led to a very different perspective than past generations. Because of millennials’ flexible and growth-oriented nature, they are proficient in knowing how to work with different generations in the workforce.

Succession Planning – We have entered a period of the greatest wealth transfer in history. Millennials are at the forefront helping with the transition of wealth from one generation to the next and, in many instances, helping with the transition of family businesses. Millennials often help an older generation transfer business to the next generation. Anyone who has worked in a business during a transition period knows that it can take years to help identify talent and/or train the next generation for leadership positions. Having a millennial help will ensure that there is a trusted advisor who can assist with this process for the long term.

Economics – Generally, professional services firms (e.g., accountants, lawyers, architects, etc.) bill at hourly rates that match the number of years of experience of the practitioner. So, chances are, your hourly rate for a millennial advisor will be less than that of a baby boomer advisor. Combine that with what you’re getting above, and that translates to pretty good ROI.

Having the right team in place is critical to success. Consider bringing on a millennial advisor to see the benefits they can bring to a business.

About the Author: Tim Schuster is a senior manager in the private client services group at EisnerAmper. He provides business and personal tax planning and compliance services to individuals, in addition to a variety of industries. He also works with clients on strategic plan development in order to create succession plans that prepare future business leaders to succeed.

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