RainToday.com Releases New Fees and Pricing Benchmark Report: Accounting & Financial Services Industry 2008
FRAMINGHAM, MA - June 16, 2008 – The newly released research study from RainToday.com and the Wellesley Hills Group, Fees and Pricing Benchmark Report: Accounting & Financial Services Industry 2008, finds that accounting and financial services firms with established brands actually get (realized fee) higher fees than their lesser-known counterparts. The increase by level of professional in accounting firms is as follows:
- Highest-level professionals (CEO, Principal): 49% higher
- Upper-level professionals (VP, New Partner): 17% higher
- Advanced-level professionals ( Directors, Experienced Professionals): 33% higher
- Mid-level professionals (Managers, Post MBA): 20% higher
- Entry-level professionals (Associates): 25% higher
“It’s logical to assume that brand and reputation have a strong impact on a firm’s ability to charge higher fees. Now we know by how much,” said Mike Schultz, Co-President of Wellesley Hills Group and Publisher of RainToday.com. “Firm leaders need to know this data as they build strategy for growing their revenue and maintaining healthy margins, and marketers need to know this data as they work to implement marketing and branding strategies that will have the greatest impact.”
With over 200 respondents in the accounting and financial services industry, Fees and Pricing Benchmark Report: Accounting & Financial Services Industry 2008 provides the actual hourly dollar fees brand leaders and premium-price firms receive versus lesser known firms. Other major findings include:
- Nearly 60% of accounting and financial services firms discount their fees
- Going rates and hourly or daily fees are the most common pricing strategies used by accounting and professional services firms
- 62% of firms offer some sort of service guarantee
- Value pricing tends to be used more often b the highest price-increasing firms
- Accounting and financial services firms predict that their fees will continue to trend upward over the next one to two years
“People want to know about how they compare to others regarding fee structures, pricing approaches and strategies, discounting, and overall pricing challenges,” said John Doerr, Co-President of Wellesley Hills Group. “Knowing how competitors in the industry are pricing their services will help firms be more competitive and more confident in their pricing.”
Fees and Pricing Benchmark Report: Accounting & Financial Services Industry 2008 is one of five industry reports released on the topic by RainToday.com. Fees and Pricing Benchmark Reports are available for the following industries: Consulting; Marketing, PR, and Advertising; Architecture, Engineering, and Construction; and Law.
For additional report details and to view a complete table of contents of the Fees and Pricing Benchmark Report: Accounting & Financial Services Industry 2008 report, please visit the RainToday website at http://www.raintoday.com/feesandpricingaccounting.cfm.
About RainToday
RainToday.com is the premier online provider of information, resources, and tools for service business rainmakers, marketers and leaders. RainToday.com features the most up-to-date resources including articles by industry experts, how-to-guides and tools, sales and marketing research reports, webinars and events, and a weekly newsletter. For more information, visit http://www.raintoday.com.
About Wellesley Hills Group
The Wellesley Hills Group is a management consulting, marketing, and lead generation firm focused on helping professional services firms grow. Wellesley Hills Group publishes RainToday.com to provide a premium source of information for professional services firms and service practitioners to help them market and sell their services.
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