We all know the phrase, it only takes 1 bad apple to spoil the bunch and the few that were in the adviser barrel have certainly changed the Financial Services space. Trust is in short supply with some of the heroes in advice having been shown to be less than compliant.
The fallout includes the closure of many of the Big 4 banks’ advice businesses, with a number of dealer groups handing in their licenses.

There’s no doubt this is putting downward pressure on the entire industry, with many advisers looking for a new dealer group to join. There’s a mad dash on to find a new umbrella to shelter under, with looming deadlines to have the transition completed. The dealer groups that are handling the influx of new advisers are also questioning their new and current advisers’ abilities to write good, compliant advice.

There are trust issues and many, if not all, licensees have decided to intervene and pre-vet all SoAs.

That’s a mammoth task.

When turnarounds grow, the client left waiting for 4 weeks or longer isn’t a happy client. The financial planner has to wait to deliver the SoA, which squeezes their cashflow, on up the line to the dealer group, which is also waiting.

Patience may be a virtue but waiting for cashflow can be tough; the solution is to make the turnaround times quicker.

You spoke, we listened and Paperwork Magic is now offering a pre-vetting service. In addition to our successful and growing paraplanning and records management services, pre-vetting is designed for dealer groups and licensees. Get a team dedicated to learning your expectations without going over the top.

Operating at an arms length, we can increase the turnaround capacity and ease the frustration of long waiting times to keep all levels of the business ticking over and happy.

Please don’t hesitate when a bottleneck strangles your cashflow, contact us and let us help you.