Planning support

Martin* had left a firm to start his own financial planning practice. He was used to having administration staff to complete background work and he wanted support for his back office functions, so he could concentrate on being in front of his clients.

We initially met with Martin to discuss his exit date. During the interview, he mentioned that his greatest concern was follow up, that he had encountered admin staff that would make phone calls and not follow through to ensure business was placed, medicals and doctors reports were received and rollovers completed. His second concern was compliance. Martin provides a complete range of services, working with an accountant to provide SMSF advice and a mortgage broker for property investing.

Martin needed help in a few areas;

  1. To move his clients from one licensee to another
  2. To communicate this move to his clients
  3. To support his practice with administration
  4. Paraplanning

1. We helped Martin migrate his clients out of one licensee and into his own database, under his new licensee/provider. With the client listings, we moved his clients, then placed the Coin extract into Xplan.

2. Letters were drafted to Martin’s clients, detailing the changes occurring and prompting them to have a review.  We provided a mail merge to print out the letters then Martin’s wife sent them out.

3. Working with Martin, we developed a process to meet both his administration needs and compliance requirements that suited his business model. We follow up all his third party authorities, prepare schedules for client reviews, download pds’ and provide investment breakdowns and insurance quotes. All the information is placed into Xplan, so his compliance manager happy – he has fewer checks, which makes him happy.

4. Martin had been completing RoA’s himself, rebalancing investments for clients. He wrote about 2 a week, each one taking about 4-5 hours to finish.  Martin trusts us to produce these to a high level of detail, he reclaimed 10 hours every week to see clients and write new business.

With ongoing support on a monthly basis, Martin is confident all business has been placed when he meets with clients.

Delegating administration and his RoA’s creates more time for him to spend with his family and on growing his business.

Paperwork Magic added value to Martin’s practice, assisting his business growth; saved time on compliance checks; gave a faster turnaround time on plans.

Supported by Paperwork Magic, Martin is able to focus on the tasks that only he can perform, growing his revenue, without having to worry about all the odds and ends.

Through delegating, Martin’s business has grown to a point where he is ready to add an employee.

With additional time, Martin was also able to look at his business. He decided to cement his brand into the minds of his loyal clients with a little newsletter every month. Martin writes the content and has us handle the mailout, prettying it up with pictures and his logo.