Over the last few years, the financial planning industry has gone through many reform changes from FOFA to FASEA. The widespread result has left financial planners across Australia feeling frustrated by the overwhelming compliance requirements passed down from ASIC and as a result, most financial planning businesses are struggling with their decreasing profit margins and increasing compliance burden.
This is no different for Ben Tutton, Managing Director from Vital Financial Group who joined Asendium in January 2020 after spending months searching for a solution that provided a structured and guided process for him to follow which enabled him to be compliant with his licensee guidelines, while simultaneously freeing up time to allow him to get back to helping more clients.
On average, Ben completes around 300 Meeting File Notes per year with each Meeting File Note taking around 1 hour to manually complete. This means that Ben would spend a total of 300 hours per year just on manually typing Meeting File Notes alone. If we take into consideration his hourly rate of $330/hour, Ben would spend $99,000 worth of his time completing these Meeting File Notes each year.
After trialling Asendium, Ben decided to customise the existing solution to suit his compliance process.
The customisation process was very efficient. The team is extremely approachable, and I hear back from them usually within the hour. They are always willing to help evolve our practice and simplify our business processes.
Once the customisation process was complete, Ben’s Meeting File Noting time was reduced from 1 hour to 15 minutes. This is a significant time savings of 75%, equating to a total savings of $74,250 per year worth of his time and a Ben’s Return on Investment of 6,187%.
With an additional 28 days in his year, Ben is spending more time building stronger relationships with his clients and his family as a result of the reduced workload. Most importantly, he feels more comfortable with his compliance and spends more time working on his business, not just in it.
Noting that change is always difficult, Ben believes,
Asendium is a good option for dealer groups to assist with their monitoring of compliance standards across their financial planner base – making Asendium a necessity in today’s environment so that financial planners can spend more time with clients, deliver more advice and better outcomes to them.