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 Bill Savellis, Financial Planner at Infocus Sydney Central, located in the heart of Sydney CBD, who joined Asendium in November 2019 after spending months actively seeking opportunities to improve the efficiencies within his business in order to improve the quality of advice and the speed of which that advice is provided.
On average, Bill completes around 390 Meeting File Notes per year with each Meeting File Note taking around 2 hours to manually complete; meaning Bill would spend a total of 780 hours per year just on manually typing Meeting File Notes alone. If we take into consideration his hourly rate of $330 per hour, Bill would spend $257,400 worth of his time completing these Meeting File Notes each year.
After trialling Asendium, Bill decided to customise the existing solution to suit his dealer group’s compliance process, and the team at Asendium were happy to accommodate any initial and ongoing customisation requests.
Upon the completion of his customised Meeting File Notes, Bill’s time has now been reduced from 2 hours to 15 minutes, cutting his time down by 87%. As a result, Bill has freed up $225,225 worth of his time per year, making his Return on Investment in Asendium over 18,700%.
I immediately saw the benefits of implementing Asendium within my practice and have adopted its processes which has allowed me to reduce the amount of administration I was spending on each client by several hours, and that’s no exaggeration.
With an additional 85 days in his year, Bill has reallocated his time to where he believes it should be spent – strategy development and client meetings.
I would encourage each financial planning business owner contact the Asendium team and review the benefits of Asendium. I have every confidence you will see the benefit of Asendium after trying it just once.