Jason Rance
Director and Financial Adviser at Custodian Financial Group

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 and licensees (particularly IFA licensees with limited resources) feeling frustrated by the overwhelming compliance requirements passed down by ASIC and as a result, most licensees are struggling with their decreasing profit margins and increasing pressure to govern the compliance of their financial planners.

IFAs who are expanding their license to take advantage of financial planners looking for new homes as they leave the larger licensees such as AMP, are now at a crossroads with wanting to expand their license, but may not have a comprehensive compliance process required to ensure quality control over their expanding business.

This is no different for Jason Rance, Director and Financial Adviser of the non-aligned and commission-free, seven person IFA licensee Custodian Financial Group. Jason and his team joined Asendium in January 2020 after spending months searching for a solution that provided a structured and guided File Note process for his team to follow which enabled them to be more robust, client centric and compliant.

Before Asendium

On average, Jason completes around 200 Meeting File Notes a year with each Meeting File Note taking around 20 minutes to manually complete. This means that Jason would spend a total of 67 hours per year just to manually complete Meeting File Notes alone.

If we take into consideration his hourly rate of $330 per hour, Jason would spend a total of $22,000 worth of his time manually completing Meeting File Notes each year.

After Asendium

With a fully customised solution, Custodian's Meeting File Note time has now been reduced from 20 minutes to 10 minutes; resulting in a time savings of 50% which has allowed his team to get back to helping more clients. Overall, Custodian's Return On Investment with Asendium is 917%. Jason explains,

Asendium has been very accommodating to our compliance requirements. Our team concur that Asendium has benefitted our business. We all see the scope and benefit in using Asendium in a greater capacity moving forward.

For IFAs who are looking to expand their licensee, Asendium's fully customisable and intuitive system help streamline the File Note process. Stop spending time on the non-client engagement activities that could be better spent helping more clients without the worry of non-compliance.

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