Over the last few years, the financial planning industry has gone through many reform changes from FOFA and 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 Josh Yudasin, Director and Financial Planner at You Partners who joined Asendium in 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, more productive and profitable as an IFA.
On average, Josh completes 60 Meeting File Notes per year with each Meeting File Note taking around 50 minutes to manually complete. This means that Josh would spend a total of 300 minutes per year just to manually complete Meeting File Notes alone.
If we take into consideration his hourly rate of $250 per hour, Josh would have spent $12,500 per year worth of his time completing these Meeting File Notes each year.
After trialing Asendium, Josh decided to customise the existing solution to suit his compliance process which was delivered back to him within a week.
I found that Asendium has greatly assisted me with my compliance and reduced significantly the time it takes for me to produce File Notes. The team have been very active in communicating and ensuring that I understand how to best use the system with call backs usually within 10 minutes.
Once the customisation process was personalised to his compliance process, Josh’s Meeting File Note time was reduced from 50 minutes to 15 minutes. Overall, Josh has achieved a Return on Investment of 729% with Asendium.
With Asendium automating the non-client engagement activities, Josh has reduced the hours spent on the back end and now spends his time building stronger relationships with his clients, spends more time with his family, and most importantly, he feels more comfortable with his compliance process.
Noting that change is always difficult, Josh recommends,
Asendium has allowed for me to focus my time on the growth of my business rather than getting slowed down by the back end. I would recommend Asendium to any financial planning business looking to be more efficient and focus on growth.