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 increasing compliance burden.
This is no different for Scott Malcolm, Director and Financial Planner of Money Mechanics, a financial planning business located in Newcastle, Canberra and Melbourne. With a team of two financial planners and six outsourced administration and Paraplanning staff, Scott joined Asendium in 2020 after spending months actively seeking opportunities to improve the efficiencies within his business while maintaining the highest quality standards.
Scott initially came to Asendium looking for efficiencies for his Meeting File Notes. Completing around 300 Meeting File Notes per year, Scott would spend 150 hours each year manually typing his Meeting File Notes. If we take into consideration his hourly rate of $330, Scott would spend $49,500 worth of his time completing Meeting File Notes each year.
After trialling Asendium, Scott 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.
The customisation created a systematised approach for Scott and his team to know that Authorised Representatives within his business were meeting their requirements. With such a simple implementation process, Scott’s confidence in his File Notes has grown explaining,
I supervise an Authorised Representative under our CAR and using Asendium gives me confidence they are following the right processes.
With Asendium, Scott’s Meeting File Note time has now been reduced from 30 minutes to 10 minutes, cutting his time down by 67% and saving him over 100 hours which equates to $33,000 worth of his time.
Scott’s unique service offering entails discussing general advice (educational sessions). Post meeting, Scott is required to send a structured email, in addition to file noting his General Advice Meetings. Having to complete 250 General Advice File Notes and emails per year at his hourly rate of $330, Scott was spending 250 hours per year or $82,500 worth of his time manfully completing his General Advice File Notes and emails.
Looking for further efficiencies, Asendium can now auto-generate email templates based off the selections from the File Notes – meaning Scott can now generate his General Advice File Notes and emails to clients from a single input. What used to take Scott 60 minutes to generate a General Advice File Note and email, now only takes him 20 minutes in total.
With Asendium, Scott’s General Advice Meeting File Notes and email generation time has now been reduced from 60 minutes to 20 minutes, cutting his time down by 67% and saving him $55,110 worth of his time.
Overall, Scott’s Return on Investment on Asendium of over 7,300%. Scott highlights,
Asendium has been life changing! File Notes have always been my kryptonite and using this system has created a smoother process to align to our advice and client outcomes.
Scott can now spend more time focused on achieving a work/life balance, business growth, strengthening his relationships with existing clients and most importantly, help more Australians access advice.