New Horizons Financial Services, a new dealer group operated by Tom Euvrard and Michael Wood adopts Asendium as their core File Noting System. With a vision of being a tech focused licensee, New Horizons is future focused and committed to improving the way financial planning business are currently run as they merge a range of software services available to assist Financial Planning firms with an easy to use, end to end software focused process.
As financial planners now look for licensees who are working to make their lives easier through tech while maintaining the highest standards of compliance, New Horizons understands the problem space, highlighting that File Notes should be the driving force of any compliance process.
Michael Wood, Managing Director of Hudson Advisory Group, a four-person financial planning practice with three financial planners, two admin and one paraplanner, situated within the New Horizons licensee, joined Asendium in May 2020.
On average Hudson Advisory completes around 1000 Meeting File Notes per year with each Meeting File Note taking around 25 minutes to manually complete; meaning they would spend a total of 25,000 minutes or 416 hours per year just on manually completing Meeting File Notes alone. If we take into consideration their hourly rate of $250 per hour, they would spend $104,167 worth of their time completing these Meeting File Notes each year.
After trialling Asendium, Michael and his team decided to use the current version of File Notes due to their structured and comprehensive approach with the flexibility to be personalised to each and every client.
With Asendium, the time to complete Meeting File Notes has now been reduced from 25 minutes to 5 minutes, cutting Michael and his team’s time down by 80%. As a result, they have freed up $83,333 worth of their time per year, making their Return on Investment in Asendium over 6,900%.
As a financial planner for over 10 years, one of my pet hates has been the increasing administration work, especially with File Notes and the regulations around how detailed they now have to be. Asendium has freed up a lot of time for my staff and I to get on with advising. – Michael Wood
With an additional 41 days per year, Michael and his team are spending their time seeing more clients, building stronger relationships and preparing their practice for the future.
Asendium will be rolled out to the entire network of financial planners at New Horizons Financial Services. As Tom highlights,
Asendium provides us with a greater peace of mind that our financial planners are providing compliant File Notes.
Asendium creates process efficiencies, breaking down the regulatory frameworks into a seamless advice delivery process that gives financial planners back their work life balance. Scott, CEO of Asendium explains, “Being an ex-financial planner, I understand that dealer groups need to tread a fine line between operating under the strict regulatory frameworks set out by ASIC and providing financial planners with solutions that don’t hinder the advice delivery process any more than it has been by the regulatory frameworks. How New Horizons is structuring their dealer group will be how all dealer groups will be in the coming years. "
Asendium is honoured to be chosen as New Horizon’s core File Noting System. If you are a licensee who is interested in Asendium, contact us today and find out how we can help your financial planners.