The new service, developed in conjunction with Melbourne-based JC Consulting, is back-office administration outsource service, with staff in Australia and Thailand.

Wealthtrac Managing Director and CEO, Matthew Johnson, said the service would be particularly beneficial for sole practitioners and boutique advisory firms.

“Like all Wealthtrac products and services, JC Consulting Asia is designed to support the needs of the independent adviser and allow them to spend more time on the areas of their business that add the most value.

“This outsourced model was developed by Jason Cutrupi, a highly-experienced adviser and long-time supporter of Wealthtrac.   With continuing economic and regulatory pressures, we understand that advisers need to spend more time servicing clients and growing their business and less time on non-value add administration tasks. We saw what Jason had created for his own business believed the service would benefit other members, so we have created a package that is easily accessible for all IFAs.

“We think this is an excellent example of how collaboration between smaller advice firms can help them stay competitive and ensure diversity remains within the industry,” Mr Johnson said.

JC Consulting Asia allows independent advisers (IFAs) to outsource a wide variety of time-intensive, but low revenue generating activities, to specially trained personnel based in Thailand.   The Thai business is closely managed by Australian-trained General Manager, Mookdarin Sommark and Director Richella Daly, a JC Consulting employee for more than seven years.

Architect of the service, Jason Cutrupi, MD of JC Consulting Asia said he initially developed the model to service his own business, but soon realised the broader application.

“There are also a number of sole practioner advisers that simply have not and cannot afford the human resources to grow their practice. They find themselves doing all the remedial work as well as advising,” Mr Cutrupi said.

“JC Asia is able to assist these advisers by providing a low cost service that can be switched on and off according to workload. Also with FOFA and fee disclosures around the corner, cost and time spent on administration are set to increase.  JC Asia can be utilised to produce these documents at low cost, so the adviser can email or post it out to his clients with very little effort on his behalf.” 

Some of the services on offer include:

• Risk Insurance Service (Pre Assessments, Quotes, lodgement, Follow up and Payment)
• Super Switching Information
• Superannuation and Rollover Follow ups
• Data Entry (Xplan)
• Email Entry (Xplan)
• SOA Framework Construction (we construct all the client data and the adviser puts in the advice) 80% of SOA done by us
• General Superannuation and Insurance Follow ups
• Easy Dealer Commission Entry & Report Preparation
• Tailored Solutions.

“Most services have a set fee, so advisers know exactly what they are being charged. Adhoc work is charged at $12 per hour plus GST.”

Mr Johnson said Wealthtrac will announce a number of other new initiatives in the coming months, which will significantly increase the range of services on offer.

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