Michael Wilkins

The recently released Small Business Research Report prepared by research house BStar for the SMSF Association reinforces the new business model announced last month by Findex, the largest provider of holistic SME and private client services in Australia and New Zealand, says Findex Chief of Adviser Services Michael Wilkins.

“The BStar/SMSFA report focuses on the potentially critical role of a trusted adviser in small business success,” says Mr Wilkins, who oversees a network of around 2000 advisors across the group’s brands that include Crowe Horwath, Centric Wealth, Prescott Securities and Financial Index Wealth Accountants.

“The key findings of the Small Business Report include small business owners being ‘time poor’, suggesting there is a pressing need for professional advisers to provide ‘specialised business advice services’ for both their business operations and personal finances, which are usually more intertwined the smaller the business.

“All Findex businesses are in the process of rolling out what we are calling a Family Office model, which replicates a service that has traditionally only been available to the very wealthy.

“Essentially this is a structure that provides a comprehensive suite of financial service from under the one roof – a one stop shop if you like – with a trusted adviser as the key point of contact for relationship management.

“Small businesses are the backbone of our economy with 2.5 million entities and 25,000 people a year saying they are planning to start a business.

“The other good news is that the Report found that 92% of small business operators are optimistic about the future, even in the current business climate, and that 79% believe there are opportunities for growth in FY 15/16.

“The most concerning finding of the Report is that four out of 10 business owners surveyed said they did not know who to turn to for advice on improving their business.

“Interestingly, and alarmingly, this same sentiment flowed to the issue of who to turn to for professional advice on the subject of retirement planning.

“These are precisely the issues the new Findex model is designed to solve, namely, the provision of a range of financial business and personal advice managed and delivered from a single trusted source in the client’s primary professional adviser.

In commenting on the report, SMSF Association CEO Andrea Slattery noted that the days of the traditional accountant who offers a finance recording function are past – the accountant or financial planner, whoever has the key relationship, will increasingly have a much broader stewardship model in the future.

“We agree, and we at Findex are pleased to be at the forefront of this change in the structure and delivery of advisory services,” Mr Wilkins said.

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Patrick Dieter, formerly Associate Director at Macquarie Bank where he was Head of Insurance Advice and Paraplanning has joined Findex to take up the newly created position of Head of Risk and Corporate Benefits.

Earlier this year Findex announced a transition to completely commission-free insurance product across the group, commencing with the Centric Wealth and Financial Index Wealth Accountants.

The first commission-free product was sourced through the BT Group and introduced in July this year.

Findex Chief Adviser Services, Michael Wilkins said Findex was delighted to secure the services of Patrick Dieter.

“Patrick has an outstanding record in risk advice and Corporate Benefits.

“Findex businesses enjoy an industry leading position in the commitment to commission-free risk products and Patrick will play an important role in ensuring the potential of this business stream is realised for the benefit of clients and the enterprise.

“Patrick will also be responsible for reviewing and growing our corporate benefits offering across the group, building on his experience with Macquarie’s first salaried advice channel,” said Mr. Wilkins.

Prior to his six-year engagement with Macquarie, Dieter was National Risk manager at Hillross.

“I could not be more enthusiastic about the Findex business model and the Findex culture. The more needs you are able to meet of a client the better the quality of service you can deliver. I’m looking forward to creating new solutions for clients,” said Mr. Dieter.

“Corporate benefits consulting is a much under-rated discipline. Risk is a key element of this. I share the Findex belief that advising businesses on benefits provides the foundations for a strong individual client relationship,” he added.

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Michael Wilkins

The Findex Group, Australia’s leading, independently owned provider of wealth, accounting, and risk protection advisory services, with over $17 billion under advice, has announced all new life insurance policies recommended through its Centric Wealth and Financial Index Wealth Accountants divisions will be commission-free.

“This first commission-free Findex life insurance product will originate from the BT Group. The group has plans to extend the range of providers in coming months once negotiations are complete with other life insurance companies,” said Michael Wilkins, Chief Adviser Services at Findex Group.

“This new life insurance product will offer lower life insurance costs to our clients ranging from moderate savings to as much as 30%, with the actual quantum depending on individual client circumstances. These commission-free policies will involve a net premium expense and an annual transparent, administrative service fee.”

“The history of the industry and its legacy systems, combined with the dominant culture of high up front commissions in the advisory industry, have been impediments to change so far.”

“Findex has been looking for suitable partnerships with responsible life insurers for several years, well ahead of the Trowbridge review of the life industry, because we were concerned about the futility of high commission products in that they simply encourage churn.”

“We are pleased to be able to work with insurance companies who have clearly acknowledged the need for change. We congratulate BT on its leadership in this field,” said Mr Wilkins.

“We welcomed the Trowbridge Report but have always believed in aiming higher by seeking 100% commission-free model. We are delighted that product developers such as BT have been able to create a product that is consistent with our philosophy,” he said.

“The Findex commission-free life product will be rolled out to all the group’s divisions later this year once appropriate systems are in place,” he said.

About Findex Group
Findex Group is Australia’s largest privately owned financial advisory and accounting group. It has businesses across the spectrum of the financial advice and accounting industry including middle range, high net worth, public sector and online, with more than $17 billion under management.

The Findex brands include Crowe Horwath (Australia and New Zealand), Centric Wealth, Financial Index Wealth Accountants, Prescott Securities, MBP Advisory, Civic Financial Planning and MOVO Online Financial Advice, and service the needs of approximately 250,000 clients.

Findex has been awarded the IFA Excellence Award for Dealer Group of the Year 2014 and listed in the BRW 2014 Most Innovative Companies list. It is the only financial services company of any scale to have the highest internationally recognised quality standard for service and process, ISO 9001 across several brands and offices.

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