Terry Bell

The latest knowITdigital/Business Health Future Ready VII report shows that financial planning practices have improved their revenue and profitability over the past two years, supported by an overall increase in the number of new clients at practice level, however there has been little improvement in areas such as client communication and succession planning.

The Future Ready analysis is undertaken every two years, providing an insight into the health and the Australian financial advice profession and its preparedness for the future. The latest report is based on findings since the start of 2015, and is sponsored by knowITdigital, a software product and services company that specialises in online tools and learning in the financial services industry.

Terry Bell from Business Health said that there are a number of market drivers that have remained stable since the previous report – such as Australian’s aging population (including advisers); a proactive regulator; a challenging political, social and investment environment; and limited understanding of the value of financial advice – that are having an increasing impact on advisers.

“These have been joined by additional drivers impacting the evolving business model of advisory practices, including fragmentation of the large aligned groups leading to the “march to independence”, the emergence of new competitors, and the rise of fintech.

“These challenges aren’t going to go away, and in many cases their impact will only accelerate in coming years.  Financial planning practices that aren’t prepared for this impact are at risk.

“It is concerning that only one in three practices have a longer term strategic plan for their business, and very few practices have adequately addressed what will happen if the principal is no longer involved in the business – either by choice or through illness or death.

“Only 30 percent of firms have some form of documented succession plan, and less than half of these have not yet identified a potential successor, let alone agreed any terms or timeframes.

“Perhaps unsurprisingly, 89 percent of practices with a single principal felt that their business would be unable to grow or develop without them, and 56 percent said that their business could not operate at all without them.

“With this in mind, it is to be hoped that by the time we undertake the next report, more business owners will have put in place sensible strategies to ensure their business’s survival,” Mr Bell said.
Rod Bertino from Business Health said that despite this, business owners were remarkably optimistic about the future.

“The vast majority of principals expect to increase their practice revenue over the next 12 months, primarily through fees, and to see an increase in practice profitability.

“A significant proportion (80 percent) also expect to increase the number of clients they have, and almost half want to add more support staff.

“However in light of the lack of strategic and operational planning, we question whether these are truly realistic goals or simply well-intentioned hopes.”

Another area where advisers are still not making great improvement is in communicating with clients, Mr Bertino said.

“Over the past two years, the number of times that practices communicate with their top clients during the year has fallen, which is of great concern.

“Just over one in three practices communicate with their best clients more than 10 times per year be it by written, electronic, telephone, group functions or face to face interviews. This result is well below our 2014 finding of 43 percent.

“Only 28 percent meet face-to-face with their “A” clients once a year to review their current personal circumstances and their progress to plan. Further, 21 percent of client review meetings last less than 60 minutes.

“Our studies show that there is a direct correlation between client communication and referral business – where clients score the communication they receive from their adviser highly, they are far more likely to have already referred others to the business and they also have a much higher propensity to do so again in the future.”

Wayne Wilson, CEO of knowITdigital, said the report findings that those advisers using technology in their business, were the most profitable, was not surprising.

“Advisers could be making much greater use of technology to help address the kinds of issues they are facing.

“Those practices that are able to effectively utilise the benefits available through the latest client management programs, are generating on average a far higher level of profit per principal than those who are still managing their business on dated technology platforms.

“Practices using paper-based files recorded a profit per principal of $119,300, while those using an automated CRM recorded $268.579.

“It is encouraging that the vast majority – 98 percent – of advisers are using some form of database software to maintain their client information, but the key question is whether it is being used to best effect,” Mr Wilson said.

“Xplan was the most commonly used software system with 81 percent of practices using this package – up from 69 percent. Interestingly, 10 percent of practices reporting using two or more different CRM systems.

“On the whole, the results outlined in this report show some areas of improvement but also a number of areas of decline or stagnation.  The overall message is clear – businesses that invest in their people, technology, and their clients are more likely to deliver a profit to their principals,” concludes Mr Wilson.

The Future Ready report provides a comprehensive insight into the health of Australian financial planning practices and their preparedness for the future, based on data provided through the Business HealthCheck diagnostic tool.  The latest in the series, Future Ready VII, is based on information from 226 firms that have taken the HealthCheck between January 2015 and December 2016.

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Wayne Wilson

knowITdigital has entered into a joint venture (JV) with Monarch Institute to provide vocational education and training (VET) for wealthdigital users to study Diploma of Financial Planning and Advanced Diploma of Financial Planning.

wealthdigital (powered by DeskCaddie) is a technical library, a compliance tool and a business-building opportunity that is accessed by more than 4,000 financial advisers.

knowITdigital CEO, Wayne Wilson, said wealthdigital users will have immediate access to a high quality, trusted education resource to begin or complete their diploma study.

“The Monarch training courses will link directly to the knowITdigital CPD offerings. The JV further allows for knowITdigital to work with Monarch to build wealthdigital versions of both courses, and scenarios and activities within the courses will be based on real-life, work-based usage of wealthdigital.

“The wealthdigital versions of each course will mean that learners have the added benefit of understanding real-world application of what they are learning by utilising a tool they have in their office.  This will provide deep knowledge together with application to support the development of skills.

“Half of our existing footprint is comprised of small to medium sized non-aligned practices. We can provide a significant distribution service and a central point for them to pursue, and maintain, the new academic standards required from 1 January 2019.

“Monarch is an established and respected registered training organisation that provides well-structured high quality training content.  The philosophy of Monarch resonated with us because they too believe in the future of financial planning as it moves from an industry to a profession, and the importance of delivering quality, authentic outcomes for people,” Mr Wilson said.

Monarch Institute chief operating officer and executive board member, Nick Chapman, said the JV with knowIT offers an alternative distribution platform, and one that is highly complementary to its education offering and existing distribution footprint.

“Monarch’s focus is to provide education for the real world. All our courses are written by industry experts, who liaise and work closely with employers to ensure the necessary industry specific subject matter is carefully and comprehensively integrated throughout the course.

“The wealthdigital platform will allow us to reach over 4000 planners who can use our training content to further build their knowledge and skills.

“wealthdigital fits well with this ethos, and we have been impressed by the depth and breadth of information available through this platform.  Students will be provided with scenarios and activities within the courses that are based on work-based usage of weathdigital, which gives them valuable real world work experience.

“Monarch’s aim for students to be able to make a valuable contribution in their industry immediately upon course completion. The joint venture with knowITdigital for the financial planning diploma courses, ensures that this is achievable,” Mr Chapman said.Pricing for the courses will be competitive with incentive offered for wealthdigital users.

Mr Wilson said the JV arrangement is the first of many planned initiatives for knowITdigital to provide more than better solutions for its users.
“knowITdigital is looking for ways to elevate the existing advice content through a trusted and  coordinated compliance and education platform.

“The JV is an important element of the compliance portal that wealthdigital is planning to deliver later this year.  The portal will become an end-to-end compliance and risk management system at the AFSL, practice and planner levels.  In this way, the wealthdigital reference library will provide support, training, and professional development resources and power the qualifications and ongoing professional certification of advisers.

“wealthdigital systemises and standardises advice processes to ensure compliance with all legislation and regulations.  The goals based planning methodology ensures meaningful client-centric outcomes.  It is these business outcomes of growing profit and improving business excellence that underpins all wealthdigital education and professional development offerings,” Mr Wilson said.

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Wayne Wilson

knowIT Group has rebranded Strategy Steps’ Desk Caddie as wealthdigital and enhanced and refreshed the website in order to deliver better work solutions for advisers.

“The new features will help improve practice efficiency and help achieve compliance with regulatory requirements. wealthdigital provides an essential integrated business solution that’s easier for advisers to use, allowing them more time to increase the profitability of their business,” said Wayne Wilson, CEO of knowIT Group.

“wealthdigital will still be powered by Desk Caddie, and Desk Caddie’s content will remain as up-to-date and dependable as ever, including delivering ongoing analysis of legislative changes and their impacts on financial planning strategies in a timely and accurate way.

“Over time, users will notice that Desk Caddie becomes progressively superior as we implement the improvements that advisers have said they need in order to run efficient and profitable practices,” Mr Wilson said.

wealthdigital will combine research, planning and strategy features as well as workflow and management tools. These include:

• A solution that is flexible, efficient and simple
• An integrated technology platform
• A solution based on advice and client goals, not products.

The wealthdigital refresh has seen the Desk Caddie content reorganised and re-labelled in a few places – Latest News becomes Updates and there is a new tab called Newsletters. Newsletters will now become key to delivering valuable technical and business insights. Prominent new navigation will help make the transition a smooth one.

“A new home page will outline the changes and inside, the more logically-ordered content will be more easily tracked via clear new menus and beefed up search functionality.

“Over time, these changes will become more intuitive as we broaden and deepen the content and introduce a new taxonomy and labelling system.

“All of these changes are aimed at helping advisers achieve a more profitable practice with better business outcomes,” Mr Wilson said.

Mr Wilson said the flow-on effect will provide a number of benefits including:

Time

“wealthdigitial streamlines the advice process by creating a simpler, faster way to research, compile and present strategy solutions for clients.

“This means advisers will have more time to focus on client needs, work on attracting new business, market the practice or update their professional knowledge,” Mr Wilson said.

Smarter workflow

“The difference with wealthdigital is that it starts before the other tools kick in – with strategy,” said Mr Wilson.

“The Strategy Matrix is a Goals-Based Strategy Planning Tool that supports your strategy modelling before any numbers are included.”

A better focus on relationships

Mr Wilson said that wealthdigital allows advisers to consider strategies that are broader and more diverse.

“This puts the focus back on individual needs, requiring less time crunching numbers.”

Consistency of quality advice and outstanding service

“wealthdigital provides a comprehensive range of tools and calculators – from quick calculators to the Strategy Matrix which is a Goals-Based Strategy Planner that allows advisers to model client scenarios with specific regard to meeting your Best Interests Duty and other compliance requirements.”

Mr Wilson said these changes allow for a more efficiently managed business

“wealthdigital provides more certainty around remaining compliant, allowing advisers more time to focus on maintaining clients and gaining new ones.”Strategy Steps was sold to knowIT Group – owned by Wayne Wilson, Wendy

Strategy Steps was sold to knowIT Group – owned by Wayne Wilson, Wendy Tyberek and Andrew Roberts – in late 2016. The name change and the improved functionality is part of knowIT’s ongoing strategy of redeveloping the relevance and reach of Desk Caddie to better meet adviser demands. The refreshed system will be available to users on 6 March 2017.

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Wayne Wilson, CEO of knowIT Group, said the appointments enhance the technical and legislative knowledge, analysis and support that the business offers financial advisers through its Desk Caddie online tool.

“One of our primary focuses since taking over Desk Caddie has been making sure we have access to the right expertise and experience to maintain its knowledge base at the highest possible level.

“Ensuring we have comprehensive, up-to-date and accessible information available to Desk Caddie users at all times is key to its ongoing success.

“Desk Caddie already provides practical support to more than 4000 advisers, to help develop financial planning strategies for clients, and these appointments will further add to the services we provide,” Mr Wilson said.

Rob Lavery joins KnowIT as technical manager. He has fifteen years industry experience and was most recently with ANZ Wealth as content and design analyst. He has also worked at Pinnacle Financial Services, TAFE NSW and ING/OnePath in a range of education, technical services, and government relations roles. Mr Lavery holds a graduate diploma of financial planning and is currently studying for his master in financial planning.

In addition to Mr Lavery’s appointment, knowIT has also recruited three subject matter experts who will be responsible for developing technical content and subject updates for financial advisers through Desk Caddie.

They are: Kieren Dell (investments); Stuart Milne (investments); and Tim Miller (SMSFs).

Kieren Dell has over 31 years of experience in superannuation and financial services, having worked in a variety of corporate roles as well as an independent consultant to the industry.

He is a partner in Praxis Partners, a small consulting firm in financial services, founded in 2000. His previous roles was as general manager, financial planning and investments for Perpetual Private Clients, and he has also worked at Barclays Global Investors, Westpac Financial Services, Retireinvest, MLC and BT.

He was involved in the establishment of the Australian Retirement Income Streams Association in the 1990s, becoming its Chairman and first CEO prior to its eventual merger with IFSA (now the FSC). He was also executive director of the Senior Australians Equity Release Association of Lenders (SEQUAL). Mr Dell holds a Bachelor of Arts degree from Sydney University and a Bachelor of Laws degree from the University of Technology Sydney.

Stuart Milne has over 30 years’ experience in the wealth management and superannuation industry. He co-founded Praxis Partners in 2000 and prior to this spent fourteen years in various corporate roles spanning product management, operations, product development, strategy and technology at organisations including Zurich Financial Services, Colonial First State, and Aviva Australia.

He has been involved in product design and development across the funds management industry including master funds and wrap accounts, unit trusts/managed investment schemes as well as all types of retirement income stream and superannuation products.

Tim Miller started his financial services career at the Australian Taxation Office in 1990 and moved to its superannuation unit in 1994, providing superannuation assistance to employers, employees and tax professionals.

He has also worked at Cavendish Superannuation leading the retirement income and technical compliance teams, and was head of education at AMP SMSF, before becoming an independent SMSF trainer, presenter and mentor. Mr Miller is a member of the Self Managed Superannuation Fund Association and holds its Specialist Adviser (SSA) designation as well as a diploma of superannuation.

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Tony Negline has been appointed technical editor, Kevin Conlon has been appointed to head the CPD program and Jacquie Hayes has been appointed to manage content.

Mr Negline is principal at Financial & Technical Solutions and is also head of superannuation at the Chartered Accountants Australia & New Zealand.

He has almost 30 years experience in financial services in a range of senior roles including national technical services manager at ING Funds and Technical Manager at AM Corporation and Aviva Australia.

He has written the weekly superannuation and financial services column in The Australian newspaper for almost 13 years. He is also the author of The Essential SMSF Guide 2016/17 published by Thomson Reuters and endorsed by Chartered Accountants, Australia & New Zealand.

Mr Conlon is managing partner at ACTIVE Knowledge and was most recently chief executive of the peak equity release body, SEQUAL.

He has over 30 years experience in financial services both as a practitioner and as an educator. His previous roles include chief executive of the Council of Mortgage Lenders Australia, head of education with the MFAA and national manager – training and development – with RESI Mortgage.

He is a long-standing contributor to the Financial Planning Academic Forum, FPAF and ASIC’s Financial Literacy Community of Practice.

Ms Hayes has over 20 years experience in financial journalism and media relations, most recently as a columnist for Fairfax Media. She was personal finance editor at The Australian newspaper and prior to this she was a personal finance writer with the Australian Financial Review. She also spent time as media relations manager at Social Ventures Australia.

“The appointment of these senior technical, content and professional development executives brings a high level of expertise to knowIT Group and its Desk Caddie online tool offering,” says Wayne Wilson, CEO of knowIT Group.

“Desk Caddie already provides practical support to more than 4000 advisers, to help develop financial planning strategies for clients. With the addition of the new executive team, knowIT Group is maintaining the experience, knowledge and ability needed to provide the high levels of strategic analysis Desk Caddie clients have come to expect.

“Tony’s ability to deliver sophisticated legislative and technical information, knowledge and research, combined with Jacquie’s expertise in financial writing and Kevin’s capabilities in developing CPD programs, are part of the ongoing strategy to redevelop the relevance and reach of Desk Caddie,” Mr Wilson said.

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Wayne Wilson

With an increasing demand for aged care advice solutions, Louise Biti and Assyat David are pleased to announce the sale of Strategy Steps to knowIT group owned by Wayne Wilson, Wendy Tyberek and Andrew Roberts.

This strategic sale allows Louise and Assyat to fully focus on expanding their Aged Care Steps business and will allow a new direction to be taken with Strategy Steps to support its deeper integration into financial planning processes.

knowIT Group is a software product and services company that specialises in online tools and learning for the financial services industry. The Strategy Steps’ online tool Desk Caddie® will form a central component of this business.

Desk Caddie provides practical support in simple English to help develop financial planning strategies for clients. It is accessed by around 4,000 financial advisers, keeping them up-to-date with the latest legislation and news as well as tips to maximise business opportunities in client reviews.

The sale is effective from 1 October 2016 and the existing Strategy Steps team will maintain the content of Desk Caddie for six months to ensure an easy transition and no disruption to the service.

Ms David said they have developed Strategy Steps to a level of maturity and is excited by the future possibilities for the continued development that can be achieved by knowIT.

“If we are to take Aged Care Steps to a position where it can meet its ever growing potential in supporting aged care advice, it needs our full time attention.

“In selling Strategy Steps to knowIT, we are confident it is in the care of a group that has the experience, knowledge and ability to maintain the high levels of strategic analysis that our clients have come to expect as well as further improve and expand the range of services,” Ms David said.

Wayne Wilson, CEO of knowIT Group, said it had looked at a number of elearning and online management systems for financial planners before deciding on the acquisition of Strategy Steps.

“There is no other product like Desk Caddie in the market, and it has no direct competition. It is used by major financial institutions, with 73 corporate clients. It is already used by 4000 planners in Australia, but there is still opportunity to embed Strategy Steps more deeply into the wealth advice market.”

“knowIT intends to redevelop the technology and reach of Strategy Steps to build deeper penetration into the wealth sector as well as to lead the company into new industry segments,” Mr Wilson said.

knowIT Group is a software product and services company that specializes in online tools and learning in the financial services industry.

Strategy Steps is a financial planning support business. Its Desk Caddie® is an online service for advisers that provides practical support to help develop financial planning strategies for clients, provides up to date news, as well as tips for client reviews.

Aged Care Steps focuses on supporting the financial services and aged care communities in relation to advice to older Australians and their families on options for accessing and funding for aged care, both in the home and in residential services.

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Brett Spencer

Rubik Financial Limited last week announced a new interface that integrates its wealth planning software COIN with Stargate Technologies’ loan management tool, SymmetryCRM, used by over 2,500 Australian mortgage brokers.

The interface will initially allow financial planners using COIN and mortgage brokers using Symmetry to push client information to each other’s respective platform.

It will include over 100 data fields, allowing for simple cross-referrals, saved data entry time and a seamless financial management experience for the customer.  Access to the interface will depend on collaboration agreements in place between planners and brokers.

Wayne Wilson, Rubik Managing Director Wealth, said the specially developed interface reflects the more holistic approach to debt management applied by brokers, and the increased focus on client acquisition for planning groups.

“We are delighted to work with Stargate Technologies to allow greater collaboration between advisers and mortgage brokers that enhances their ability to target, qualify and service clients,” Mr Wilson said.

“This is the first initiative that we and Stargate Technologies have developed for our combined market of professionals who operate highly complimentary businesses, and are likely to work more closely in the future as markets evolve.”

Brett Spencer, Stargate Technologies CEO, said the interface marks a big step in connecting two distinct segments of the financial services sector.

“We have worked effectively with the Rubik team to build a solution that brings together financial planning and mortgage broking through the sharing of critical information that would otherwise remain underutilised in siloes,” Mr Spencer said.

“We look forward to potential future projects with Rubik that allow for further collaboration between financial services segments.”

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Rubik and Revex enter into license arrangement.

Rubik Financial Limited (Rubik), the ASX-listed global provider of financial technology and software, last Friday announced it has entered into a term sheet with Revex Solutions Pty Ltd (Revex), containing an option for COIN to acquire Revex,  and a four year exclusive reseller agreement with Revex.

The term sheet entered into with Revex is non-binding. The parties have agreed to negotiate on an exclusive basis for a period of 180 days to agree full form, binding, transaction documentation.

Revex is revenue management software for Australian Financial Services Licensee’s and financial planning practices offering automated management of revenue, including commissions and client fees as well as relevant business information reporting.  Revex was established by John Brabender, the father of commission and revenue management software, having been the original founder of DMS, which was acquired by Xplan.

Reseller agreement

It is intended that on execution of a full form reseller agreement, Rubik will hold the distribution rights over the Revex software on an exclusive basis for Rubik Wealth’s customers, covering institutions, independent financial advisors (IFAs) and industry superannuation funds, as well as non-exclusive rights for  other customers with Revex continuing to support and market to its direct relationships.

Option agreement

The terms of the proposed option provides Rubik with the option to purchase the Revex business outright, at the end of a three year period.  The consideration will be based on a multiple of revenue achieved in the final 12 months prior to the exercise of the option.  The multiple paid will be dependent upon the source of the revenue.

Rubik Managing Director Wealth, Wayne Wilson, said that entry into the proposed deal would be a significant strategic outcome for Rubik. “Revex software solves the dilemma facing planners in the industry – and offers efficient commission and revenue management that meet the requirements of the FoFA reforms,” Mr Wilson said.

“The reality is that revenue and commission information needs to be collated from each of the many different investment products that clients hold. Often these fees are bundled together, and the task of itemising the fees, and unbundling them to account for those that are FoFA defined, can be onerous.

“Every institution has a different solution to this FoFA requirement. It is a time-consuming exercise that many practices are performing manually. When Revex is integrated with COIN it will provide fully merged FoFA documents, in an automated fashion, at the touch of a button.”

Revex Managing Director, John Brabender, said: “With the competitive and regulatory landscape changing, the pressure is on dealer groups and financial planners to provide cost effective and value add solutions to both advisers and clients. In this environment, technology efficiency solutions become a business focus.

“With Revex, fee management is simply managed and ongoing transactional reports are available enabling integrated transparency for reporting purposes.”

Key features of Revex include:

• Efficient processing of all commissions and fees regardless of source
• Fee invoice management including recurring invoices
• Effortless payment of all entitlements to advisers and referrals
• Extensive management reporting
• Export information to your General Ledger.

“In anticipation of entry into full form agreements, work has commenced on integrating Revex into the various COIN client systems. Rubik expects to have a fully integrated version of Revex available to all clients by November 2013,” Mr Wilson concluded.

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New Rubik iPad App released

Rubik Financial Limited, the ASX-listed global provider of financial technology and software, today announced the launch of its iPad app, COIN Rapid, which allows financial planners to access client details and portfolio information on-the-road directly from COIN Software.

Rubik Managing Director Wealth, Wayne Wilson, said COIN Rapid had been developed in response to market demand.

“The iPad app is fully integrated with COIN Software and allows users to access their clients’ key data and portfolio information,” Mr Wilson said.

“COIN Rapid delivers the key client information that is available on COIN Software direct to the users’ iPad, allowing users to access client information at any time, and any place.

“Along with the functionality to search through the client base and to quickly view basic information for each client, the Client Dashboard functionality allows an in-depth view of client information.

“Drilling down into each area allows users to view their clients’ essential data, such as key details, key relationships, insurance arrangements, goals and objectives and estate planning information,” Mr Wilson said.

Key features of COIN Rapid include:

• Real time access to key client details and portfolio information in COIN software
• The functionality to update the personal details of existing clients
• The ability to create new client groups, and
• The capability to view and create file notes for clients

COIN Rapid will be made available to all Rubik institutional clients that have COIN version 4.1 or later. It will be available for the ex-Visor clients when they upgrade to COIN 4.2.

The launch of COIN Rapid follows the announcement earlier this month that Rubik had completed its acquisition of Provisio Technologies. The acquisition of Provisio expands on Rubik’s current advice offerings, COIN and Visor Desktop financial planning software, and reinforces its important role in the growing wealth market.

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The acquisition of Provisio, which is a market leader in the provision of scaled and online wealth advice software in the superannuation fund market, marks another important milestone in Rubik’s evolution.

Provisio has an established client base of large industry superannuation funds such as AustralianSuper, HESTA and LUCRF Super, as well as independent financial advisers.

The acquisition of Provisio expands on Rubik’s current advice offerings, COIN and Visor Desktop financial planning software, and reinforces its important role in the growing wealth market. COIN is an industry leader in financial planning software for the financial institution and the independent financial adviser markets in Australia due to its client base, breadth of product, dedication to support and innovation. With the acquisition of Provisio, Rubik will now hold a market leadership position within the institutional and superannuation fund market for scaled wealth advice software.

Mr Wayne Wilson, Managing Director of Rubik Wealth, said, “Provisio is a high-performing company with an outstanding product that addresses a different wealth advice segment to Rubik’s COIN software. This is a strategic and financially sound acquisition.

“Components in Provisio’s scaled advice software and the COIN software platform complement each other, which can be leveraged by Rubik to enhance the solutions currently available to our customers.”

All Provisio employees have been offered employment contracts going forward.

Mr. Cameron O’Sullivan, current CEO of Provisio Technologies and Mr Jye Tucker, current CTO of Provisio, will join the Rubik Wealth management team and continue to support the customer base with new release delivery.

“The Provisio team is excited about the changes taking place. We are looking forward to working with Rubik to provide an even more comprehensive product to our clients.” Mr O’Sullivan said.

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