MyPlanner, one of Australia’s largest non-aligned dealer groups, has rolled out its innovative back-office solution to its broader network of 175 advisers after completing a successful pilot program
Philippa Sheehan, MyPlanner Managing Director, said the seamless, end-to-end advisory back-office system perfected during a comprehensive trial period would help accountants and financial planners “take care of business” in an increasingly demanding environment.
“Financial planners and accountants should be focused on delivering objectives-based advice to their clients, which requires a lot of face-to-face time to truly understand their needs and goals,” Ms Sheehan said. “And yet all-too-often advisers get bogged down in unproductive – though critical – back-office duties.”
She said MyPlanner had undertaken a thorough review of financial advisory and accountancy administrative practices to identify where services could be automated or streamlined – freeing advisers to spend more time with their clients.
“We found a significant gap between what our advisers wanted to outsource and what the current systems actually allowed them to do,” Ms Sheehan said. “Naturally, financial planners and accountants will only handover administrative tasks if they can really trust the outsourced systems – and MyPlanner has made sure they can with the new service.”
The MyPlanner back-office solution goes well beyond simply providing a template for compliant Statements of Advice (SoA) by offering a wide range of other admin services, including:
- Fact-finds and data entry;
- Advice document production (including SoAs);
- Strategy implementation – such as SMSF set-ups, insurance, application completion, partial rollovers;
- Service package delivery covering review documents and FDS; and
- Traditional administrative services such as stationery and PDS ordering
Furthermore, MyPlanner will add more functions to the back-office system – called ‘Alliance Solutions’ – over time with other support services including BAS completion, tax returns and business budgeting soon to be released.
Sheehan said with increasing regulation, competition from institutionally-owned firms and the rise of ‘robo-advice’, non-aligned financial advisers and accountants had to work harder than ever to provide the best advice to clients while remaining a profitable businesses in their own right.
“While there are several ‘off-the-shelf’ systems, MyPlanner has built its back-office solution from the point-of-view of our non-aligned advisers and accountants rather than reflecting the business concerns of institutions or conforming to standardised software,” she said.
MyPlanner is a non-aligned network of 175 financial advisers with a nationwide footprint.
