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Forward Thinking Magazine : August 2010
27 growth strategies to people over the phone, but of course not quite as good as speaking to someone face-to-face,” she says. “A sound administration system will also assist the practice to measure its effectiveness so that improvements can be made to make the business run more effectively, ultimately leading to greater profits for the practice,” says McCarthy. Abood uses a pertinent example. “We can use the system to show where problems are and put in place steps to solve problems. For example it recently told us that there were significant delays in the information collection stage of our advice process. On investigation we discovered that super funds were requiring members’ drivers licenses before they would release information. So we now make sure this information is collected at the first meeting.” We take a holistic view and believe wealth encompasses more than just money. We spend a lot of time understanding what’s important to clients and ensuring the financial plan is aligned to those goals... Vanessa Woodley, Financial Strategist, Sentinel Wealth. Announcer Group from left to right: Another example is term deposits. “Term deposits often form a portion of the client’s cash portfolio. These need to be reviewed before they roll, so every day we pull up information about the term deposits and prioritise changes that need to happen before the expiration date,” she says. Planning for the future The best planning practices have a clearly articulated vision for the future. But according to the benchmarking survey, many firms still have to think through what their firm will look like in the future. More than 35 per cent of firms plan to acquire another client base in the next 12 months. Of these, 69 per cent want to purchase another client base to leverage back office scale, 56 per cent want to acquire a practice for additional size and 31 per cent want to acquire additional staff.