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Forward Thinking Magazine : December 2010
14 Will making the change continue to support your business’ client value proposition? How would your internal resources need to change to adopt a new model? Do you have the right human resource management processes to make the switch? How would you continue to meet statutory and custodial obligations? How much is it going to cost to make the change and how will it affect insurance premiums? Five key questions advisers need to ask before changing their service delivery model “Planners looking to change their service delivery model must seriously assess the costs involved of doing so, as well as the impact on professional indemnity insurance premiums. Some environments attract higher premiums for planners, so make sure you talk to your insurer before making a commitment to change your service delivery model,” says McCarthy. McIntosh acknowledges that, “clients regularly question fees. So we try to make the benefits of our model tangible. We show clients how easy a wrap platform makes it to transact - they can see their shares and they really get that it means there’s no need for a third party broker to be involved.” “We also show them that a wrap makes for easy communication between our business and their accountant’s business. We can easily transfer tax data across, which can be directly incorporated into their accountant’s software, which helps with compliance and increases efficiencies at the accountant’s end. Ultimately, this means lower fees for the client.” “It’s a real benefit to our business to have a relationship with a single platform provider,” says McIntosh. “It means we can develop a really strong relationship with the platform’s back office, sales office and product development teams. If we had relationships with multiple platforms we’d have to duplicate these relationships, so from our perspective having a single platform really frees up our time.” Says McCarthy: “Macquarie Practice Consulting is an independent source of advice for planners who are considering their service delivery options. Talk to us about what your options are, the consequences of changing your delivery method and what you need to consider before taking this step, because it’s a big move that has the potential to fundamentally change the nature of your business. The idea is to consider all your options and only make a change when you know what’s really involved. The golden rule is to ensure the service delivery model or models you use should support your long-term business strategy.” Macquarie Adviser Services