We have a successful track record in partnering with accountants to build financial services practices that suit the needs of these professionals and their clients.
One of our main priorities is to provide the necessary mentoring and support services – or the right financial specialist if the outsource option is preferred – to ensure that every one of your clients is provided with a high quality of advice and service, including defined service level agreements and an ongoing portfolio review service.
Another priority is to provide guidance to our accountant partners – where necessary – to help them build a financial services capability which is profitable for them. With this in mind, we give our partners access to our experienced senior management team, and we allocate a Practice Development Manager to each accounting practice. Our view is that if our accountant partners are successful, we will be successful.
For those services your practice wishes to provide itself under our licence, Australian Unity will help you meet all regulatory requirements, give you the training you need, and provide para planning, research, marketing, technical, compliance, administration and other support services to help ensure your practice is able to provide the right advice and services for each and every one of your clients – large and small.
For each of the services you refer to Australian Unity, we provide a specialist who will advise your clients directly. You have the choice of whether or not you wish to be involved in those meetings.
Importantly, in the case of financial advice, if you choose to refer your clients to us, it will relieve your practice of the onerous financial services compliance regulations & training requirements, and the need for increased professional indemnity insurance.
The non-accounting services your practice provides to your clients may attract upfront and/or ongoing fees (and commissions in some cases, such as with insurances). These are generally paid to Australian Unity, from which we retain a share as compensation for our support service, and the balance is paid to your practice.
Obviously, the more involvement your practice has in each service, the greater your share of the fees. Our fee sharing arrangements are very competitive, and are available on request.
By the way, we prefer where possible to avoid commission-based products. Instead, our focus is on the provision of quality advice with remuneration which is fee-for-service based.
If your practice doesn’t offer non-accounting financial services, your clients will have to go elsewhere to obtain them. They might acquire them from one of your competitors… or from someone who will introduce them to another accountant. In other words, your accounting revenue may be at risk. The solution is to become a one-stop accounting and financial services practice – so your clients have no need to ever go anywhere else.
If you would like to find out more on how Australian Unity could help you to multiply your practice’s recurring income – and the value of your practice – please call Elise Michelmore on: (03) 8682 6348. Or email Elise on EMichelmore@australianunity.com.au
Australian Unity Personal Financial Services Limited (ABN 26 098 725 145) AFS
Licence No. 234459, 114 Albert Road South Melbourne VIC 3205.
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