![]() Long story short, there’s never been a greater need for quality financial advice and paraplaning services. 11% have recently lost money they couldn’t afford to lose on an investment. Nearly a quarter wouldn’t be able to cover (or don’t know how they’d cover) three months’ living expenses if they lost their income. Bridging the gap for your clientsĪccording to research done on behalf of ASIC, less than 40% of Aussie adults understand basic investment principles like risk/return and diversification. You need to graduate ready to meet those needs. Client expectations and needs are evolving. ![]() For example, around 70% of advice practices in Australia use XPLAN, including many of the major banks. More and more practices are using software to manage each part of the client advice journey. There’s a trend towards online advice it’s more accessible and affordable for lots of clients. Technology is changing the way clients get advice. The financial services industry is in the midst of a revolution. It’s quietly transforming the futures of millions of Australians. When they see how we use technology they often ask us how they can use similar solutions for their business and that opens up a whole new conversation that goes well beyond the numbers.The financial services industry is an exciting, fast-changing industry. “For clients, it means giving them tools like myprosperity to simplify how they interact with us, including the mobile app and digital documents signing. ![]() This has also influenced their approach to recruitment, whereby they have supported their highly experienced advice team with new hires with a technology background to accelerate their digital competency. Recently, ‘PKF Digital’ has been adopted as a key element of their branding strategy. Leaving the collection and flow of data to myprosperity means staff are spending more time analysing and understanding what the data says about a client rather than spending their time collecting or re-entering data.Īs PKF looks to the future, Steve sees going digital as an important branding exercise that demonstrates they are an innovative organisation. A big part of that is using technology to facilitate the capture and storage of current client data, with systems doing the heavy lifting and eliminating double-handling of that data.”Īutomation of processes and how data is managed and maintained is now of paramount importance and so, myprosperity has been mandated for use with every client across their wealth division. “We want to streamline everything that we do across the business. Now a more holistic approach to servicing clients has been made possible.įor Steve and his leadership team, the value of myprosperity extends to improving practice efficiencies also. The ability to collaborate on the same set of client data has opened up many revenue sources for the firm, with Steve pointing to how it has helped establish a framework of collaboration with other firms such as legal, financiers and even other accounting firms. PKF implemented myprosperity in 2015 to capture their clients’ financial data and keep it updated through live data feeds that are powered by the platform’s growing list of integrations. “In getting to know the client better it was important for us to establish a central source of truth with the financial affairs of that client, in a central place where everyone in the team could have access in real time.” PKF knows the value of being across all aspects of a client’s financial world, both business and personal. At PKF we want to be the succession planning firm to help our clients with all aspects of that critical transaction and there is a multitude of services that are associated with this cycle.” ![]() “The next 10 years will see huge numbers of business owners seeking to transfer or exit the businesses they have spent their working lives building. In particular, succession planning across the mid-tier SME market is seen to have enormous growth opportunities. That longevity with the business has given him an edge in spotting key trends and opportunities in the advice industry. Steve Meyn started out with PKF’s Sydney/Newcastle practice in the late 1980’s, so he’s seen many changes in the industry. Top areas of focus in your business? Increase Efficiencies Improved Client Engagement Tech Stack: myprosperity, GreatSoft, Xero Practice Manager, FYI Docs, NowInfinity, Class Super, XPlan, Power BI, Tableau, NetSuite Services: Audit & Assurance, Business Advisory, Taxation, Forensic Accounting, Business Recovery & Insolvency, Corporate Finance, Wealth Creation, Superannuation (SMSF Administration), and Industry Sector Expertise. ![]()
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