How to maximise the value of your risk insurance based financial planning firm.

The changes in the financial planning space have left some very qualified Advisers out in the cold, haven’t they?

Many who have served their clients and communities in some circumstances for decades have had a serious material impact on their self-esteem.

Are you now placed in the position of needing to find a solution for your clients and not sure where to start?

One simple solution is to fire sale your clients somewhere and hope for the best. That is not the best outcome though, is it?

Is there a more professional and dignified alternative? We think so.

For all the noise in the Financial Planning and Insurance community, very few if any Licensee’s have provided solutions for the traditional Risk Adviser, have they? Compliance and technology solutions have been badly designed, poorly implemented and overly complicated.

Step 1 – So where to start?

The client is the centre of most activities in a good risk/financial planning firm. They are our lifeblood and the reason we got out of bed most days, aren’t they? I have yet to meet a long-term Industry veteran who does not love their clients.

So, if we start by migrating your client information into a simple digitalized System you will have at your fingertips everything in place, not just in your head anymore. Seems sensible, doesn’t it?

Important data points about your clients such as:

  • Who is their Accountant/Solicitor?
  • How many children and grandchildren do they have?
  • Is there a current Will? Who has this document?
  • Who is the Power of Attorney?
  • Is there any Industry Superannuation? How much? Who with?
  • Who is their nominated beneficiary?

We call this setting out your clients Mud Map of their financial life. It is very, very important data that should be recorded.

Step 2 – Compliance in the cloud. YES, on the computer for You

Once this is in place we then move to bring any Advice documents into the system, along with the Key client documents some mentioned above, you along with the computer now become the clients source of truth and instant reference.

Step 3 – Keep the data stuff up to date

Once your client based is digitalised, you can now attend to the easy bit. That is the  regular maintenance of the information.

As an experienced Adviser you know most things about your clients. It is now keeping tabs on changes in family circumstances, birth of a child, changes to income and /or debt levels and using this live information for your review process each year. Simple, isn’t it?

You can use this information from the system directly with your client or go old school and print out the information and use this in your client review meeting. Which do you prefer?

At the end of the meeting update your notes. These simply get added to the client file. Then you are compliant and good to review the next client.

Step 4 – Keeping track of the important information

Your client’s data is updated in the background as risk insurance policy anniversary dates come up, sum insured ownership and premiums are all easily at hand. Investment and Super accounts receive daily data-feeds giving you a complete picture of your client’s position.

Where to start?

Typically, you are a sole practitioner caught up in the day to day looking after your clients, aren’t you? There is precious little time for thinking about your future as your focus is on your client.

If you are not sure what to do next, have a chat to Jim Prigg at Knowledgemaster whether this might be the right option for you. He is experienced and can assess whether you might benefit from this service. Call him on 0408 520 453 or drop him a line to

Where does your business fit in relation to turnover?

Gross revenue (before GST) 150,000 250,000 350,000
GST deduction 15,000 25,000 35,000
Dealer Fees @ 20% 30,000 50,000 70,000
General business costs minimum estimate 10,000 20,000 30,000
Profit before tax and salary 95,000 155,000 215,000

If you are looking to act now, let’s chat informally, please feel free to call me directly for a confidential discussion. It just might be the best phone call you could make.

Call Brett Tarlington today.

Director / Licensee of Oakwood Lifestyle Advisers Pty Ltd

Telephone: 02 9410 2022 or Email him at