Outsourcing some or all of the activities listed below, allow financial advisors to focus on providing suitable advice to their clients and nurturing their current client relationships.  This also leads to more time and resources for strategic planning and development, to increase their client base. It provides scale within a financial advisor practice without incurring the additional overhead expenses.

 

Fin.Collaboration (Pty) Ltd strives to provide financial advisors with a virtual, high-quality practice management and support service with possible outcomes as follow:

 

Outcomes:

• Eliminate problems of retaining qualified staff

• Provide better focus within an advisor practice by removing some of the essential (but still mandane) activities

• More effective use of resources by saving time while minimising expenses

• Streamline of workflows and processes

• Ensure adequate record keeping and maintenance of CRM system

• Better continuity within the business in terms of succession

 

All services provided works on the basis of a fixed monthly retainer fee. The total service package can be customised to fit the needs of the specific advisor practice and are made up of a combination of any of our service offerings.

 

The cost for these services will depend on the size of the advisor practice, the type, scope and level of services required by the practice. Packages usually vary between R5,000.00 and R30,000.00 (VAT exclusive) per month. Quotation available after initial consultation where needs and scope of service has been established. 

 

Practice Management & Support Activities

These services can include, but not limited to:

 

• Client segmentation of the CRM system;

• Drafting of Client Review annual calendar and updating on the CRM system accordingly.

• Update and maintaining of all templates (Compliance pack and advice records).

• CRM system maintenance via Quarterly report verification:

  • Client segmentation/review dates;

  • Contact details;

  • Personal details;

  • Categories;

  • Screening, Compliance & FICA spot checks;

  • Removal of inactive/prospect clients.

• FIC: RMCP review and screening support.

• Issue and cancellation of product codes as and when needed.

• Book transfers where needed.

• Testing of new systems and processes.

• Compilation of manuals (Standard Operating Procedures) for all administrative roles within the practice.

• Weekly check-ins with all staff via Teams (general feedback session and workflow discussion based on their list of queries/tasks due).

• Virtual Attendance of monthly/quarterly Compliance Audit meeting where required.

• General Administration support line for staff queries.

• Payroll & Commissions:

  • Commission statement uploads and preparation via the preferred CommSpace system;

  • Bank reconciliation to commission statements, on a monthly basis;

  • Liasson with product providers on discrepancies;

  • Query information with relevant staff to ensure correct allocation;

  • Issue final commission split report to different advisor(s) (where applicable);

  • Monthly PAYE calculation on salaries and commissions;

  • UIF calculation and issue of information to accountants for EMP201 submission;

  • Issue of Payslips (to a maximum of 10 employees);

  • Leave register kept from information received regarding leave due and leave taken;

  • Allocation of VAT on all transactions;

  • Query with management on VAT invoices where applicable;

  • Query with management on allocation of transactions to relevant ledgers;

  • Liasson with accountant;

  • Overall Bank Reconciliation;

  • VAT calculation and monthly reports.

 

Regular feedback will be provided to the advisor to ensure better oversight. These feedback sessions will also ensure the management of expectations from all parties involved.