Wealthtrac launches admin outsourcing service
Finance and investment administration provider Wealthtrac has launched a back-office administration service for boutique advisory firms.
The outsourced administration service was developed in conjunction with Jason Cutrupi of JC Consulting, who has established a back office for his own planning business in Thailand.
Wealthtrac managing director and chief executive, Matthew Johnson, said the service would be ideal for sole practitioners and boutique planners.
"With continuing economic and regulatory pressures, we understand that advisers need to spend more time servicing clients and growing their business and less time on non-value add administration tasks," said Johnson.
"We saw what Jason had created for his own business and believed the service would benefit other members, so we have created a package that is easily accessible for all [Independent Financial Advisers]," he said.
The Thai business is overseen by Australian-trained general manager Mookdarin Sommark and director Richella Daly, who has been a JC Consulting employee for over seven years.
Cutrupi said he developed the outsourced model for his own business, but soon realised its application for other sole practitioners who cannot afford the staffing required for administration tasks.
"JC Asia is able to assist these advisers by providing a low-cost service that can be switched on and off according to workload," Cutrupi said.
He added that with the Future of Financial Advice reforms and fee disclosure "around the corner", cost and time spent on administration are set to increase.
"Asia can be utilised to produce these documents at low cost, so the adviser can email or post it out to clients with very little effort," he said.
Some of the services included in the outsourced model include: risk insurance services; super switching information; superannuation and rollover follow-ups; data and email entry using XPLAN; 80 per cent of Statement of Advice construction; and general superannuation and insurance follow-ups.
The service has a set fee, with ad hoc work charged at $12 an hour plus GST, according to Cutrupi.
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