Thanks for the insight, appreciate it. The numbers still sound...

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MidfieldGeneral

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26/04/17

11:33

Post #: 24266781
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Originally posted by NGNCFP ↑

MG, GT is closer to the mark in my experience. With 1 admin person and 1 para planner i can more than double my output. It is a seriously expensive business. After my 1 hour meeting with a new client i'll do 2-3 hours of advice and strategy work and admin will do 1-2 hours just gathering information and data entry and then a plan will be produced taking around 8 hours.

Why would I spend that time completing a plan when I can pay someone else to do that work, and then spend that time on 1 or 2 new clients?

My last plan for a SMSF with borrowing cost me around $1,200 to get done. In the 2 days it took to be completed I can see 1 new client per day and charge them more than $1,200 for the advice. Or I can spend that time completing the plan like your buddies.

If all my admin and para planning can be completed by IAM for $34,000 why wouldn't I consider it?

At $500 for a non SMSF plan that is 68 new clients plans per year, at roughly 68 working days. ($34,000 / $500) I still have my 150 review clients to produce advice documents for and I need to pay for them. FYI 68 new clients is not a realistic number in my business.

How much will an admin person and a para planner cost me to hire? $50,000 & $80,000? = $130,000.

How about this model, a part time admin person at $30,000 and IAM at $34,000 for all my advice docs = $64,000. I now have $66,000 additional taxable income.

What if i used that to add another pod? Now i've got a full time admin person and 2 IAM para planners and i can double my number of clients.

So in answer to your question, there need to be more than 1 back office support for each adviser and it is a seriously expensive business to run.

If only someone could provide us with additional resources and lower our costs/

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Thanks for the insight, appreciate it.

The numbers still sound high to me when sense checking it against the numbers of SOAs we would expect each advisor to produce.

As others have just said, all will be revealed!

Agreed, numbers of SOAs produced would be a great metric to see (as would forecasts of all metrics, rather than retrospective Forecasts vs Actuals that can't be validated against anything).

MG

Last edited by MidfieldGeneral: 26/04/17

IAM Price at posting: 4.1¢ Sentiment: Buy Disclosure: Held
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Thanks for the insight, appreciate it. The numbers still sound...

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Thanks for the insight, appreciate it. The numbers still sound...

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