AMA: We’re Dela Dzadey and Lana Graham, paraplanning and Xtools experts, Ask Us Anything!
Got a burning question? Join us here on Wednesday 22nd May from 2pm to 2:30pm. For those who don’t know us, I’m Dela Dzadey, director and advice manager at TNT Group, helping bridge the efficiency gaps in advice production for advisers and paraplanners. lana.graham is the Xtools product manager and resident expert at Iress, and we’ll be hanging out here to answer any questions you have. In the meantime, you can start popping your questions below and Ask Us Anything! Update: This AMA has now ended but please continue to pop your questions down below or in thediscussion forums and make sure you tag me at dela.dzadey or lana.grahamAMA: I'm Katrina Yung, Xplan WealthSolver expert, Ask Me Anything!
Do you have a burning question about Xplan WealthSolver? Need help with making the most of its comparison capabilities? Join me here on Wednesday 9th October from 2pm to 2:30pm. With years of experience helping advisers deliver retirement and investment advice efficiently, I’m here to help with all things WealthSolver. Start popping in your questions below and Ask Me Anything! ❗️Update: This AMA has now ended but please continue to pop your questions in thediscussion forums and make sure you tag me at katrina.yung
Benefit for advice businesses that offer general insurance to HNW clients goes beyond good service
I have read many articles over the years about servicing High Net Worth (HNW) clients in the financial services industry; however, most businesses that put together a HNW Best of Breed service model do it without looking through the eyes of their clients. In fact, very few businesses have a model that effectively and comprehensively services the needs of HNW clients. HNW individuals, professionals, families and business owners, typically have considerable estates with complex accounting and taxation requirements. This complexity requires a broad range of financial services, a clearly articulated value proposition and the ability to work in tandem with the client's accountant, lawyer, life insurance advisor and finance provider. HNW clients also tend to stay with their planner for the long term and are often brand ambassadors for the planning business referring the practice to their network of peers, friends and family members. Hence, HNW clients can be both challenging and rewarding as they want their planner to intimately understand their personal, business and family dynamics as well as their estate planning aspirations, cash flow, assets, liabilities, taxation situation, etc in order to manage their account holistically. HNW clients own many valuable assets and possessions such as larger homes, fine art, antiques, jewellery, etc. that require the need for asset protection – and yet many accountants and planners fail to provide a general insurance service as part of their Best of Breed offering. In these times where business growth is a scarce premium – expanding the HNW client offering should be as easy as increasing your service offer! I raise this perspective because, over the last few years, there has been an increase in M&A activity within the general insurance market from overseas businesses. This mirrors their past interest in accounting and financial planning businesses. Recently, I have been approached by overseas buyers looking to purchase general insurance broking businesses from $1M - $20M in revenue. I have also helped to facilitate general insurance brokers into high-net-worth accounting/Financial Planning businesses to service their HNW clients. At the present time, general insurance broking firm valuations have EBITDA multiples higher than both accounting and financial planning businesses. Sometimes the best opportunities are simple and, by offering comprehensive and holistic financial services that include general insurance, ensures all aspects of the client's financial picture are considered and integrated into a cohesive plan. Not only does this comprehensively address each client's unique challenges and goals, it increases the value of the practice and reputation of the business.
