Accounting/Financial Services Organisations will increase their revenues by 2 to 3 times, which will enhance the value of their business and improve relationships with their clients.
Practitioners will gain from the revenue generated from the access to the client base (eg substantial FUA, SMSF’s). The model will considerably enhance the opportunity to substantially increase the size of the distribution network.
The model will deliver an improved range of offerings to clients. These services will assist private client’s wealth accumulation plans and SME’s to grow their businesses locally and internationally.
The accountant, being the trusted adviser, becomes the focal point for the delivery of a full range of services to individuals and small to medium businesses. First Mutual delivers the enhanced solutions to clients of the accountants. These are in addition to the traditional financial services currently being supplied.
An initial core group of 30 practices is positioned to transition to the "Firm of the Future" model out of a total of over 200 identified targets through known associates.
The basic requirements of licensing and back office have been embraced, with a unique profiling method, and an improved practice/client management process. This is then followed by a range of value added services and products: financial planning (including wealth management) superannuation, stock broking, property, Capital Raising, M&A, insurance, finance and business services, strategic planning, OH&S, sale of business, international services and succession planning in response to client needs.
The Accounting Profession is recognising that the traditional service model is not satisfying client expectations and that significant change is necessary.
Within the Financial Services sector there are increasing challenges that confront dealer groups because acquisitions by banks and large institutions are impacting practices’ independence and limiting their scope to generate alternative revenue streams. The conflicted interest requirements of the FOFA legislation impact tied distribution.
Clients are increasingly demanding more integrated financial and business services offerings from their accountants.
Over the last 3 years, First Mutual has developed a comprehensive solution, "Firm of the Future" model, to position accounting member practitioners as the " Preferred Adviser". The service offerings provide additional revenue generating and bottom line improvement benefits to accounting groups and financial advisers, enabling them to increase their revenues by addressing the broad range of needs of both individual and SME clients.
First Mutual - Helping build Firms of the Future