Close

Accounting Firm of the Future eNews

April 2016 Edition

Welcome to Prime's eNews for Accountants.

Simon Madder

CEO & Managing Director

Prime's Accountant Advisory Board - 31 March

The Advisory Board will meet every 2-3 months with the intention for there to be periodic rotation of members and increasingly the agenda items driven by Partner firm priorities and objectives.


Should you have an interest in participating in future sessions, please just let us know, we would welcome the input.

Prime National Accountant Advisory Board

At our second Accountant Advisory Board meeting, we welcomed three other Accounting Partners who joined us as Guests. This was a great way to 'network' and for our Accounting Partners within the Prime network to get to know each other.  


The open and transparent discussions led to a common goal with the Board members to become more data focused and data driven to help make informed and smarter business decisions. 


It was unanimously agreed that all members would like to share their accounting and wealth financial metrics with each 

other to help identify 'best practice' around margins, outsourcing, acquisitions, debtors, WIP fees and service lines.


With the gathering of such 'benchmark' statistics, it certainly generates excitement in being able to deliver real insights that our Board members can learn and benefit from.


The Board also decided to look at the following areas of interest:


  • Focused discussions on 'best practice' on nominated key topics
  • Strategic Marketing Support from Prime
  • Prime Proposed CRM solution (co-funded)
  • Prime organised 'client data update & cleansing' project (co-funded).

The cornerstone of Prime's partnership model is based on the belief that clients are best served by receiving integrated services across accounting, wealth management advice and a range of other financial services through a single source, with the accountant central to this.


Wealth Management Service Summary


Prime believe clients are best served by their Accountant being the single place for personalised financial advice, tailored to meet client needs, goals and aspirations. 


As illustrated below, Prime's Integrated Advice Model brings together the Accountant, their clients and Prime to create the foundations to build a robust, achievable outcome through Structure and Strategy, focusing on helping clients protect assets and build wealth.


Prime's Premier Partnership Model for Accountants

Tim Bennett

Director - Corporate Development

M: 0439 420 711

E: timb@primefinancial.com.au

Accounting Firm Acquisition Opportunities

Further to my last update, we advised that we were increasingly becoming active in assisting our existing partners with their growth and acquisition agendas. This is also a high value add for prospective new firms we are seeking to partner with.

 

Prime’s role includes assisting its partners to idenitfy potentially suitable acquisition opportunities and progressing discussions in relation to the same, with a view to then also supporting our existing partners with equity funding to undertake these acquisitions, should discussions be successful.

 

Through our significant work and analysis undertaken to date, we feel confident that there is significant value to be unlocked via our firms undertaking the RIGHT acquisition. There are obviously a great number of variables that contribute to making an acquisition appropriate, however if considered in a disciplined manner, then the available returns to all stakeholders can be attractive.

 

From a strategic perspective, this is an area we are keen to discuss and explore further with our current partners over the next 12-18 months. 


Should you be interested in considering the same, please do not hesitate to reach out to me, or Simon for a confidential discussion.


Recently, I was fortunate to spend seven days in the US with a group of prominent Australian principals and managing partners/directors of accounting and wealth management firms, getting a first-hand view of the US advisory sector and how technology is affecting the next-generation advisory models.


The whirlwind tour took in four states and we met with more than 20 leading executives covering fintech, accounting, wealth management, management consultancies, investment banks and technology companies.


The overarching theme that emerged from the trip was the importance of a personalised client experience methodology and that a firm’s digital experience needs to be as good as, if not better, than the physical experience.


Although the US market is different in ............

6 Top Tips to Outsourcing Success

An Up to Date Will Estate Plan Priority Prime Financial Group

Written by: Angelina Rigoli

Business Technology & Services Manager, Prime

An Up to Date Will Estate Plan Priority Prime Financial Group

As Prime is growing more and more every day, we realised we needed more resources to be able to keep up our service standards to our clients. As a business, we thought we would try a new avenue and begin outsourcing some of our work.

 

Outsourcing has been a huge success for Prime.

 

Our Accounting Partners and affiliates have expressed vivid interest in learning about our experience in this new venture as it is something they are now looking at introducing to their own businesses.

 

I wanted to share from my experience, the best tips when introducing outsourcing to your firm. 


Here are the Top 6 Tips:

4 Innovative Trends in the US Wealth Management Industry

Written by: Simon Madder

CEO & Managing Director, Prime

We are proud to be Platinum Corporate Sponsors of the May Day Charity Luncheon.


May Day is annual charity event to raise funds for deserving charities across Melbourne including Guest Speakers & silent auctions.


This year's nominated charity organisation is Smiling Minds.


At this year's May Day, we'll have our Melbourne Accounting Partners join us along with their clients as our Guests.


To LEARN MORE, CLICK on the Events button below.

Platinum Sponsor of May Day Charity 

Date: Friday, 27 May

Time: 12pm - 3pm

Venue: Regent Theatre, Melbourne

Reserved Seating: Complimentary by Invitation Only

Our happy and smiling faces says it all. We are very excited to partner with Williamstown FC as a Corporate Sponsor.


In particular, we already have a strong bond and tie with Andrew Collins, who is the Coach of the Seagulls and a well respected and highly regarded leader in the community, and who also happens to be a happy private client of Prime.


An official partnership communications will be released shortly but we enjoyed spending time with Andrew and Jason Reddick, CEO of Williamstown FC at their grounds 'getting to know each other' and making new connections. 

Prime partners with Williamstown Football Club

Ideal WM Client Personas

Understanding WHO your ideal clients are is significant especially when it comes to providing a relevant and a personalised client experience.


We have created a Wealth Management Client Persona PDF Toolkit outlining our 3  Ideal Client Personas of:


  • Executives / Professionals
  • Retirees / Nearing Retirement
  • Business Owners


It's designed to help our Accounting Partners and their staff better understand the typical characteristics of wealth management clients such as their goals, aspirations, challenges, motivation factors and how wealth management services and advice can serve their identified needs.

We have created a Wealth Management Client Referrals Profile PDF Toolkit to help our Accounting Partners and their staff identify and spot qualified wealth management client referrals.


It highlights the 'trigger' points of when our ideal wealth management clients may require advice.


  • Small to Medium Business Owners
  • Family Businesses
  • Professionals & Consultants
  • Snr Managers & Executives
  • Families talking about their future
  • Retirees / Talking about retirement


WM Client Referral Profiles

Improving our Client Engagement Experience

Written by: Angelina Rigoli

Business Technology & Services Manager, Prime

Improving our Client Engagement Experience – the passion ‘behind the scenes’


We have a huge focus on our Client Engagement and a lot has been happening behind the scenes that I wanted to share with you. Some of these have been implemented and others are on the draft board ready to go.

 

Access to Client Services has never been better….


Copyright © 2015 Prime Financial Group Ltd. All rights reserved.

www.primefinancial.com.au