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Accounting Firm of the Future eNews

February 2016 Edition

Welcome to Prime's eNews for Accountants.

Simon Madder

CEO & Managing Director

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's Accountant Advisory Board - 31 March

Since the launch of our first Accountants Advisory Board in November last year, we feel very optimistic and confident it was well received by our Accounting Partners.


Accounting Partners expressed positive views on why it is valuable to have such open and honest discussion forums, and praised the value it creates to understand what each firm is doing well, where they can improve, what needs to change, and most importantly, how we (Prime) need to innovate to deliver new and improved value frontiers for our Accounting Partners.

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.


Prime's Partnership model to support accounting firms has two variants:


1. Strategic minority equity investment in the accounting firm (typically 10% to 50%) for growth, succession and acquisition, which is also inclusive of the establishment (or adoption) of Prime's wealth management model:


OR


2. Establishment of Prime's wealth management model only, with no associated equity investment by Prime (this investment can still be considered at a later time if desired by the accounting firm).


To LEARN MORE

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

Firstly, welcome to the New Year. On the investment front, our year has commenced with a high level of activity, both in terms of new partnerships with accounting firms being explored and progressed, as well as assisting our existing partners with their growth and acquisition agendas. 


In December we advised we were active in the market seeking acquisitions for two of our member firms. I am pleased to update that we have identified potentially suitable acquisition partners for both firms and are progressing discussions accordingly - again, with a view to supporting our existing partners with equity funding to undertake these acquisitions, should discussions be successful.


In terms of new firm investment, in addition to our larger markets of Melbourne and Sydney, we now also have a range of discussions with firms in both Brisbane and Perth – as discussions with these firms progress, we look forward to the prospect of welcoming some of these to the Prime group over the coming months.


In addition to a notable uplift in investment related discussions with firms, we have also experienced a similar uplift in in-bound interest from firms seeking to explore establishment of wealth joint ventures with Prime. No doubt this is somewhat linked to the upcoming 30 June accountants exemption expiry. This is an extremely pleasing dynamic and we are proud to have the opportunity to explore partnering with these firms to establish their wealth operations, underpinned by Prime’s Client Engagement Model.


As indicated previously, if you would like to discuss any of the above, please do not hesitate to contact me. Furthermore, should you think there are any other firms or practitioners in your broader networks who would be interested in learning more about Prime’s wealth and equity investment model, I would be very pleased to reach out to them.


I look forward to updating you further in the coming months.


Prime's Accountant Licensing Options

An Up to Date Will Estate Plan Priority Prime Financial Group

Option 1


All advice is provided by a dedicated Prime Adviser.


+ Ongoing CPD

+ PI Insurance

Option 2


Accountant conducts Fact Find & outsources to Prime Paraplanner for SoA production.


Investment & Insurance advice is provided by a dedicated Prime Adviser.


+ Ongoing CPD

+ Compliance, Training & Support

+ PI Insurance


+Additional Fees for Xplan per  Accounting Firm

+ Additional Fee for Service per SoA

Option 3


Accountant conducts Fact Find & produces SOA.


Investment & Insurance advice is provided by a dedicated Prime Adviser.



+ Ongoing CPD

+ Compliance, Training & Support

PI Insurance


+Additional Fees for Xplan per Accounting Firm 

Prime's 3 Tier Ongoing Investment Service Model

Collaborative

Choice of DIY (Self-Directed) to Collaborative to Full Advice - flexible ongoing service options to suit different investor styles & preferences!

Our service options are tailored to incorporate both self-directed service alternatives and full advisory solutions, giving you the choice of approach to build an investment and service offering that fits your profile while still achieving your financial goals.


To LEARN MORE, CLICK on each of the Case Study PDFs below:

Self-Directed

Full Advice

We very much believe in offering clients choice of service (as per our 3 Tier Service Model) and being transparent in how we price and charge for wealth management advice and services to clients.


During my visits and Accounting Partner Board meetings, we took the opportunity to clarify the way advice services and fees are charged to wealth clients. 


Please find our recently updated Pricing Schedule which provides clients choice of service and the ability to opt-in or out as they see fit.

Prime's Wealth Management Advice Pricing Model

I have over 15 years experience in wealth management and financial advice bringing an extensive knowledge as a Private Client Adviser in Western Australia.


Throughout my diverse career, I have worked with accounting practices, boutique wealth firms, and with major banks creating financial planning solutions for business and private banking clients.


My focus is to ensure clients have the right structures and strategies in place to meet their financial objectives for a secure future.

NSW: Ben Travers

WA: Ian Tubbs

I have over 14 years experience, with the past 9 years advising clients on a range of specialist wealth matters.


Throughout my diverse career, I have worked with accounting practices, boutique wealth firms, and in the last 2 years, focused on Self Managed Super Funds (SMSF) advice.


I was awarded Certified Financial Planner status in 2012 and recently was granted membership as a Certified Financial Strategist with 'The Association of Independently Owned Financial Professionals' (AIOFP).

Ian Tubbs Private Client Adviser Prime Financial Group

I am looking forward to my US Trip with ten other principals from Accounting and Wealth Management firms in what seems like an incredible line up of amazing companies we will get the opportunity to visit. I will no doubt have interesting insights to share with you upon my return.


Please find below a list of some of the companies scheduled:

US Trip: Great Learning Experience

1. Pershing Adviser Solutions - https://www.pershing.com/

2. Fjord - https://www.fjordnet.com/

3. Fintech - http://www.fintech.io/

4. Hightower - http://www.hightoweradvisors.com/

5. Salesforce - https://www.salesforce.com/au/

6. BlackRock -https://www.blackrock.com/investing

7. Merrill Lynch -https://www.ml.com/

8. Convergent -http://www.convergentwealth.com/

Please find CBAs Accounting Market Pulse Report - December 2015. The research paper was conducted by Beaton Consulting & Research. It provides insight into:


Adoption of Technology 

  • Adoption & implementation of new technology
  • Return on investment from new technology
  • Plans to change the investment in new technology

Provision of non-accounting services

  • Provision of non-accounting services
  • Revenue from non-accounting services
  • Changes in revenue from non-accounting services

Outsourcing & marketing

  • Frequency of outsourcing to lower cost providers
  • Outsourcing work over the last 12 months
  • Frequency of outsourcing to lower cost providers
  • Is marketing on social media vital to the success of accounting firms?

CBA's Accounting Market Pulse Report

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www.primefinancial.com.au