IOOF published a fantastic report about the Expectation of Advice.
It's more than just investment advice.
EPFL AS A SERVICE OFFERING
We are all striving for a higher value service offering for our clients. Estate Planning For Life is a scalable, online subscription service tailored for professional services firms to deliver an estate planning offering to clients that will create a unique and powerful point of difference.
for financial advisers
- Financial advice fees and business valuations under pressure
- Industry super funds are attacking financial advice and advisers
- FOFA: FDS & opt in places greater pressure on financial advisers to deliver more meaningful services
- Regulators are specifically looking for advisers who receive a fee and provide no advice/service
- ROBO advice is redefining how product and strategy advice will be delivered
- Life insurance commissions are under pressure
- Online product providers are challenging traditional service models
- Accounting fees for compliance services under pressure
- The client profile of major firms are ageing quickly
- Increased pressure from tax agents and bookkeeping service providers for traditional compliance work
- Tax returns and compliance work constitute 50% to 90% of accounting practice revenue
- The profession is looking to deliver new high value, high touch, profitable services with recurrent revenue business models
- ATO Standard Business Reporting (SBR) Program to enable straight through processing of tax returns from accounting software (Xero, Quickbooks, MYOB etc).
- ATO estimate this will remove $500 million in fees from the accounting profession over the next 3 to 5 years
How does EPFL work?
The Estate Planning For Life system is broken into 5 key steps – ‘Engage with WITY EP’, ‘Facilitate the Legal Advice’, ‘Discover and Record the Information that Matters’, ‘Generate the Crisis Management Plan’ and ‘Review’.
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