Have the influence of large financial institutions pursuing their own interests, rising compliance burdens, and pressures of regulatory change taken the passion and the fun out of managing your financial advice practice?
At InterPrac Financial Planning, we understand your desire to assist clients in their endeavours to live their best life, as an outcome of the financial advice you provide. As fellow business owners, we want to do our best to enable you to live your best life too.
Our mission is to help you build your profitable, sustainable business. We understand the commercial realities of managing your practice and our aim is to provide practical solutions which improve your efficiencies.
Join InterPrac Financial Planning to retain ownership of your business, and receive a competitive fee structure and a supportive dealer group. With InterPrac you can be confident in your ability to deliver your clients quality advice and services.
With InterPrac Financial Planning, it is not just your clients who will have peace of mind.
The right advice can add certainty to your financial future. This is as true for you as it is for your clients.
You are in control of your practice. InterPrac Financial Planning offers you the flexibility to support you in your endeavours, working with you to help you deliver cost-effective financial advice.
We are not aligned to any financial product provider, allowing you to give your clients quality advice and service without the bias of a restrictive approved product list or corporate culture.
As an accountant and financial planner, one of the most important decisions you need to make is what type of financial advice (e.g. products and services) you want to provide to your clients and what advice your clients want from you.
If you are looking to work with like-minded professionals or wanting guidance in developing a profitable and successful Financial Planning practice, InterPrac Financial Planning could be the right option for you.
Our fees are based on providing your business with quality service in a cost-effective manner.
InterPrac will receive a minimum of $12 000 plus GST per annum, or a share of income based on the income split below, whichever amount is the greater.
The fee schedule is as follows:
|Annual Practice Revenue||InterPrac Financial Planning|
|$0 – $180,000||15%|
|$180,001 – $300,000||12.50%|
|$300,001 – $500,000||10%|
|$500,001 – $750,000||7.50%|
|$750,001 – $1,000,000||6%|
|$1,000,001 – $1,500,000||5%|
|Professional Indemnity Insurance||Access to our pooled and subsidised Professional Indemnity Insurance which is the only required additional cost to you.|
|Compliance||A culture of compliance is developed through a combination of induction, prevet process, education, and ongoing CPD training, in addition to an annual audit visit undertaken by the InterPrac Financial Planning National Compliance Manager.|
|Continuing Professional Development||You will be registered for online training with Kaplan Ontrack to assist you to accrue and record your CPD hours. InterPrac provides access to state-based professional development days which include compliance and technical content. In addition, we regularly send you invitations to upcoming web-based seminars addressing specific topics of interest.|
|Diverse Approved Product List||A diverse approved product list managed by the Investment Committee includes ASX 300 shares (subject to research), all insurance providers, and all product platforms.
Advice on direct shares must be underpinned by qualitative research obtained from a qualified source, such as a stockbroker or analyst.
Managed funds must have an approved rating by Morningstar Research (a highly regarded independent research provider). However, we do look at research from other providers (such as Lonsec and SQM) if and when required.
|Fee Processing||Fortnightly processing of your fees, remuneration, and/or commissions. We use industry-leading software to manage the remuneration payments, together with our own payment gateway system, which accepts BPay, credit cards, EFT, and cheque payments to track client payments against invoices issued.|
|Marketing Communication||InterPrac provides access to in-house financial planning client newsletters.|
|Practice development and management||We provide you with weekly practice management and marketing tips, new product opportunities, and service ideas in addition to compliance education, market developments, and legislative updates.
For those interested in undertaking this process, we also have practice management consulting and business coaching available, to help you get established, grow and build an action plan which includes both personal and professional development, as well as succession planning.
|Research||Online research from Morningstar Research on managed funds, direct shares, LIC’s and ETFs is available.|
|Stock Trading||Set up of stock trading capability, so you can provide the service yourself (via Morrison Securities or other third party order pad).|
|Technical support||Registration with Technical Support Hotlines with most product providers (including BT, TAL, AIA, Challenger, Macquarie, IOOF, Netwealth, AMP, and Colonial to name a few) has been set up.|
|Templates||Financial Planning templates and tools to make the completion of a Statement of Advice (financial plan) more time-efficient. These are also coded for most software providers.|
|Access to Exclusive Model Portfolios, Investment Platform, and Group Life Insurance||Exclusive InterPrac Financial Planning services include – InterPrac Model Portfolios for actively managed low-cost direct share opportunities for clients, Hub24 which is one of the lowest cost and technology savvy administration platforms in the market available for your clients plus Diversa which is a group life insurance pool providing significantly reduced life insurance premiums compared to retail products.|
|Access to Network of Services for Integrated Financial Services Offering||Access to our in-house finance brokers, general insurance products, SMSF administration, and InterDocs for the establishment of companies, trusts, and super funds. These services are all provided at discount prices or generate a referral payment. You may choose to rebate referral payments to your client.|
|Paraplanning||Para-planning services with our pre-vetted, quality, preferred paraplanners are an additional cost, on a per plan basis or hourly rate.|
|Software||Software is at an additional cost, as you can choose to use any software you prefer. The costs will vary subject to the software you use and the modules you choose within it. We support Xplan, Midwinter, and AdviserLogic plus Astute Wheel Client Engagement Software, which means you will have access to these at wholesale rates with all key documents coded for your benefit. You are not required to have software if you do not wish to have it. You can use the broad collection of such documents we have available including those of the software providers noted above, or alternatively, once approved by our Compliance Manager, you can use your own Fact Find and Risk Profile tools.|
Once you join InterPrac, you will receive a Welcome Kit which incorporates compliance resources and example documents including the Compliance Manual and Certificate/s of Appointment. You will also be provided with access to our adviser website with templates and sample documents, tools and letters, easy-to-use calculators, and a range of strategy text for writing your advice documents.
This is closely followed by induction via telephone, online or in-person, to help you get started. Going forward, we endeavour to ensure that whatever you may need in terms of service or support, we can provide you with a choice of possible solutions.
If you have visited the website and think this sounds like the type of licensee you are interested in, please contact one of our Practice Development Managers, in your region:
Samantha Amos – Head of InterPrac Practice Development(VIC Based) – 0405 749 359 or email email@example.com
Paul Griffiths – Practice Development Manager VIC – 0421 613 357 or firstname.lastname@example.org
Barry Strapps – Regional Manager SA/WA – 0403 444 449 or email email@example.com
Glenn Loadsman – Practice Development Manager NSW/ACT – 0414 184 048 or email firstname.lastname@example.org
Sharon Walker – Practice Development Manager QLD – 0421 214 299 or email email@example.com
We are more than happy to discuss any questions you may have about joining InterPrac because we want you to be sure we are the right fit for you and your practice.
The Representative Application form should be completed and forwarded to InterPrac Financial Planning via email or POST to Level 8, 525 Flinders Street, Melbourne VIC 3000.