While it’s common knowledge that a client isn’t guaranteed to remain a client indefinitely, financial planners can feel particularly concerned when they transfer their client’s information to an accounting firm for an SMSF account setup. This action could signify the end of a relationship with a new client for whom they’ve invested time and resources to acquire. It’s a tricky dilemma since handling the SMSF fund requires a qualified accountant; financial planners face the dual risk of losing these clients while also relinquishing substantial potential income from setting up the SMSF accounts themselves.
Financial advisors have the option to collaborate with an SMSF outsourcing team by sharing their clients’ information with BOSS, who will not communicate directly with those clients. This arrangement helps alleviate fears of client loss while ensuring that the service is both secure and discreet. Advisors benefit from a white label solution that allows them to incorporate their branding on all communications, giving them control over how they present it to their clients. Additionally, this service encompasses every conceivable task related to Self Managed Super Funds, enabling financial planners to provide a comprehensive offering where all aspects are managed on their behalf.
Here’s a concise summary of the components of the offer; establishment of SMSF accounts, maintenance of records, preparation and submission of tax returns, creating correspondence for super fund owners (on behalf of financial planners, utilizing their branding), preparation of work papers, generation of accounting reports for SMSFs to undergo audits (BOSS can provide an audit partner if needed) and additionally, all other essential tasks.
The streamlined procedure indicates that financial planners have just two tasks left to manage: nurturing the relationship with their clients and relaying their clients’ information to BOSS, who will handle everything else.
“We couldn’t simplify the service any further even if we wanted to,” remarks Lee Court, sales and marketing manager at BOSS. “We’re discovering that financial planners appreciate having the option to either provide their clients with a discounted fee on their SMSF account setup as an incentive for choosing their financial planning services, or mark up the wholesale prices they receive from BOSS. While some professionals choose to offer clients a reduced setup fee, others apply retail costs for the account setup, which allows them to boost their profit margins significantly. Some have opted for a blend of both strategies. Ultimately, it doesn’t matter what they choose; everything is seamlessly managed through our white label solution. I’m quite pleased with the service—it’s an obvious choice for financial planners, who are coming to this same conclusion after opting into BOSS’ SMSF outsourcing service.”
About BOSS, BACK OFFICE SHARED SERVICES PTY LTD
BOSS (Back Office Shared Services Pty Ltd) was founded in 2004 to provide skilled accountants and bookkeepers on a full-time, part-time and casual basis to commercial enterprises, accounting and financial services firms in Australia.
BOSS India is a subsidiary of BOSS Australia and runs just like an ultra-modern paperless Australian public practice because the Director and Accountancy Practice Principal, Peter Vickers, has been operating his own successful Australian public practice for over twenty years.
