Financial Planning Admin Outsourcing Duties and Scope

The Adviser Admin service covers fifteen categories of administration work. Each duty type is scoped during onboarding so that Felcorp staff understand your templates, software and job requirements before the first submission arrives.

New Client Onboarding

New client onboarding covers the setup and documentation requirements for bringing a new client into the practice.

• Data entry into advice software from fact-find documentation
• Collection and verification of client identification through secure channels
• Preparation of AML/CTF FSC identification forms
• Generation and delivery of engagement letters to clients
• Distribution of Financial Services Guide (FSG) to new clients and prospects

Research Work

Research work covers data collection and third-party enquiries required before strategy or advice work can proceed.

• Third-party authority setup and delivery to product suppliers
• Full account rundown, research, data collection and enquiry for existing superannuation
• Collection and processing of superannuation records in advice software file notes
• Full policy rundown, research, data collection and enquiry for existing insurance

Presentation Meeting Preparation

Presentation meeting preparation covers the documents required to support adviser-client meetings at each stage of the advice process.

• Preparation of introductory meeting documents
• Preparation of annual review reports
• Preparation of risk profile and asset allocation review reports
• Preparation of existing insurance review reports
• Preparation of SOA presentation documents and supporting materials

Portfolio Reporting

Portfolio reporting covers the production and delivery of valuation statements across monthly, quarterly and annual cycles.

• Monthly portfolio valuation report preparation and delivery
• Quarterly portfolio valuation report preparation and delivery
• Annual portfolio statement preparation and delivery

SMSF and Tax Reporting

SMSF and tax reporting covers the preparation and delivery of tax-related statements to the appropriate accounting contacts.

• Preparation and delivery of SMSF tax statements and portfolio statements to accountants
• Preparation and delivery of tax statements for individuals, trusts and companies to accountants

Customer Service Management

Customer service management covers day-to-day correspondence and support activities across client, adviser and supplier relationships.

• Email and phone correspondence for client, adviser and supplier enquiries
• Meeting scheduling and calendar management
• Report generation on request
• Client support and access issue resolution

Advice Report Generation

Advice report generation covers the production of shorter-form advice documents for ongoing client relationships.

• Generation of simple or bulk Records of Advice (ROAs)
• Generation of execution-only documents

Advice Implementation

Advice implementation covers management of the full application process for superannuation, investment and insurance products from submission through to completion.

• Initial setup, rollover and closure of superannuation and investment platform applications
• Processing of client-signed fee forms
• Implementation of portfolio investment purchases and sales
• Supplier follow-up by email and phone
• Client communication and follow-up
• Submission of additional documents
• Progress reporting and file noting

Insurance Policy Renewals

Insurance policy renewals cover the renewal management process for existing personal risk clients.

• Monthly lapsing and renewing policy reporting
• Insurance review meeting setup
• Adviser and client liaison for review meetings and presentations

Insurance Policy Quoting

Insurance policy quoting covers the preparation and delivery of new insurance quotes in support of risk advice recommendations.

• Quoting of insurance policies on supplier portals
• Generation of quotes, PDS documents, policy terms and supplier correspondence
• Liaison with adviser and client where required

Claims Management

Claims management covers the administration of the full claims process on behalf of clients.

• Management of claims process correspondence between adviser, supplier and client
• Document submission and generation
• Progress reporting
• Follow-up task management

Compliance Tasks

Compliance tasks cover the ongoing documentation and file maintenance obligations required to support adviser compliance.

• Preparation of ongoing and annual service agreements and renewal notices
• Preparation of Fee Disclosure Statements
• Advice file review, cleanup activities and progress reporting

Practice Management

Practice management covers the setup, organisation and maintenance tasks that support the operational infrastructure of your advice practice.

• File organisation and naming convention maintenance
• Workflow reporting portal setup
• Software and system setup for new engagements
• Support staff access setup
• Template preparation

Documented Procedures

Documented procedures cover the creation of written process documents that capture how specific administration tasks are performed within your practice.

• Written step-by-step procedures and process documents for administration tasks as defined by your practice

Other Ad-Hoc Tasks

Other ad-hoc tasks cover additional administration activities that arise outside standard service categories.

• Preparation and facilitation of email newsletter campaigns
• CRM and database updates, research and reporting
• Invoice preparation
• Document conversion and adjustment

To understand which experience tier is right for the tasks you are assigning, see the Help me choose which Admin Support I need? article.