Taming technology: the self-licensed practice challenge

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Momentum Media
Momentum Media
By LaVista Licensee Solutions
 — 3 minute read

Strong technology is the backbone to successful self-licensing, according to LaVista’s Mike Pope.

Self-licensing offers greater freedom and control but without the right technology and support, practices can quickly be overcome by administration and bureaucracy. 

Technology headaches, and the associated stress, subtract from the appeal of self-licensing and can distract advisers from their primary role; to advise clients.

It can be enough to make them forget the compelling reasons why they chose to go down the self-licensing route in the first place.

A major benefit of being part of a quality dealer group is that they can configure a software platform to incorporate tailored advice documents and templates in order to meet compliance requirements and drive efficiency. This financial investment is spread over a number of underlying practices. 

But most self-licensed practices don’t have the capacity to build, customise and continuously test and maintain technology systems. They have to take a different path.

One option is to outsource technology and other support functions to a third party like LaVista Licensee Solutions. This option is the middle ground between taking on the full weight of self-licensing and being part of a dealer group. 

Given dealer services providers are typically an extension of an established dealer group, self-licensed practices can leverage off tried and tested systems and processes.  As a result, they can save time and money, and avoid frustration.

Making technology work for every practice 

Advisers recently rated their satisfaction with their financial planning, strategy and modelling software, as well as their CRM systems, as just 3.1 out of 5, according to one survey

Surprisingly, Excel remains a popular choice, despite the relatively unsophisticated nature of spreadsheets.

For the many businesses that use a highly fragmented array of service providers, they’re missing out on the efficiencies of integrated client and revenue data and reporting on fee disclosure statements and other client information. This is crucial to success, especially since the regulatory burden is almost sure to rise in the aftermath of the Royal Commission into Financial Services.

By partnering with an experienced dealer services provider, self-licensed practices can access proven technology systems and be supported to meet their ongoing advice and AFSL obligations. This will free them up to spend more time in front of clients. 

At LaVista Licensee Solutions, we don’t believe that managing your own AFSL should mean less time with your clients. 

Our clients can opt for an off-the-shelf package of essential dealer services including advice documents and templates, compliance manuals, and education and training or customise their own package of services from a comprehensive menu. These services include access to a fully-maintained advice portal and website and in-house software support plus access to scale discounts from a range of external service providers.

The technology promise is real. It can streamline and automate processes, deliver an improved client experience, and boost practice revenue but the key for self-licensed practice is to choose the right partner.

For more information about LaVista Licensee Solutions visit lavista.com.au

Mike Pope is Chief Executive Officer of LaVista Licensee Solutions. He can be contacted at [email protected].


Taming technology: the self-licensed practice challenge

Strong technology is the backbone to successful self-licensing, according to LaVista’s Mike Pope.

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