Simple Para-planning is Dover’s para-planning arm. It provides SOA preparation services to Dover advisers and to other AFSL’s advisers: the split is roughly 50/50.
Simple Para-planning writes simple SOAs that are clear, concise and effective. And cost effective.
Our SOA’s are written by experienced solicitors who otherwise run Dover’s legal and compliance teams. They have years of commercial and financial planning experience and have been involved in thousands of SOAs. That’s right, thousands of SOAs. They cover the wide range of issues from superannuation to setting up businesses, from tax planning to estate planning. The team’s broader technical experience means you can cover a broader range of issues with your clients and provide a more competent SOA and related services.
Simple Para-planning guarantees its SOAs comply with the Corporations Act and the advice is in the client’s best interests and appropriate to the client. Part E of Regulatory Guideline RG 175, which sets our ASIC’s requirements for preparing and presenting SOAs, is closely monitored and each SOA is checked thoroughly for compliances, as well as readability and client comprehension.
Fees start at $300 for a limited purpose SOA.
Turn around is quick, and can be the same day for genuinely urgent cases.
Some advisers find that once they join Dover they no longer need their para-planning team. Outsourcing their SOA preparation lowers their costs and heightens their net profit, and their (CGT free) goodwill. One adviser reduced their net costs by more than 50%, and achieved faster and better SOAs.
Simple Para-planning has more than 200 satisfied financial planner clients and is regarded as the most experienced, qualified and expert SOA preparation team in Australia.
You do not have to be a Dover adviser to use Simple Para-planning.
The FPA says it takes the average financial planner 12 hours to produce a complex SOA, and six hours to produce a simple SOA. How much do you charge per hour of your time? If it’s $200 per hour that’s $2,400 for a complex SOA and $1,200 for a simple SOA. And what about the opportunity cost, ie the new client you did not see because you were tied up on an old client’s SOA? What’s the long term effect on your practice’s value of not getting those new clients?
How much does it cost to employ a para-planner? You can work on somewhere between $60,000 and $80,000 a year, for say 100 SOAs a year. We estimate Simple Para-planning would cost less than $40,000 a year for 100 SOAs, on average. $40,000 a year is an incredible cost saving, and it translates directly to your cash flow, net profit and practice value. Assuming a (conservative) multiple of 4, that $160,000 extra CGT free value in your practice just by changing from employee para-planners to Simple Para-planning
You can learn more about Simple Para-planning at www.simpleparaplanning.com.au