Business Services Industry
Inefficiency drives up advice costs.(financial planning firms)(Brief Article)
Australasian Business Intelligence, March, 2005 by Smith, Matthew
Mar 22, 2005 (Independent Financial Adviser - ABIX via COMTEX)
Australian financial planning firms are wasting money by not properly automating their business practices. This is the view of Wes McMaster, adjunct professor in financial planning at RMIT University. Based on the average planning practice, McMaster says that practices are spending at least $A35,000 a year that they would not need to if their business procedures were automated and if they ceased to use manual processes to collect data on managed funds. McMaster also says their unwillingness to automate business procedures increases the likelihood of human error.
Publication Date: 21 March 2005
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