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“I can’t understand why technology isn’t more widely used by advisers, it’s all manual Word docs and spreadsheets. Every place I go, I try to have OMNIMax implemented.”

As a graduate, James Kara considered himself lucky to join a financial practice that had implemented a bespoke OMNIMax solution. Since then, Kara has been on a journey working at a variety of financial advisory businesses, both large and small.

In 2020, Kara was appointed at Swain Woodham, one of the South Island’s most successful and longest serving financial service providers. Kara is a decorated financial adviser holding a Bachelor of Commerce majoring in finance and accounting. He is also working towards his chartered financial analyst qualification which will make him one of the most qualified financial advisers in New Zealand.

A custom workflow to improve efficiency

Kara engaged the team at OMNIMax to create a customised workflow to suit how he worked. “As the leader of the financial planning team at Swain Woodham, I had a clean slate to design and implement the process I wanted. The objective was to create efficiency in my advice process and ultimately see more clients. The advice I give clients is custom and so a custom designed workflow and custom Statements of Advice are essential. They give me the flexibility to tell client’s stories at the same time being compliant and meeting regulatory changes.”

Kara notes there are two key draw cards with the OMNIMax solution; the ability to write advice documents in minutes and the functionality that allows him to sit with a client and build projections with them, run different scenarios and show where he can add value.

Creating a financial plan in 30 minutes

“The financial plans I do are comprehensive and were taking me around 6 hours. With my custom OMNIMax solution it takes me just half an hour. The solution helps to develop a strategy to achieve client’s goals. Plus, it has the flexibility to do investment portfolios, KiwiSaver or investment property and compare these. It also allows me to build bespoke portfolios at the click of a button.”

Achieving client goals

“I take the client’s current situation and see how achievable their goals are, most clients fall short,” Kara explains. “The most powerful piece is showing them this and then we map out together how their goals might be achieved. The all inclusive graph is an easy way to convey these projections. For example, I had a client with $1 million in the bank earning interest that they were struggling to live off. They had thoughts of going back to work. Using the projection tools I showed them it was entirely possible to live off this money”.

Kara puts a similar amount of “advice time” into all his clients, whether small or large, sitting with each to complete this projections process and with great success! “I get a very good response out of prospective clients. Out of the leads I sit with, I close around 90%.”

The objective was to create efficiency in my advice process and ultimately see more clients. The financial plans I do are comprehensive and were taking me around 6 hours, with my custom OMNIMax solution it takes me just half an hour.

James Kara, Financial Adviser - Swain Woodham Group

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