The Financial Planner is commonly referred to as the scheme advisor in the Employee Benefits space. There is a huge misconception that the scheme advisor is the ‘middle man’ of the supply chain. The logical conclusion is that the services of a scheme advisor adds cost to the solution and results in a very expensive solution. This can’t be further from the truth since the standard advice fee is paid to the administrator, regardless of the appointment of a scheme advisor. The reality is that schemes are inevitably paying for advice, whilst not receiving any of the supposed services which a financial planner can provide. Based on this Ultima can guarantee that our service will never make the service, already in place, more expensive but will only reduce the costs.
The role of the Financial Planner / Scheme advisor can be summarised as follows:
- Advisory services to Management (Committee), consisting of at least two management (committee) meetings per annum.
- Counseling services to the members of the fund, as directed by law. This includes advice on decisions at induction and/or resignation. Ongoing counseling with regards to risk cover and contribution levels. The amount of days allocated to this is based on the size of the staff complement.
- Administrative services relating to payroll portal, claims, members retiring or resignation and general member queries.
- Annual review and brokerage of fees relating to implemented products.