4 Adviser Melbourne AFSL fixes their offshore staffing to increase efficiency and overall revenue

Overview

This AFSL made the switch to Felcorp Support staff after trialing 2 of our Indian paraplanners.

They have 2 paraplanners at $4400 each and 1 admin at $3,300 on a monthly engagement.

The Challenge

With 4 years of offshore staffing experience in the Philippines, they are quite familiar with offshore staffing but encountered problems that they struggled to overcome.

The biggest issue was that the other offshore providers did not provide any trained staff or any management support. Partners at this AFSL spent up to 2 years training the staff to a competency level where they were revenue productive. Scalability was limited given the enormous time to train up staff.

The Solution

Felcorp provided trained staff with proper levels of management overlays. This meant that the staff have the core competencies to produce work from day 1 with little supervision. Coupled with our team leader management, we were able to understand their specific advice process and internally train our staff within two weeks to adhere to their requirements.

The Results

"We were doing $45 - $52k bi-monthly. Since using Felcorp, we're now consistently seeing $65k - $70k bi-monthly. With the last bi-monthly figure at $86k."

Within 3 months of working with Felcorp, the AFSL indicated that their monthly revenue increased by 25%. We enquired whether this was a direct result of Felcorp staffing support.

They noted that given our efficiencies in managing the offshore staffing operation they were able to reduce turnaround times to 5 days in plan production and halve implementation time. This directly resulted in turning their Work in Progress (WIP) into cash faster resulting in a 25% uplift in short term revenue.