A typical advice firm will earn around $1.5 million a year, broken up into 61,000 small individual commissions, fees and trail payments.    To make things more complicated, those little revenue transactions are collected from an average 15 separate sources.     

It was true that for years, the business of advice was profitable enough that revenue statements from those sources were merely, chucked in the draw – because the figures seemed “about right”.

But times have changed.  The licensing and compliance regimes are tougher.  It takes longer and is more expensive to deliver advice services.

As a result, confidently understanding client revenue and tracking it – client by client – across family groups – and over time – is becoming very important.   

Our conversations with practices usually start with hearing of a well-founded lack of confidence in revenue.    That lack of confidence often comes when the top-line revenue just doesn’t seem to make sense.   The business has been putting on new clients each month, but the numbers aren’t going in the right direction.  Or when revenue from a particular provider seems to be missing from one particular month.    These are all real and common situations.

The problem for firms is finding the time to deal with the complexity of revenue statements and reconciling bank accounts. But it just so happens that dealing with that detail and helping firms get confidence in the numbers, is something that Worksorted has become very good at.   We have the system, tools and skills to do it quickly.  Our intensive implementation process will deliver confidence that the revenue you are entitled to is present and all accounted for.

If you are lacking confidence in your revenue right now then please reach out to us.  We’d love to help you.