Not now but soon, I, Grant Abbott will be building myself into a strategic robot. Not full AI but something with enough smarts that I can build and develop SMSF AND TAX strategies in quick time for everyone to use. Real enterprise stuff, handling thousands of strategies at a time, and up to 100,000 documents a day!
Here’s the deal. I have been at the forefront of SMSFs for as long as I can remember and probably as long as you can too. I love SMSFs but with a Masters of Law in taxation, I also love the ins and outs of the law. I am not a practising lawyer but love teaching it, replicating the processes and helping build strong, secure and compliant strategies with my detailed case, legal and regulatory knowledge. After all, the importance of getting any strategy from a Buy – Sell agreement to a Family bloodline SMSF or Family bloodline Family Trust right, is crucial not only for the client and their family but is also a bedrock for an accountant or financial planner looking to build a highly profitable, low cost, compliant, boutique advice business.
Now I am not talking about a shelf company here, a 1980’s construct that pre-dates the Apple computer but high-value strategies like a Family bloodline Bucket company that takes distributions from a Family bloodline Family Trust and ensures that they are sequestered, used and garnered for the use of the Family bloodline of the Appointor of the Trust and also the Chairman of the Family bloodline Board. But it does not stop there. Every strategy that I or any other strategist has ever thought of, will think of and is fair and legal, can be built and replicated for use.
That means I can dump what is in my head, other lawyers and adviser’s strategies, take them and build them into a legal process signed off by our legal team, auditors and if need be, get an ATO ID on it. All ready for use by advisers across Australia for a tenth of the cost of what a lawyer would charge.
And that is the big change. Because for decades I have heard the entirely justifiable complaint that my strategies are great but how do you actually put them into practice. Now with Strategy and Workflow Process Automation, as used by GE Capital and the largest law and consulting firms in the world, I can build complex legal workflows, like family bloodline SMSF and estate planning into a system that all advisers can use with confidence.
Importantly, this leaves the advisers to do what they do best – presenting the concepts, strategies and strategic knowledge to clients, prospects and really, to anyone who will listen. And in terms of CPD (you know how I feel about current CPD offerings, apart from I Love SMSF of course), strategies can be taught, client groups identified and targeted, presentations honed knowing that the strategy can be completed in hours not days.
This is the shift, so watch out for the first instalment pre-Christmas… a taste of what is to come. And for those ready for an opportunity to get your strategy mojo up and running, the start of an exciting new world of advising.