Why I use North - Rod Koch, TNQ Financial Planning

In our latest 'Why I use North' interview with leading advisers, we caught up with Rod Koch, Principal of Queensland-based TNQ Financial Planning. Having entered the financial planning industry in 1984 Rod has the knowledge and experience to assist his clients to reach their financial objectives. Outside of work Rod enjoys spending time with his two adult children and planning his travels with his wife Michele. We asked Rod why he chose North; here’s what he had to say.  

What was your first experience with North?

My first experience using North was back in 1992, when it used to be called Summit.

The National Mutual Master Trust (NMMT) arrangement was the key attraction because we wanted to provide our clients with a more sophisticated and diverse offering across sectors and companies.

In those days, we used to do our own asset allocation for equities, fixed interest, and property. The beauty of MMT was selecting products within those asset classes that best fit the client’s requirements.

What are the top reasons you use North?

The ease of administration is undoubtedly our top reason, as it streamlines how we manage client accounts.

1. Consolidated dashboard. All client information is integrated into a singular dashboard providing easy visibility over a client’s assets.
2. Multi-asset reporting. Cross-asset reporting has been a game-changer, making it simple to run complex reports from a centralised dashboard.
3. Portfolio construction. Constructing portfolios within North is very easy and can be done seamlessly and transparently. This provides a lot of value for us and our clients.
4. Separately Managed Accounts (SMAs). All of our clients now use North’s SMAs, as they provide such great flexibility and customisation when it comes to asset allocation.  

What aspects of North have made the biggest difference to your business? 

As a business, we’re focused on providing quality advice to ensure clients receive the income they need to live comfortably in retirement. 

North lets me put a portfolio together to support my client’s income needs.

The SMAs allow us to construct a portfolio tailored to each client’s needs. It provides them with regular and certain income at a frequency which best suits them.

As a small practice, we don’t have the resources to review every client's portfolio each week.  

Not only is the asset allocation process now completely taken care of, but the portfolios are regularly reviewed by the SMA investment manager as well.

It’s a huge time saver for the business, which means we can spend more time advising clients. 

What's been your best client outcome with North?

With North, we worked with a client on a recontribution strategy for their defined benefit superannuation fund.

We reduced their significant taxable component from $300,000 to zero.

The client was thrilled with the outcome, and it was only possible because North’s functionality enabled us to make withdrawals and recontributions back into the fund.

You can’t do this with any super fund, but with North, you can. 

What's North’s biggest timesaver?

It’s definitely the ability to construct client portfolios within the platform. This can be done very transparently, and it makes the whole asset allocation process really smooth. 

How do North’s support team help you get things done?

The support we receive is excellent, from the online chat functionality to telephone support from an Australian-based team.

If we have an issue, we know we can get an answer quickly.

What is your experience with MyNorth Lifetime?

It’s a brilliant product, especially for someone who wants to contribute funds to receive a guaranteed income which lasts their lifetime.

We had one client who needed income payments for their retirement plan but was worried about overspending. MyNorth Lifetime took away all the uncertainty, allowing us to direct some of her money to guarantee those income payments.

What would you like to see from North in the future? 

North has been an industry frontrunner with the technology it provides, and we would like to see this continue. The functionality built into North over the years has really improved; it has come a long way since we first started using it.

What advice would you give to newly qualified advisers using North?

My view is that you can’t do everything alone. From the SMAs, the reporting, the suite of retirement products, and even having the trust deed structured the way it is, the capabilities are endless. You need to have the functionality and support which North brings.

There’s not much you can’t do with North if you are an adviser starting up today.