A finance brokerage specialising
in helping Accountants and
Bookkeepers to establish an
in-house finance division

Finance House Group

 

Partner FAQS

If you’re curious about becoming a joint-venture partner with Finance House Group check out this handy list of FAQs. These cover common questions we get from accountants. If you want more information, or if you’d just prefer to talk to our team, don’t hesitate to reach out.

How do I refer to FHG and stay compliant?

As the JV with FHG is an independent arm’s length interest (based on how we distribute Units within the Trust) you simply need to explain that you are referring to your finance division.

Once we have spoken to the client and found a product, we outline in our Commission Proposal Disclosure the total commission earned and the split payable to you and FHG.

You are not allowed to recommend products.

We cover you and the accounting firm for the referral on our professional indemnity cover for vicarious liability too.

 

Can you help me market my finance division?

We can help with all aspects of creating and launching your finance division.

We regularly help firms with launch emails to your client base through to creating a calendar of events for each month.

We can also help you identify clients who have requirements you may not be aware of via our software engineers who can run reports for you via your Project Manager software.

How do you keep me updated of my clients applications?

We have a number of ways we can update you and we seek to communicate via the channel you prefer.

We keep you at the centre of each transaction and discuss the structure of the deal with you prior to lodging with the lender. At each milestone, we either call you, SMS, or send an email notifying you of status updates so you are aware of progress

You also have access to our Partner Portal which provides live updates on all applications 24/7. This is an area you can also add new referrals or upload client documents such as ITRs/NOA’s or three-way cashflow forecasts.

We appreciate the clients are your clients and treat each client as a gift.

How does the profit distribution work?

FHG debits the first 50% of the upfront commission which pays our employees’ wages, compliance and licence costs.

We then split the remaining upfront commission 50/50 and this is paid to you as a profit distribution.

For the trail commission we split 60/40. The extra 10% covers our costs of ongoing reviews to our client plus costs of managing the JV including tax and BAS returns.

I may not refer much, is it worth participating?

Absolutely! Some of the firms we work with are accountants who own and operate their own business and are on the tools themselves. Every client lives in a house and as such we can help each of those clients with advice. Every advisory conversation you have will have a finance implication and we can assist.

Clients in growth mode often require equipment, working capital and possibly invoice finance.

Clients utilising internally generated wealth often are looking to purchase equipment or commercial property.

Clients who are in turnaround mode often need solutions to pay out debtors including ATO etc.

We often find a firm’s annual fees are what you should settle in finance leads each month. So a $1m a year firm, should settle $12m in finance which equates to $27,600 in profit distribution from Year 1 alone.

What happens if I don’t want to refer?

Should you decide not to refer that is your choice. All the control sits with you as the principle of the firm.

We earn the right to your next client based on how well we handle the current client we are working on for you.

We aim to perform as we want to delight your current client and earn the right to the next one.

Should you decide to stop referring, all the clients within the JV are ring fenced and simply go into run off mode.

We do not cross sell to them, but do service their on-going loan as part of our compliance responsibilities under our Australian Credit Licence.

 

Want to know more? Click here to book an appointment with our team.