"It has made it easier and more practical to verify the identification of local and remote clients.  Giving peace of mind through what I call a two-way security check."

Promoting financial health and prosperity through time and tested strategies

Money and Wealth Management is a financial planning practice founded by Andrew Lane. It specialises in helping customers build and secure their money/wealth now and into retirement.

As a financial planning practice, Money and Wealth Management is required to verify customers and comply with AUSTRAC guidelines.

Client Identification can be a compliance nightmare

Some of the required AUSTRAC compliance criteria include Know Your Customer, anti-money laundering, and counter-terrorism regulations.

Verifying and onboarding customers, especially remote clients, is a time-consuming process.

You have to “scan, cut and paste, print, sign, for local clients, [and this process is] longer for remote clients, which is nearly impossible to do,” said Andrew.

Building trust with clients

In 2023, Money Wealth Management started using Personr, the first identity verification system it had ever used.

The company had found Personr after our platform had been recommended to them by their compliance Team.

“It has made it easier and more practical to verify the identification of local and remote clients and giving me peace of mind through what I call a two-way security check,” Andrew said.
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After Andrew’s compliance team recommended Personr, he said the $9.95 per check was worth it.

“That's the day I went woohoo, I think I’ve got something going here,” he said.

From a manual process to an automated onboarding experience

One of Personr’s goals is to help companies focus on clients, not compliance, so when we hear our platform is helping Andrew save “at least 10 minutes per client” we are incredibly happy. 

Andrew has said this has not only made his verification process quicker but also helped his clients feel safe about their data. 

“One thing I just want to stress is I’ve found it’s very helpful to position with clients that this is a two-way security check,” said Andrew. 

“This also gives them [clients] a bit of reassurance that their driver's licence is not being involved in any fraud.”

“So I’m actually positioning it as a two-way exercise with clients, and I have had no pushback from anyone yet.”

Hearing our customers' stories makes our day, and knowing we make a difference shows us all the long hours worth it.