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New Practice: MLR

Jonathan
  • 8 posts
  • # 81744

Hi

My name is Jonathan and have just started setting up my bookkeeping practice. Must admit I am very excited but also very nervous at the same time. For example, is it me or does it feel that my brain is exploding from looking at the MLR. I understand the main responsiblities (E.G Forms to fill in and what to generally look out for) but do you have to remember everything in the MLR?

Also may seem a stupid question but how do you get the details to enter onto the client risk assessment and due diligience, do you ask questions during the initial consultation or find out before hand. Any advice would be very much appreciated

Thanks

Jonathan
kjmcculloch
  • 1159 posts
  • # 81761

Hi Jonathan,

I have a new client information form I complete, this has a lot of the same information I need to complete the MLR forms.  I tend to complete this form between telephone conversations and the initial meeting.  It integrates nicely into my CRM package too.

I'm interested to hear how others do this too.

Kris 
mandi1080
  • 21 posts
  • # 81764

Hi Jonathan,

I am also very new to all this and as if the prospect of signing a new client isn't bad enough (and then knowing what to do when you've got one!!) all the MLR stuff on top is very daunting. Luckily I worked in banking before so MLR is not new to me but still just as scarey.

Great to hear from others in the same boat and get advice from established practices.

Thanks all     
Jonathan
  • 8 posts
  • # 81792

Hi Kim

Thanks for your advice!! Certainly will put your good idea into practice {#emotions_dlg.smile} 


Hi Mandi

Glad its not only me!!! I must admit although I was aware of certain things about MLR I too found it daunting!!

I too have recently set up practice so I know exactly how you are feeling {#emotions_dlg.smile}


To All!! Would be great to hear how you get the info for the client due dilegence and risk assessments

Look forward to hearing from you

Thanks

Jon       
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