Tips for using social media
Just as our clients engage us for advice and guidance on regulatory matters, so do we engage with experts in certain fields. One such field is digital marketing.
How to minimise the costs associated with complaints management
With experience in managing in excess of 2,500 client complaints, our clients often ask our advice on how to address complaint responses. Recently, the Australian Financial Complaints Authority, AFCA, released…
Trouble the comfortable and comfort the troubled
“The interesting thing about coaching is that you have to trouble the comfortable and comfort the troubled.” - Ric Charlesworth Before I started my financial services career, I did as…
What is an Investigation?
As the new breach reporting obligations are about to commence from 1 October 2021, ASIC has provided an explanation of what constitutes an investigation into a possible breach and what…
If you see something, say something
Most of us have heard this phrase before. It has generally been used in the US regarding recognising behaviours and indicators of terrorism and terrorism-related crime. So why would I…
To Breach or Not to Breach – That is the Question?
As an outcome to the Hayne Royal Commission, current breach reporting requirements have been strengthened and have also been introduced for credit licensees. Up until the 1st of October 2021,…
New Financial Year, New Changes
With the new financial year commencing, there are a raft of changes that your business needs to ensure it has in place to meet legislative requirements. From changes to Fee…
Targeting your advice
Originally published | 6th July 2016
There are lots of phrases and terms that are used in financial planning that can not only confuse a client but can confuse advisers as well.
One of those is scope.
Where are your priorities?
Originally published | 16th September 2016
Set out in s961J of the Corporations Act, is a rule that many advisers might gloss over. It is the conflicts priority rule.
This rule is similar in nature to the previous obligation to provide “appropriate advice”. The priority rule expressly requires an advice provider (Financial Adviser) to prioritise the interests of the client if the financial adviser knows, or reasonably ought to know; when they give the advice that there is a conflict between the interests of the client and the interests of:
- The financial adviser; or
- The financial adviser’s Australian Financial Services (AFS) licensee.
Your Objectives, should you choose to accept them!
Originally published | 23rd September 2016
What do most compliance managers, or quality assurance managers, question when discussing the quality of advice?
Does the recommended strategy meet the client’s goals?
The invariable discussion is that in the fact-finding stage of advice, you the adviser, must document the client’s goals. These goals must be specific, measurable, achievable, realistic and timely.