Advice Evolution - Non Weekly Update

Fair, complete, non conflicted and current

Lockdown

File needs to show what you know

Fees

VBP Huddle

FSG Register

Sole Purpose Test

Service Agreements

TMD's

Client size - risk vs reward and margin v risk

Triage service

FSC White paper - Expand consumer protections by raising the threshold under which consumers are identified as ‘retail clients’ to those with assets of less than $5 million and index the threshold to CPI;

Abolish the Safe Harbour steps for complying with the Best Interests Duty;

Abolish lengthy, complex Statements of Advice for a simpler, consumer-focused ‘Letter of Advice’;

Break the nexus between financial product and advice and remove complex labels for different categories of advice; and

Move to sustainable self-regulation by 2030 in which prior learning and pathways and individual registration are supported by the Australian Financial Services Licensing Regime.

Occupational Exclusions on group insurance

Speech to text

1FA and SMA's at CFS

New mistake on super statements

AE Fee increase, 1 new client

TPB under FSCP

FASEA deadline

Staff to update invoice spreadsheet

EOI for a fancy holiday in the Philippine's

AE Board Noms

Christmas break

Complaints Handling

October 2021 sees some changes to the internal disputes resolution process.  Advice Evolution will continue to guide you through this process and it is up to you to notify the dealer group as soon as you are aware of a complaint.  The update at practice level is in the area of social media, if you see a complaint come through a social media channel, you need to ensure that it is handled in the same way as normal.  The adviser must be cautious that the process is kept private and the interaction with the potential complaint is not conducted in a public domain.

Design and Distribute Obligations

DDO obligation will come in as of 4 October this year, the objective is to ensure that all advice matches the intended application of the product.  To confirm this you will need to access the TMD for each product that you recommend, these can be found on the product providers website or the operations team can source them for you.

Advice Evolution will be treating the design and distribute obligations as part of our research approach.  Advisers must have considered the TMD (Target market determination) when giving advice on all occasions where it is required.  The advice document must reference that the advice is within the TMD and the file will need to show that the TMD was considered.

example:

“This advice has considered the TMD for all of the recommended products and is in line with that determination and your objectives”.

Anytime that the advice is not within the TMD, this must be notified to [email protected] and this will then be shared to the product manufacturer.

Call a friend

ATMP

Selling your book

DDO

Catching up with each other

Conference

Vaccines

Advice Revolution

Web Site

Netwealth Advice Tech survey

Codeword - Juliet

CPD

Survey - 24th

Smile

Huddle

Advice Dividend - we are a professional occupation

Investment selection - Quals and let us know

RUOK?

AE is her to help, engage with us

it is lonely ATM

Olympics

Covid

Professional

Buck stops with us

Trust

We are in your corner

This episode goes into scoping with Jodie and David, Also available in Video if you wish to see our faces :-)

Fair, current, complete and free of conflict

Objectives

David talks about getting the client objectives to flow through the advice and to be the centerpiece of the advice

Files

Files should be well named, structured, not contain duplicate documents and have some consistency

Fair, current, complete and free of conflict

We are our clients only financial adviser

Covid breakout

FDS and access

CFS letters

Conference RSVP's

reminder about PD day 7th July

FDS for departing clients

FSG finalisation

EOFY

Distribution