Ask an Expert: We helped an advice practice map out their entire review process, ask us anything!
Have you tuned in to episode 2 of the new Advisely Growth Masterclass series? If not, I highly encourage you to check out the second episode here. To achieve the efficiencies and scale needed to safely grow their business, Twomeys had to make some big back-office decisions. In this episode, the Tangelo team help them systemise their advice processes whilst factoring in compliance requirements and navigate potential risk. This is a live thread to discuss all things relating to episode 2, so we would love to know: What did you think? What did you learn? Do you have any questions for us? Leave them down below and tag us Tangelo Can't wait to hear your thoughts!What is your number 1 requirement when it comes to managing Client Correspondence?
There is no shortage of correspondence and communications between an Advice Practice and their Client. This can come direct from the client, from their accountant, from fund managers not to mention the correspondence created internally within your business. When it comes to managing these documents, there are many schools of thought around 'how to store' and 'where to store' this correspondance. From CRM solutions to Cloud Storage to internal servers to paper! So many factors need to be considered such as ease-of-access, security, cost to the business, and protection from theft or loss. When it comes to managing your client correspondence, what is your number 1 requirement (or top 3 if you can't narrow it down) and what drove you to pick your current method?What is limiting your efficiency?
It seems between compliance requirements, size of advice documents and the general administration practices need to keep up with, no one is feeling at the top of their game. I would love to hear what areas you are struggling with, or if you have found some solutions that may be helpful to us all!What is your #1 efficiency tip for this year?
Are you streamlining client comms? Automating documentation? Updating your compliance process? Whether you are in the midst of planning, or are already in BAU - what is your number one efficiency tip for this year to ensure you are effective and able to achieve your 2024 goals? Let us know!Who proactively asks their software stack providers about security?
The results are in from ASIC's Cyber Pulse Survey, and the report has been released (12th November 2023). So much to unpack! One of the points they make is around supply chain risk. Without looking at the survey, I'm interested to know your thoughts on the percentage of advice firms that have already asked their software stack providers about the levels of security they have in place and can provide the evidence to show they did their DD. What percentage do you think have this on file?Are you Registered as a Financial Adviser?
In late November, ASIC confirmed that all financial advisers would need to be registered by the 1 February 2024 deadline in order to continue to provide personal advice to retail clients. This new obligation, which includes advisers making a declaration of fit and proper status, was part of the 2021 Better Advice Bill. The commencement of the registration requirement, which must be undertaken by licensees, was deferred as a result of a delay in the Government passing necessary legislation. That has now been done. Advisers who were registered with the TPB at at 1 January 2022, and have not changed licensee since, are deemed to be registered and do not need to take any further action. You can check if you are registered by going onto the Financial Adviser Register and search for your record. Registration status appears at the bottom of the first box. It will either say Registered or Not Registered. As at 18 December 2023, only 50% of advisers were registered. This does not apply to Provisional Financial Advisers doing their Professional Year. For more context on this obligation, please read ASIC Information Sheet 276. Make sure that you are registered, and if not then follow up with your licensee. Time is short!Does everyone understand the “why”?
When working with clients, we are often asked to focus on processes and governance so the business can minimise their risks while driving efficiencies and reducing costs. We often find what happens “on the ground” could be their biggest risk. How often are you engaging with staff who are making sure the “doing” is getting done and they understand how critical they are in bringing to life advice provided to clients? How often do you think about what will happen if some/all of your key people involved in admin/support roles suddenly left the business? Who can step in and fill in the gaps to implement advice that has been provided to clients? Does everyone understand the role they play in the advice process and their “why”? Investing in staff is a crucial component in risk management and the success of a business. What are some of the things you are doing to invest in your people? We would love to hear some fun and different ways in how staff are brought along the journey and involved in the vision of the business, as well as ensuring everyone is across the “why”.
