Welcome to 2019 and the Future of Financial Advice

Welcome to 2019 and the Future of Financial Advice
December 31, 2018 AdviserLogic

Welcome to 2019 and the
Future of Financial Advice

 

We look back on 2018 as another eventful year in our industry with our never ending changes shaken up a little more than usual between the Royal Commission into Misconduct in the Banking, Superannuation and the Financial Services Industry, changed remuneration methods and new education requirements, just to name a few.

Licensees and advice businesses have been scrutinised at a new level which not only leaves one looking at who to align with, but also how to best prepare to move forward into the new year.

Client confidence now needs to be restored and an advisers time to devote to this has never been more paramount.  With the new FASEA education requirements now clearer you can plan what needs to be done to meet these. Some rules, such as those relating to continuing professional development and incoming adviser-education requirements, begin today – 1 January 2019.  Others come into effect later but you should start planning what you may need to do now so as to ensure you meet the requirements.

2019 will see a federal election and large institutional advisers will have to undergo additional work to address the concerns raised in ASIC’s Report 515 Financial advice: Review of how large institutions oversee their advisers from compliance issues, inadequacies in advice processes, record keeping, recruitment practices and internal auditing.

 

2019 Planning

But the biggest decision of 2019 may be around reviewing your technology to ensure that it not only addresses the concerns of ASIC, but assists in ensuring the advice provided is suitable for your client and demonstrates the quality of your advice.  

For our AdviserLogic clients, our Consulting team are ready to work with you to ensure you have sound workflow and processes in place, you are using the document vault to store all your clients records and help you transition to the new AdviserLogic Digital AdviceFlow which will assist you in delivery to your clients quality, compliant advice.

In undertaking your 2019 business planning, ensure you have sustainable processes in place to meet all your regulatory obligations.  Review your client services and benchmarks to ensure you are delivering these services. Keep clear file notes and maintain regular communication with your clients.

‘2019 will see more change in our industry but much of this will be positive change.’  AdviserLogic CEO Daniel Gara said.  AdviserLogic will evolve to further support your client value proposition, make it easier for you to demonstrate the value of your advice and provide you with much needed time back into your days.  2018 was an eventful year but 2019 is shaping up to be the one to remember. 

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