fofa implentation
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Claire Wivell Plater raisingTHE BAR. TOGETHER WE’RE FPA 2011 NATIONAL CONFERENCE. 16 –18 November. Brisbane Convention & Exhibition Centre. raisingTHE BAR. TOGETHER WE’RE FPA 2011 NATIONAL CONFERENCE. 16 –18 November. Brisbane Convention & Exhibition Centre. raisingTHE BAR. TOGETHER WE’RE FPA 2011 NATIONAL CONFERENCE. 16 –18 November. Brisbane Convention & Exhibition Centre. TOGETHER WE’RE FPA 2011 NATIONAL CONFERENCE. 16 –18 November. Brisbane Convention & Exhibition Centre.TRANSCRIPT
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
F OFA I mplementation for SM E L icensees and R esponsible M anager s
C laire W ivell Plater
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
F OFA R efor ms
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
F OFA R efor ms
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
Waiting for the F OFA R efor ms
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
C lient E ngagement
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
C lient E ngagement Today
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
C lient E ngagement Today
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
E ffect of F OFA - Tr ansparency
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
E ffect of F OFA – Piece–by-Piece A dvice
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
A dviser Obligations
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
B est I nterests Obligation
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
B est I nterests Obligation
Identify client’s needs, objectives and financial situation
Identify what advice the client has asked for
Obtain complete information
Tell client if other advice might be more suitable
Check that you have the necessary expertise
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
B est I nterests ObligationAssess whether financial products are needed to meet clients objectives
Investigate suitable products
Consider disadvantages of replacement
Provide appropriate advice
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
B est I nterests Obligation
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
B est I nterests Obligation
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
K ey I ssues
Advice requirements will be client driven
Financial products not the default option
Judgements based on client needs
Client’s interests first
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
Takes the same amount of time
Requires greater reliance on adviser’s skills
Consumers don’t know what they need
Puts clients at risk
Risk management
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
Scaled A dvice
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
Scaled A dvice
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
Single I ssue A dvice
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
Scaled A dvice
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
Scaled advice
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
T ips for giving scaled advice
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
E ngagement Today
FSG Fact Find
Risk Profile SoA Advice Invest
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
E ngagement Today - W hat’s M issing?
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
L etter s of E ngagement
Services
Limits on Advice
Deliverables
Frequency of Contact
Remuneration
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
L etter s of E ngagement
Billing Arrangements
Client’s Responsibilities
Conflicts
Duration and Renewal
Termination
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
L etter of E ngagement
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
F PA C ode
Set out terms of the engagement
Specify limits on services
In terms the client can understand
Provide a copy to client
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
L etter s of E ngagement
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
Your Ser vices
What will you charge to:
Advise
Implement
Review
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
Opt I n
Annual -Statement of Services and Fees
2 Yearly -Renewal Notice
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
E ngagement – Post F OFA
Initial Engagement
FSG
Fact Find / Risk Profile
Advice / SoA
Implement
Arrange Investments
Arrange Insurance
Ongoing Services
Monitor
Review
AdviceSoA / RoA
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
C laire W ivell PlaterG old Seal R isk M anagement
Ser vices Pty L imited
E : clairew@ goldseal.net.auT: 02 8353 6604