Dear FPW Adviser Community,
I hope you and your families had a great Easter and managed to get some much-needed rest.
I mentioned in my last update that we would be updating the National Firm Charter to reflect your feedback and to incorporate work done by the National Firm sub committees. These updates should be made by the end of the first week in May. A big thank you to all the advisers who have given up time to be a part of the sub-committee process and who are contributing to co-creating the Charter.
One of the key initiatives the National Firm sub-committees have been focusing on is our pricing philosophy. Off the back of John Woodley’s presentations on pricing at the recent Adviser Days, we will be setting up a series of master class webinars where we will revisit the 7 principles of pricing and further explore the concept that “pricing is a mindset”. We will release the dates in the next month for those webinars, so please be on the lookout for the dates.
Last week, the conference organising committee and I met with the Keynote speaker for our Osaka conference. He talked about concepts like “creative collective intelligence” and how this contributes to moving from a “Me” culture to a “We” culture. Creative collective intelligence is about mass collaboration and is based on principles like openness, sharing, peering (creating a foundation of equality to create and champion ideas) and acting globally (as in, sharing ideas across a network of collaborators). This is something that really resonated with me given our strategy to transition to the National Firm where we co-create our future.
As soon as we are able, I will send out more information on the conference and speakers. Suffice to say, I have every confidence that the conference agenda will challenge our thinking on how we can work better together to create a thriving business. If you haven’t already registered to attend the Japan conference, I would encourage you to do so.
I will be heading off next week to get married and then to Bali on my honeymoon, so until next time, take care.
Adviser Community News
Craig Benham joins Fitzpatricks
Elaine O’Hagan, Practice Partnership Manager, recently caught up with a new adviser to the Fitzpatricks family, Craig Benham, to ask him a little about himself.
You have just recently joined Helen Russo at Fitzpatricks Advisory Partners, could you tell me a little about your previous work and achievements?
For the past 15 years I worked as a Financial Adviser at a large regional chartered accounting and financial advisory firm. As a Partner of that firm I developed the advisory business and team along with my client work. Prior to this, I worked at Macquarie Wealth Management in Sydney. The focus of this role was national practice support and development, assisting Advisers and their practices to develop. This was a varied role and aside from the day to day support to Advisers included aspects such as sitting on the research committee for the licensees APL.
What is your role at Fitz Advisory Partners and how did you come to join Helen?
Helen and I are business partners at Fitz Advisory Partners. We have had a long association which dates back 20 years. We share similar values and vision and are able to trust each other implicitly which is highly important when contemplating being in business together. The option to grow a business together made sense for us as we serve a client base of successful individuals, rural and family businesses. There are unique challenges and complexities in dealing with these types of clients and having in each other a seasoned partner of equal standing with lengthy experience, knowledge and wisdom is beneficial. An added advantage for us is a female/male advisory team with complementary skill sets which helps bring a holistic perspective to our advice.
What is something that excites you about joining Fitzpatricks?
Being part of the FPW community is a nice change. Working with a like-minded Adviser who is focused on business growth for Fitz Advisory Partners is something I am excited about and the FPW best of breed team is something I am keen to tap into and make best use of.
What do you enjoy doing in your spare time?
Trying to keep fit is a bit of a focus. Tennis has been the go-to for last few years, so I try and fit that in a few times each week with coaching and cardio tennis. Weekends are usually a competition between getting to the local rugby games for a day out and keeping the garden at bay at home.
Technical & Compliance
Colin Lewis on leave end of May
This is an early heads-up that Colin Lewis, Head of Technical Services, will be on leave from Thursday 25th May to Friday 2nd June. Being out of the country, Colin will be unable to take any enquiries during this period.
Key requirements and responsibilities
The run up to the end of the financial year can be a busy time. Please take some time to check how you are shaping up to meet these various responsibilities. Contact Professional Standards if you have any questions or concerns on any of these matters.
|FPW Mandatory CPD||All relevant providers||28/4||Refer to CEO update for March and email sent 11/4||Kaplan On Track/ Corporate Content|
|BCP||All corporate authorised representatives||15/6||Business Continuity Plan will help to identify key business risks, meet cyber security requirements and ensure documented processes are in place to respond in the event of an interruption or disaster.||042023 Fitzpatricks Business Continuity Plan|
|CPD Training Plan||All relevant providers||30/6||Finalise all items in your Training Plan||Kaplan On Track|
|Best of Breed Due Diligence||All corporate authorised representatives or individuals who refer clients to other service providers||30/6||New requirement introduced in November 2022 to demonstrate due diligence when referring services to clients||Implementation Tools
Code of Ethics Policy 2.0
|Cyber security – Client portal||All representatives (individuals who work in FPW businesses or businesses authorised by FPW)||30/6||New requirement introduced in March 2023 to secure client data when communicating with clients ie no sensitive information to be sent be email to||Cyber Security Policy V2|
|Incident Response Plan||All corporate authorised representatives||30/6||New requirement to support the speedy notification of relevant entities in the event of a cyber incident||FPW CAR Incident Response Plan - Final|
|Qualified Relevant Tax Providers||If you were not a Tax (Financial) Adviser immediately before 1/1/2022||1/1/2026||Must complete a commercial law and tax law course if not already completed||Qualified Tax Relevant Providers|
|Financial Adviser Standards||All relevant providers||1/1/2026||All relevant providers must meet the new education standards to continue to provider personal financial advice.||Education Policy|
Technology & Operations
Xplan Client Portal
Reporting emails as spam or phishing
If you use the Fitzpatricks IT network, you can help build our collective cyber resilience by reporting an email as spam or phishing directly to Mimecast (our email security solution).
Simply right-click on the email, expand the Report Spam menu, and select either Spam or Phishing.
Reporting these emails helps Mimecast update their scanning algorithms to better catch those emails which managed to get through their systems, thereby reducing the amount of unwanted emails that reach your inbox.
If you use your own email security provider, please contact your IT provider to see what options are available to you.
At a minimum, using the Junk option provides information back to Microsoft to improve their rules.
Spam emails, are unsolicited and irrelevant commercial emails, sent online to a bulk number of recipients. Oftentimes spam messages are from a company trying to sell you something. While these emails can be a nuisance, they are not considered malicious.
Phishing is a malicious attempt to obtain sensitive information by disguising as a trustworthy website, person, or company. Requests for personal information such as a password, credit card, bank account number, Social Security Number, etc. are examples of information attackers in a phishing campaign might seek.
Guidelines for Listed Securities Advice
A new ‘Guidelines for Listed Securities Advice’ is now available on the adviser portal which advisers will find useful for clients with direct equities and hybrid securities. In line with FPW’s investment philosophy, outsourcing investment management to professionals is a common theme in this guideline.
The purpose of this guideline is to articulate Fitzpatricks Private Wealth (FPW) approach to listed securities advice. Listed securities, or direct shares / fixed interest advice, will often be sought by clients so advisers need to have a good understanding of investment principles associated with providing specific listed share / fixed interest advice. This guideline provides an overview of the investment principles and operational advice issues to consider when proving listed
securities advice. The guideline can be found at Adviser Portal>Advice Support>Professional Standards>Policies and Procedures>Investment Advice Policy>Implementation Tools or through this link.
Business Coaching & Training
Virtual Adviser & Support Technical Day Recordings
On 5th April we held our Virtual Adviser & Support Technical Day. The presentation and recordings from these sessions can be found here.
FPW Policy Questionnaire Due 28th April
The 2 FPW Policy Questionnaires relating to our Incidents & Breaches and Complaints policy are due by the end of the 28th April 2023. To access the sessions in Kaplan Ontrack click on “Learning Content”. Scroll down to the section titled “Corporate Mandatory Content” and select “Complaints Policy” and “Incidents and Breaches Policy”. CPD points will be awarded. Should you have any questions, please do not hesitate to contact [email protected].
Please register to our upcoming FPW webinars:
|Wednesday 25th October||1:00pm QLD|
|Professional Standards||Register here|
38.75% of advisers are on track in completing their total CPD hours. Fitzpatricks expects all Advisers to complete their CPD throughout the year and achieve a minimum of 10 CPD hours per quarter as such, it is ideal to have completed over 30 CPD points. It is important to note that it is the Adviser’s responsibility to monitor their progress to ensure they complete their required targets.
Creating awareness of our brand value on social media
We have created an opportunity for you, as advisers, to highlight community activity that enriches the lives of clients.
Advisers across the group, on a day-to-day basis, are involved in activity that benefits clients, be it, business events such as client roundtables, industry events like Chamber of Commerce or philanthropic pursuits. These are all examples of the type of activities which clients value. By sharing this type of information, we are able to build brand awareness and create connection with the broader community on the value of our advice approach.
On a regular basis, we will be producing a “broadcast post” on our social media channels where content can be collated in one place as part of a community message. We know good news and community posts on social media are the most engaged with content and help drive awareness of our brand and its values. This initiative will also help advisers who are not active on social media, an opportunity to be visible online.
Please send any photos and details of your work or event that you would like us to include on the regular community news post to [email protected].
If you have any questions, please reach out to the marketing team.
We are looking forward to helping you gain more public visibility by spreading the Enriching Lives message.
A reminder that events planned for the year can be accessed through Your Marketing Partner section on the adviser portal. Please use this link to view the FPW events calendar.
Federal Budget 2023
Budget night is Tuesday 9th May 2023. A reminder Colin Lewis will be presenting all the budget highlights on 10th May at a 2.00pm webinar. To register, click the link here.
CEO Update Enhancement
Following feedback from our adviser community that this communication is rich in resources with important information from across the business, we have now made an enhancement to the CEO Update webpage. Going forwards, we now have the capability to archive previous editions of the CEO Update and you will be able to view these editions here.