CEO Update

We have been busy reviewing the current suite of policies in line with our review schedule and have made changes to several policies.

Cyber Security
Even though many of you will have completed your Business Continuity Plan, we have modified the policy to make this a mandatory requirement. This policy position recognises the critical importance of each of us having plans and controls in place in case of a disaster. This is one easy way to build resilience and allows us to meet our responsibilities to our clients.

Types of Clients
This policy has simply had a tidy up. We have clarified that you can use a certified copy of a Power of Attorney and to help reduce confusion as to who can certify documents, we have added a Guide to Who Can Certify Documents.

Digital Signatures
We have refreshed this policy clarifying the need to secure documents if being sent by email.

Approved Product List
This policy has been refreshed and reformatted to align with other policy documents.

Software and Outsource Provider APL
We have combined the Approved Outsource Provider List with the list of Approved software to make one consolidated list for ease of reference.

Our outsourcing policy asks that all arrangements that are not covered by the Software and Outsource Provider APL are due to be submitted for review and approval by 1st September. If you use outsource providers to prepare paraplanning, complete admin tasks or you use software that has not been included in the approved list, please reach out to Professional Standards asap.

In a number of recent decisions, AFCA have highlighted the importance of having good goals. Good goals are described as being goals that align with what the client would express to you as their adviser, or perhaps to a trusted friend, in terms of what they would like to achieve through obtaining financial advice. Whilst good is not further defined, AFCA has stated that where goals are confused with strategies and methods of achieving the goals, these will not be adequate of themselves to show best interest. The following were considered to be methodologies for achieving the goals and not goals themselves:
• Retaining strategies available via particular products
• Having superannuation benefits actively managed by specialists
• Improving diversification
• Investing cost effectively and in line with the risk profile

The fact-finding process is critical to clients being able to provide their own goals. Goals that AFCA believe to be limited or generic, include:
• You want to invest in line with your risk profile
• You want your investment portfolio to be constructed and managed by your financial adviser
• You want to retain access to the funds
• You want a diversified portfolio that is cost effective yet has the potential to outperform its benchmark.

For more information, please see this article.

Go ahead and submit your good advice technology ideas here. Your idea might be an improvement to our existing technology solutions, e.g., XPLAN, or exploring new technologies. Your idea will then be assessed by the Advice Technology Committee – a representative group of your peers who work with the FPW team to prioritise, design, test, and support the rollout of advice technology opportunities.

It was great to see everyone at last week’s webinar to launch the new Online Fact Find via the Xplan Client Portal that will be released on Monday 4 September. As a reminder, this is a solution that was prioritised by the Advice Technology Committee. Thank you to everyone involved. Click here for a recording of last week’s webinar in case you missed it.

The purpose of this wizard – again prioritised, designed and tested by the Advice Technology Committee – is to provide efficiencies when instructions are provided by a client for an Execution Only transaction. We are in the final stages of testing this new wizard. Subject to any issues identified, the new wizard will be released on Monday 4 September.

We’re making improvements to the client menu in XPLANto make it more intuitive and streamlined. We expect to release the improvements on Monday 4 September. Click here for a preview of the new menu.

The Iress Community allows you to subscribe to content that you find useful or interesting and wish to follow for any updates or changes.

How to register to the Iress Community:

Click on your name at the top of the Xplan screen and then click on Help via the Iress Community. This will launch the Iress Community. Click Register at the top of the screen and follow the prompts.

How to subscribe to a space or article:

Within the relevant space, select Options on the top right and click Subscribe. You can also unsubscribe via the same method.
Alternatively, you can manage your subscriptions in bulk by clicking on your profile picture and selecting My Subscriptions.
You can also click on your profile picture and select My Settings to ensure you see the email updates you want to see. For example, if you want to see all replies to Service Updates, you need to check that ‘For my forum subscriptions, notify me for’ is set to ‘Use default (All posts)’.

Click here for my information on how to subscribe to useful content for notifications by email.

There are new versions of the Risk Profiling material following minor updates to charts and figures. Lonsec recently made minor updates to their long term capital market assumptions for various asset classes and these have been reflected in the Risk Profiling Workbook, guide for clients and presentation (available on the Adviser Portal here). Additionally the changes have been reflected in the adviser guide, Asset Allocation and Return Forecasts.

The Adviser Day is creeping up  this year, and we would be delighted to have you join us again as we continue on our journey to building out the National Firm.

Everyone plays a pivotal role in shaping the future and guiding individuals towards success with your knowledge and skills so please mark in your calendars the following dates and over the coming weeks you will receive a registration link and Agenda items.

• 11 October – Virtual Technical Day
• 27 November – Adviser Day Brisbane
• 29 November – Adviser Day, Sydney
• 5 December – Adviser Day, Perth

Thank you to everyone for completing your Business Continuity Plan.

Remember, the BCP is not a one-time document but a living document that should be periodically reviewed and updated to reflect changes in your operations, processes or external environment, we are pleased to share that we will incorporate a review of the Business Continuity Plan into our annual business planning process and it will form part of our Policy suit going forward.

Please include a review of your BCP at minimum annually, or whenever a new starter commences with your practice.  As important is ensuring your teams are comfortable with your disaster recovery plan and the practical steps to take should you experience a disaster in your business or environment.

Looking for an efficient way to share ideas and collaborate with your fellow advisers?  Look no further than “COCO” This powerful central connection and sharing tool on Teams will transform the way you work, allowing you to easily share information, files and, track progress whilst staying connected with the community.

Say goodbye to scattered emails and missed messages, and hello to a more productive, collaborative work space with COCO.

Try it out today and see what comes back!

Please register to ensure you have a placeholder for our upcoming FPW webinars. A reminder CPD is assessed for all FPW webinars. If a webinar is deemed eligible, CPD points will automatically be added to Authorised Representatives of our Licensees who have attended 80% of the session.

I am delighted to have been appointed the Group Head of Marketing for Fitzpatricks. From my previous experience at ANZ, IAM and FIIG, I have a wealth of experience in both financial advice and investment management that will help me to lead and inspire our marketing efforts.

As we transition to the new operating model and the creation of the National Firm it is a very exciting time to be joining Fitzpatricks. Marketing will play a critical role in this next chapter of our strategic vision, I look forward to meeting you over the coming months and to start building the National Firms new brand, identity and marketing collateral that will help to support the ongoing growth of Fitzpatricks.

Here is a quick recap of the Growth Masterclass communication sent last month.

Following the success of the first Growth Masterclass on Pricing Principles led by John Woodley, a follow-up email was sent with additional resources, including:
– video from Garry discussing how he approaches client meetings
– video from Jasia discussing the value of advice from a client’s perspective
– video from Terri providing a coach’s perspective on the value of advice
– video from Leonard providing a practitioner’s perspective of the value of advice

If you would like to access this content, the email and links can be viewed here.