Dear FPW Adviser Community,
I know June is always a busy time of year, assisting clients with their end of year needs. This year seems no different based on conversations I have had with some of you. In your role as their Lead Adviser, this is a time when clients can truly experience your value and where you have an opportunity to enrich their life…but I know I don’t need to remind you of that, it’s in your DNA. Although, sometimes when you are in the thick of it, it’s easy to forget the difference you make.
You will remember that at Adviser Day I spoke about the need for us to review the value of our Share, Learn, Grow and Peer Group sessions, and to ensure these forums are fit for purpose. The team have been doing a lot of work behind the scenes and we are pleased to share news of a new series of Growth Masterclasses we’re launching in the coming months. Each ‘Growth Masterclass’ will be a deeper dive on various topics including pricing, positioning, growing distribution etc.
From the recent 10-3-Now meetings that Marnie, Elaine, Terri, and Paul conducted around the country, we found that most businesses in our community are very focused on organic growth. It is therefore fitting that we continue our focus on pricing for value. The first Growth Masterclass is on 31 July and will be hosted by John Woodley. The topic is on the Principles of Pricing and will be a refresher of the session that John ran at the Adviser Day earlier this year.
As John shared at the Adviser Day, if you don’t get your pricing philosophy right, it creates future problems for your business. John’s presentation at the Adviser Day was really popular and quite a few advisers have asked for access to this material. We will record the webinar and make it available online so you can review it in detail. We look forward to hearing more from John and sharing the opportunity with everyone to take a deeper look at pricing.
I would also like to remind you that the final date to register for the Osaka Conference is fast approaching, so if you are planning to attend, I encourage you to get your registration in before it’s to late.
This month, we also say our farewell to 2 members of our team: Colin Bold and Elaine O’Hagan. We thank you both for your contribution to the Fitzpatricks Group over the many years and wish each of you well for the future.
I’m hoping that a few of you get to enjoy the upcoming school holidays, even if it’s just a break from making school lunches and getting tired kids out of bed on these cold winter mornings.
As always, if anything is on your mind, please feel free to reach out.
Technical & Compliance
The following policies have been refreshed:
• Incidents & Breaches
Both these policies have been part of the annual refresh and no change of any substance has been made. If you can review them, please take the time to refresh your understanding and let us know if you have any questions.
The Outsourcing Policy was introduced from 1 June 2023 and is a substantial piece of work. Significant changes will impact you as follows:
• New requirement to review your outsource providers annually. This applies to ALL instances of outsource arrangements (including panel providers) and will be subject to audit.
• New requirement to have approval for outsourcing arrangements for all non-panel providers. This approval requires documentation to be evidenced and provided as part of the approval process. The documentation type and detail is determined on a risk basis and can be confusing. Policy deadline for this to be in place is 1st September 2023.
If you have arrangements with non-panel providers for outsource services (including software applications), please do not leave this approval to the last minute. Early approval will ensure you do not suffer business interruptions or disruption.
Charging fees where no advice is included
Reminder: Fees for services associated with Execution Only transaction are limited to a maximum of $500 for each service. Please refer to the Execution Only Policy for more detail.
Technology & Operations
Outcomes of inaugural Advice Technology Committee
Following on from our very first Advice Tech Committee in May, the following items have been prioritised and finalised as our next initiatives:
1. Service Agreement Due Date
This new field has been added under the Key Information page, i.e. Service Agreement Due Date. Please note this is an optional field and has been added for ease of recording the date that the Service Agreement is due back (Service Agreement expiry date). This field needs to be manually entered..
2. Online Fact Find
We are currently working with IRESS to implement the online Fact Find within the Xplan Client portal. Once the update is completed the Advice Technology Committee will be assisting us to test this new functionality. Expected release date will be by 1st September 2023.
3. Execution Only Service Wizard
The purpose of this wizard is to assist businesses with efficiencies when instructions are provided by a client for an Execution Only transaction. Expected release date will be by 1st September 2023.
Further to above, we are currently reviewing the interface within the client menu in Xplan to ensure it is more intuitive and streamlined. We are expecting to release the updated interface by 1 September 2023. More details to follow in the next update.
Please feel free to submit any advice technology related ideas you may have by clicking here. These ideas might relate to improvements to existing technology solutions, e.g., XPLAN, or new technologies.
XPLAN Client Portal – important reminder
Given the 1st of July is fast approaching, a friendly reminder, for those of you who wish to use the Xplan client portal to share documentation with your clients, please find the link to the Client Portal user guides and videos for advisers/clients.
Avoid being vulnerable to bad actors
To improve and maintain our security posture, Fitzpatricks IT regularly scans devices of the practices that we provide IT support to to ensure that there are no vulnerabilities that can be used by bad actors to gain access or compromise your machine.
Most updates can be resolved remotely, but there are some updates that need to be manually performed by Steve Reid. Can you please ensure that you respond to Steve quickly so that we can close out these risks efficiently and quickly for you.
Updates to Risk Profiling documents and Features and Benefits Comparisons documents
The risk profiling material in the Research section of the Adviser Portal has been refreshed with updated figures and charts. The latest versions of these documents can be found at Risk Profiling.
Similarly, the Features and Benefits Comparisons have also been updated with current performance and asset allocation information as well as other minor updates in the documents. These documents can be found on the Adviser Portal at Features and Benefits Comparisons.
It seems that ESG is being quoted everywhere these days and for some clients ethical, sustainable, responsible investing and ESG considerations for their investments are becoming very important to them. Following on from enhancements we made to the APL, with the incorporation Lonsec’s sustainability ratings (see prior CEO Update dated February 2023), this brief paper provides direction on where you can go to find information on quality investments that match clients’ various preferences in this area of investment.
Business Coaching & Training
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!
10-3-Now “Thank you”
Thank you to all who joined us for the 10/3/Now sessions with the practice partnerships team in May and June. Your participation was greatly appreciated, and we hope that you found the experience informative and valuable.
We will be in contact mid-late July to support next steps.
With the new financial year just around the corner, we have uploaded the One Page Business Plan.xlsx template to the Adviser Portal to help you start thinking about your own business planning for the upcoming year. In the meantime, have a well earned break through the new year and we will be in touch mid-late July to support your vision for growth in 2023/2024 and beyond.
A total of 40 CPD Hours is required for completion, along with all Topic and Sub-Topics by 30 June 2023. Please be aware that your training plan includes mandatory corporate content and this must also be completed by 30 June as part of your CPD. It is important to note that it is the Adviser’s responsibility to monitor their progress to ensure they complete their required targets.
Education Pathway Survey
We understand many of you have kept Fitzpatricks well informed of your activities completed to date, however, to ensure we can support your efforts as well as meet our responsibilities to notify ASIC of changes in your education, we kindly ask you to complete a short survey which will be sent in the coming weeks.
Please register early to ensure you have a placeholder for our upcoming FPW webinars.
|Wednesday 25th October||1:00pm QLD|
|Professional Standards||Register here|
After a wonderful journey of nine years with the Fitzpatricks Group, my final day is 30 June 2023. I therefore wanted to take this opportunity to wish you all personal and business success for the future. I feel privileged to have been amongst a community of advisers who have a passion for advice and for the wellbeing of their clients. An advice community that is truly focused on client outcomes to enrich clients’ lives and a community that delivers advice professionally.
Our business is about community and how we work together. To this end, what I will most miss is the day-to-day connection with advisers. I have formed wonderful business relationships and friendships which I will continue to value.
Accessing Marketing Resources
As a final reminder, please refer to “Your Marketing Partner” within the Adviser Portal to see our latest credentials brochures, tools to help you engage with your clients and the Marketing event calendar to help you plan your year. Within this portal you can also order stationery and business cards if you are Fitzpatricks branded.
This is your last opportunity to register for conference. Both the professional conference component and social program promise to be first rate, so please keep your eye out for the conference communications over the next month. Please click here to register.
We ask you to register by the end of July at the latest. If you have any questions, please contact Sandra Wills.
I wish you all a successful new financial year and I look forward to staying in touch.