Dear FPW Adviser Community,
With the annual conference fast approaching, I am looking forward to exploring the theme of Harmony in Collaboration and connecting with those of you who are able to attend. This will be a great opportunity to further understand and grow our partnership as we build the National Firm.
We will be recording the sessions at the conference and a full debrief will be provided in the October issue of the CEO Update. This will allow you to review or revisit key learnings and save them as a reference. We will also meet with those members of our community that are unable to join us in Osaka to cover some of the insights and discussions.
If I do not see you at the conference, I look forward to catching up with you upon my return.
ADVISER COMMUNITY NEWS
Q: How long have you been at Fitzpatricks Private Wealth Perth Pty Ltd?
A: I started 7 years ago. I worked with Conlie at Hartley’s as a Dealer Assistant, and then he decided to move into a business that covered your whole financial well-being. Conlie gave me the opportunity to work from home, flexibility was the key selling point as I was pregnant at the time, so I made the shift, then went on maternity leave… and came back…
Q: Why did you enter the financial services industry and how long ago?
A: Originally from London, I didn’t want to study anymore and left school at 16 to go to work. I was fortunate enough to receive a trainee role with Natwest, due to a glowing reference provided by my head of year at the time who told me she would be very surprised if I didn’t get offered the job! All my friends continued through schooling, and I filled up cash machines and gave our small business clients “real money”. Back in the days when cheques were put in machines to be coded for payment. So as my first job was in banking I kind of got stuck in the finance world of work. I moved on to investment banking and was made redundant after the GFC.
I just graduated in Feb 23 with the Dip FP after Conlie encouraged me to go back and do some study. It was a big step and I’m thrilled with my achievement. Right now, I’m sitting on the fence before I explore the Professional Year and other potential options… it is little steps at this stage but always looking to a bright and positive future.
Q: What has been your best life experience so far?
A: I’ve had so many:
1. Probably immigrating to Australia. A new life opportunity and leaving behind absolutely everybody and everything I knew and was comfortable with. Courageous!! … and we are still the only family members in Australia to this day.
2. Black belt in Judo …. My brothers did it, so I needed to keep up… No dancing, just Judo.
3. Running the London Marathon, Dublin Marathon & Moonwalk Marathon in London in the 90’s was an incredible life experience, I am now only just getting my children into triathlons and am the treasurer for the “tri” club. Connect the two.
Q: What do you want to do when you grow up?
A: I am surprisingly already a grown up. Continuing my family journey being the best mum I can be and taking my kids to see “proper snow” like the slopes in Canada, Europe and Japan.
Q: When have you felt you have enriched a client’s life?
A: The moment that warms me the most is our special disabilities trust client… We were able to give true specialist support where it was really needed the most. I recall our client sitting with us and their mum saying, “I don’t understand what you are talking about. I trust you”. Mum, who is also our client, the client and the team, worked together to get the best solution for our client with empathy and professionalism.
A day-to-day experience of enriching life at times is just like an episode in “Bluey”… helping clients navigate technology is always a winner…. 2 factor authentication, setting up passwords etc.
Q: What’s your 10/3/Now?
A: Provide the opportunities in life and travel to my children using history and culture, that means a lot more to me than schooling. Finding what makes them tick is super important whilst our children are learning, we need to find the best ways possible to set them up for success.
Technical & Compliance
Education Standards and the National Firm
As many of you will be aware, the legislation to recognise education qualifications for experienced advisers was passed in early September. This change will mean that advisers who qualify will not be required (at law) to undertake any further education under the Professional Standards legislation (i.e. AQF7 degree or bridging courses).
The Fitzpatricks name has always been recognised in the industry as standing for excellence in terms of education, experience and professionalism. We believe that as we build to the National Firm, we should continue to live and breathe those hallmarks of professionalism which we understand will be an expectation of our ideal clients.
We are working with our partners to understand the needs of the National Firm in this respect and expect to be able to give clarity in the following months on this aspect. In the meantime, we encourage you to continue to work toward completing any education required to meet the higher Professional Standards in education as already set.
Reminder for Outsourcing
Please review if you are currently outsourcing service, administration, or technology outside those listed in the following list. If so, you will need to reapply for approval as per the Outsourcing Policy to ensure these services remain fit for purpose. The relevant list to check is: Software & Outsource Provider APL.pdf
Protection of personal information and community expectations
The Office of the Australian Information Commissioner (OAIC) recently conducted a survey of almost 2000 consumers to understand their expectations around data security and the need for businesses to manage personal information. Some interesting statistics are:
- 90% have a clear understanding of why they should protect their personal information
- After quality and price, data privacy ranks as the most important factor when choosing a product or service
- 47% said they were involved in a data breach last year
- 76% said they had experienced harm because of a data breach
- 91% are concerned about sending data offshore
- 92% said they would like businesses to do more to protect their personal information
ASIC Corporate Plan
ASIC released their latest Corporate Plan at the end of August. This is broken into 4 strategic priorities and several core projects. Those we expect to directly impact us include the following:
- Breach reporting
For the second year in a row, ASIC will not be using its power to publish names of entities that reported the most breaches, instead taking a broader, more thematic approach to its public reporting. This decision is based on its view that reporting remains inconsistent across the industry with suspicions that many matters are going unreported. We expect ASIC will focus closely on those organisations that have no breach reports or whose numbers are inconsistent with other, similar organisations. Whilst FPW does not have large numbers of breach reports, we believe our numbers are not inconsistent with others.
- Underperforming products
This initiative is captured as part of ASICs DDO work and will initially include APL and file reviews of advice that may include trustee directed products which did not meet the benchmark performance. Please refer to the email from FAAA if you haven’t yet had a chance to review this. Impacted products are these:
- Establishment of SMSF
This work flows through from ASICs continuing work on SMSF and their concern that funds continue to be set up without proper consideration. This review will also be conducted by a file review. Please refer to our policy to ensure that we continue to meet our responsibilities.
- Cyber and operational resilience
This continues to be a high priority for ASIC and they will continue to actively supervise and engage with stakeholders to encourage prompt management of operational risks, and continuous improvement of cyber and operational resilience practices.
Technology & Operations
Where to go for XPLAN help
Just a reminder that you can contact the Opex Helpdesk for all your XPLAN queries:
- Call the Opex Helpdesk on 1300 131 152 (9am – 5pm EST)
- Login to Opex’s Helpdesk Portal https://opex.zendesk.com
- Email the Opex Helpdesk at [email protected]
If you need any help with any of the FPW Advice Process threads, you can also contact the Opex Helpdesk who will forward your query to Siva Mehta.
And finally, don’t forget the FPW Xplan training guide is a great resource for understanding the various training solutions available to you.
Fact Find (Enter Client Data) Wizard simplified
You may have noticed that Opex have simplified the Fact Find Wizard to remove the optional fact find types from the ‘Enter client data’ wizard. This and other changes they’ve made are detailed in the August release notes but in summary:
- All content is now available via the one template and wizard – this is the same content options as previous (in fact, there’s a couple more e.g., annuities)
- The practice can change what this questionnaire document is called (new user group setting)
- Users can make this questionnaire as simple or complex as they like as all content is now available, and modes can be switched between blank, update, or view depending on what output style is required
- The custom tables built for FPW will continue to apply as per previous.
Online Fact Find now available (reminder)
The new Online Fact Find via the XPLAN Client Portal was launched on Monday 4 September. This is a solution that was prioritised by the Advice Technology Committee. Thank you to everyone involved. Click here for a recording of the webinar and various other guides and videos.
Execution Only Service Wizard now available (reminder)
The Execution Only Service Wizard is now live and can be located under the FPW Process Wizard > Advise the Client > Execution Only Wizard. 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.
Business Coaching & Training
Adviser & Technical Days – Save the date
The Adviser Days are 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.
Online Technical Virtual Day
- Wednesday 11 October – Virtual Technical Day – Registrations will open on Thursday 21 September
In-Person Adviser Days
- Monday 27 November – Adviser Day Brisbane
- Wednesday 29 November – Adviser Day, Sydney
- Tuesday 5 December – Adviser Day, Perth
Important changes to the deduction of the ASIC Levy and PI insurance
To support business cashflow, we have been able to extend the period of time to pay for the ASIC Levy and PI insurance. Please click here for more information.
Congratulations Jamie-Lee Fraser, Joshua Warner and Michael Morris
We are thrilled to share that Jamie, Josh and Michael our Professional Year New Entrants have successfully passed the Financial Adviser Exam in their first sitting! We thank them for their dedication and hard work and we can’t wait to continue to watch them flourish in the rest of their PY journey.
Please register to ensure you have a placeholder for our upcoming FPW webinar. 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.
|Wednesday 25th October||1:00pm QLD|
|Professional Standards||Register here|
A huge amount of work has gone into next week’s Conference and it looks like it is going to be a wonderful event. Well done to Sandra and everyone involved in organising it. Unfortunately I wont be there but I look forward to catching up with you afterwards to hear all about it.