Advice Process
1
First Meeting
You will be provided with a Financial Services Guide (FSG) and Adviser Profile, if not already received by email. We will gather information on your personal situation, needs and objectives and document in a Client Data Form. A Client Risk Profile Questionnaire will be completed. Your Identity will need to be established in order to comply with Anti-Money Laundering (AML) / Counter-Terrorism Financing Act.
2
Strategy Development, Product Selection and Research
We will identify the objectives, financial situation and needs that would reasonably be considered relevant to you and your circumstances.
A second and/or subsequent meeting(s) may be required to determine this.
The recommended advice strategy must be based upon your best interests given the circumstances, be fit for purpose and place you in a better position. We will also consider and research your existing product. Should the existing product not be suitable, we will research, investigate and compare the existing product to the recommended product, including a 'like for like' comparison.
Once a strategy is defined; you will be required to sign a Letter of Engagement giving approval to commence the preparation of a Statement of Advice.
3
SoA Production
We will produce a Statement of Advice (SoA) based on the circumstances discussed at your initial meeting(s). We may also elect to outsource the SoA production to an approved paraplanning service. We will ensure that all relevant disclosures are included and that your advice is clear, concise and effective
5
Ongoing Fee Arrangement
If you have entered into an ongoing fee arrangement, we must provide you with a Renewal Notice every 12 months. You must confirm in writing that you agree for the ongoing fee arrangement to continue. Ongoing advice fees will be switched off where the OFA requirements are not met.
4
SoA Presentation and Implementation
One of the most important steps in the advice process is that you understand the recommendations. We are required to provide you with a copy of the SoA, and relevant Product Disclosure Statements (PDS). The Authority to Proceed should be signed and dated, prior to implementing the advice.
6
Reviews and Further Advice
Reviews and further advice will be documented within a SoA or RoA (Record of Advice). When utilising a RoA, we will ensure that a SoA was previously provided and that your situation and basis of advice has not significantly changed. Ongoing advice fees will be switched off and refunded where the services agreed have not been provided. Ongoing advice fees will also be commensurate with the services provided.