was owed by AFS licensees as compensation for ongoing advice-related misconduct.
This was primarily driven by issues around fee for no service where consumers were charged invisibly – with fees being deducted from their investment accounts.
$850M
What does this mean for advisers?
The ongoing advice landscape is changing rapidly. Fee for no service has brought in an influx of new regulation in 2020, with advisers required to renew agreements annually and be more transparent about the services they provide and the fees they charge.
Amidst this, ongoing advice still remains a focal point for advisers that want their clients to achieve their financial goals. From revisiting risk attitudes, to assessing changes in current positions and making necessary adjustments, advisers need to ensure that they are acting in their clients’ best interests, while at the same time understanding how to navigate this complex regulatory landscape.
Why Planlogic?
With more than a decade of experience in financial planning, Planlogic understands the value of ongoing advice along with its associated complexities. From initially building our expertise in paraplanning, we naturally progressed to providing advisers with ongoing advice-related services, having completed more than 3,000 reviews over the span of three years.
From pre-review tasks all the way through to implementation, the Planlogic team stands ready to compile any ongoing advice-related documents such as fund manager reports, review presentation documents and any other practice-specific documents. Our mantra of ‘enabling people to achieve financial freedom and live their best life’ means that we want our advisers to focus on what is most important – creating value for clients. We take care of the rest.
What We Offer
Pre-Review Tasks
We ensure that advisers can meet their ongoing advice obligations through a systemised approach of checking fees and confirming that they are in line with agreed fee structures. We also book client meetings and obtain account balances prior to client appointment dates.
Review Preparation
We prepare all documents that you would typically use at a client review meeting to ensure that you have a productive and effective conversation.
These include:
Review documents
Fact Find document
Fixed Term Agreements
Fund Reports
Post-review Requirements
We assist advisers with the completion of RoA file notes. We also update practice systems following client meetings to ensure that all systems are organised and compliant.
Implementation
Our implementation solution prepares all necessary documents to successfully implement product recommendations made in SoAs and RoAs.
Paraplanners responsible for the SoA/RoA work collaboratively with our ongoing advice team to complete product application forms in line with adviser recommendations – the advice practice is only required to perform a few final checks.
The team also coordinates with third parties such as insurance companies,
superannuation & pension providers and investment companies to make sure that all recommendations are implemented.
The Planlogic Advantage
Practice-specific Process Mapping
We evaluate your entire process to identify bottlenecks and make recommendations on the most optimal route.
Deliver Value in Your Client-centric Role
We take care of all your administrative tasks, allowing you to focus on what is most important – delivering value to your clients.
Workflow Transparency
We provide user-friendly workflow systems that give you visibility into the status of the workflow.
End-to-end Solutions
We are your go-to provider for all things ongoing advice-related. We deliver
everything under one roof – making coordination on your end a lot easier.