June Update: EOFY Specials

New eyes, big changes

It's been a busy quarter for openAFSL. In addition to our usual program of continuous improvement, our capability has been bolstered by Kye's decision to help us free licensees from the burden of compliance. We're glad she's joined us to support the platform, help our clients and train our users to get the most out of openAFSL.

If you haven't met Kye yet, you will soon. If you can't wait, reach out to her and take advantage of her experience and insights. 

Reporting, refinements and reviews

We have been busy creating new ideas to improve openAFSL and here are some of the refinements that went live on June/July 2018.

Adviser results

One of the first things you'll notice is that we've expanded our colour palette. In response to popular demand, we've adopted purple to identify those advisers that are complying with the law and are adequately supported by their Licensee. If you're report shows that you're in a purple patch, that's an achievement (particularly when ASIC note that 90% of [SMSF] advice doesn't comply with the law). 

You'll also notice that your report will contextualise your result showing you the median, your previous result and, depending on your circumstances, your Licensee or community median. By showing you your result in context, we're hoping to give you the tools to better manage your own compliance performance.

If you're red or orange, you're identified as needing "more support" from your Licensee. If you're green, congratulations, you're part of a very elite group of advisers whose advice and conduct routinely exceeds legal requirements and industry standards.  

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Observations

You thought we were kidding when we said we've embraced colour. We weren't. What we didn't tell you is that, as a consequence of weaning ourselves off sugary treats, we've abandoned the donuts that used to populate your reports.

We've kept one donut to illustrate the issues we've identified by category but, in order to more clearly communicate the number and consequence of the issues, we've embraced the stacked bar chart. 

Isn't compliance beautiful?

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Distribution

Like most advice professionals, we know that the arbitrary systems used by most licensees are subjective, ambiguous and unhelpful. Because our methodology is granular, risk based and risk-weighted we're able to more accurately classify advisers by their conduct and the level of support they require.

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Advice scope

One of the benefits of our interest in managed discretionary accounts, and our association with MDA guru, is that our methodology already encompasses the requirements of RG179.

If you're reviewing the recommendation, or trying to determine whether the facility is, or remains, appropriate the key questions are already coded into the system. 

Key financial indicators

Sometimes, technology, expertise and insight combines in new and useful ways that it seems miraculous. This new enhancement isn't magical, but can transform your review process.

By applying our proprietary calculations to the financial details you can now record, we'll guide your review and automatically highlight relevant compliance issues. The Reviewer can see the method of calculation and the requirements and can over-ride the automatic responses if additional information supports that decision.

It's transformative. If you require further information or demonstration please contact Kye (kye@assuredsupport.com.au)


Tweaks, refinements and administration

We've already given you a lot to think about and we've only scratched the surface.

Since we anticipate that either Kye, Sean or Peter will show you all the bells and whistles, we'll run through the changes:

  1. We have customised the Advice Assurance Report with an option to choose what to include in the report. The default setting includes everything but you can choose what to generate in the report provided to the adviser.

  2. You have a variety of reviews available in openAFSL and now you can separate the reviews by their purpose - so you can exclude targeted or due diligence reviews from your standard monitoring and supervision reporting.

  3. In addition, the design of the adviser’s rating has been updated so the adviser can clearly identify the current and previous ratings.

  4. The Issues Report now includes the ability to include any accompanying remedial actions. This provides you with a better capacity to see the full details of the issues been raised.

  5. The Review Report now shows the purpose of the review. When ‘Include Only Finalised Reviews’ is selected the filters are updated to more accurately match the reviews.

  6. The Approved Product List (APL) module within openAFSL allows you to keep a centralised record of the products that are approved for your advisers (making the review much easier). You can record the APL and record the product classification of ‘Suspended’, ‘Approved’ and‘Not Approved’ with the relevant dates.

  7. We've done some clean up of code. You won't notice most of it but within the file details area, the drop-down box is now displayed in the alphabetical order. Reviewer details which populate on the report, now are determined by the reviewer drop down and not the reviewer attached to the first file within the review. The disclaimer text now more accurately displays the name of the business entity for advisers which are not linked to a business.

  8. Work on the integration of Product Training and the development of the Recruitment module is well underway. It's too early to launch but if you're interested in being involved in the beta testing, let us know.


Training and support

Despite what everyone says about us, we're great communicators. We'd be surprised if you need any more information but, on the off chance you do, it's probably best if you contact Kye (kye@assuredsupport.com.au). If you need training, she'll do it and she's awesome. 

If you want to learn more about this reg-tech solution, or would like to arrange a demonstration, contact Peter Turbach on 0410 220 334 or by email at peter@assuredsupport.com.au.

Alternatively, fill out the contact form below and we'll contact you.

 

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There's still a lot more to come, so buckle in for the August update.