Smarter Compliance. This insightful article delves into the complexities of providing financial advice for SMSF trustees and members. It highlights the importance of understanding the client, the nuances of product-focused advice, and the intricacies of cash out recontribution strategies. Ideal for financial advisers, this piece offers practical guidance and clarifies common SMSF advice issues. Read on for expert insights into managing SMSFs effectively.
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Explore the risks and legalities of recording client meetings in the
financial advice sector with our Halloween-themed guide. Learn about
consent, data security, and the potential pitfalls of contradicting file
notes. A must-read for Australian financial advisers navigating best
interest duties and ethical considerations.
Smarter compliance. This article explores tips and traps about time
critical advice; what you need to know to understand your options; and what
to do if you have got it wrong.
Smarter Compliance. Ongoing advice clients (especially those in the
accumulator demographic) may be, or may about to be, in cashflow deficit as
a result of interest rate increases, and advisers need to factor this into
their ongoing advice review process.
Smarter compliance. Discover how legacy issues can impact the quality of
SMSF advice and expose advisers and Licensees to potential client
complaints or regulatory actions. Assured Support’s insightful article
sheds light on common pitfalls and examines three SMSF examples to
illustrate what should have been done differently.
Smarter Compliance. In theory, in the financial advice process, every
client is a new client, and every investigation into relevant circumstances
is open-ended. However, some advisers take short cuts, reverse-engineer
circumstances to suit their recommendations or simply rely on assumptions;
three strategies that often lead to significant, and often detrimental,
problems. In this article, we’ll look at four recent examples and identify
how these errors could simply have been avoided.
Smarter compliance. Any erudite reader of Avengers comics knows that sometimes heroes have to unite against a common threat; that explains this article. Building on our previous discussion, Keith Henderson (ex-adviser and reviewer), Mitchell Markwick (adviser and accountant) and Owen Evans (ex-employee and lawyer) look at the best interest duty through the lens of SMSF switching advice. Hopefully, their different perspectives highlight the relevant issues you should consider.
Smarter compliance. Advisers may understand their obligations with respect
to superannuation switching advice, but when it comes to giving advice to
small business owners about Self Managed Super Funds (SMSF)s, they often
forget to consider the legal ownership of the “source of funds”. This can
lead to a cascading effect where the broader advice is insufficiently
related to the client’s relevant circumstances, and the adviser’s and
Licensee’s risk is increased. This article is the first in a two-part
special that uses a Case Study to highlight some compliance issues with
SMSF advice and also the importance of considering the source of funds.
Smarter Compliance. A key consideration in the majority of financial advice
complaints AFCA handle is evaluating whether clients have provided informed
consent for the advice. Given this, how much financial product advice about
future events should be included in your Statements of Advice (SoAs)? Are
you at risk of muddying the waters and adding unnecessary complexity that
could confuse or mislead clients about the key matters at hand? In this
article we’ll start by considering the future, but then provide tips and
traps for where to draw the line on advice about future events.
Smart compliance people know that advisers sometimes struggle with the
Record of Advice – as much because of uncertainty as fear of ASIC.
Recognising that advice should be accessible and affordable, ASIC issued
INFO266 to provide advisers with relief from the compliance burden. In this
article, we examine ASIC’s position and the practical issues we encounter
on a regular basis .