Posts in Technology
June Update: Onward, ever upward

Smarter compliance. Welcome to the July 2019 update. We have big news. The financial service industry is highly regulated and surprisingly dynamic. Thankfully, the team behind our industry-leading compliance platform ensures openAFSL evolves even quicker. Regulators know that there’s a serious gap between what the law requires and what most Licensees manage to do - openAFSL helps you bridge that gap at a reasonable cost.

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April Update: Coaching, comparison and clarity

Smarter compliance. Welcome to the April 2019 update. We have big news. The financial service industry is highly regulated and surprisingly dynamic. Thankfully, the team behind our industry-leading compliance platform ensures openAFSL evolves even quicker. Regulators know that there’s a serious gap between what the law requires and what most Licensees manage to do - openAFSL helps you bridge that gap at a reasonable cost.

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What a Year. A summary of achievements and refinements.

Smarter Compliance. Happy New Year. 2018 was a challenging year for many Licensees but, for all its tension and drama, it highlighted problems that openAFSL solves and introduced new issues that we had anticipated. While others were caught flat-footed, our reg-tech platform quietly deployed the solution they needed. There’s still time for you and we’re happy to help. Call or email us to learn how OpenAFSL can ensure that you act “efficiently, honestly and fairly” in 2019.

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September Update: Connections, Conduct and Coding

Smarter compliance. We live in interesting times. While many participants are intimidated by the Royal Commission and ASIC’s Report 594, we just kept coding to ensure that OpenAFSL continues to deliver on its promise. We crushed it in September. The full list of tweaks, enhancements and innovations would overwhelm you but, in this article, we’ll cover some of the main ones.

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August Addendum: Algorithms, admissions and enhancements

Smarter compliance. We’ve been thinking about you. Well, mostly about coding, ASIC and behavioural change, but also about you. We thought you might like to learn 20 ways to improve your compliance result, understand what changes have been made and get advance notice on the changes that are imminent. If you have questions try kye@assuredsupport.com.au or help@assuredsupport.com.au.

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August Update: Ready to Spring

If you're focused on the future, and want to build a sustainable advice business, you'll want to find out more about openAFSL. You know that “minimal or technical compliance with the law” is not a worthwhile pursuit and, as a competent Licensee, you understand that regulatory technology is critical to you achieving that goal. OpenAFSL is the flexible and intuitive platform you need. Here’s why.

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June Update: EOFY Specials

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. This post addresses the key changes made in June SPOILER WARNING #Colour

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Seven questions about your perfect solution: the reality of regtech

If you’re running an advice business, you know that you are required to establish and maintain sufficient measures to ensure your compliance with financial services laws. Clearly, the sophistication of the measures, processes and procedures you have in place (which may be paper based or integrated IT systems) will vary according to the size and sophistication of your business. In our view, the only way to comply consistently, effectively and efficiently in a complex and frequently changing environment is to embrace regulatory technology. Before you do, there are seven questions we think you should ask.

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Business tips from fraudsters

Despite the inevitable march of consumer technology, I've noticed that many financial advisers still underestimate the role their website plays in reassuring prospects and establishing both credibility and legitimacy. If you're convinced that a compelling digital presence will have little, if any impact, on the growth and success of your business, then enjoy the commercial irrelevancy you've voluntarily embraced. This article examines consumer preferences, social proof and offers five tips to improve advisers' websites. 

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The reg-tech promise

The Industry's eagerness to invest in technological compliance solutions is both commendable and personally appreciated, but a measure of caution is required. The fundamental failure of most reg-tech "solutions" is that they are, in most cases, applications looking for a problem rather than automated solutions to real problems. Solutions should be "compliance driven" rather than "technology driven". In my opinion, reg-tech's purpose is to address conduct risks and regulatory burdens efficiently, effectively and in a way that improves the profitability and sustainability of the user's business.

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Why reg-tech matters so much

Forget compliance. Embracing Regulatory Technology is an investment in the sustainability and relevance of your business. Licensees and advisers alike struggle to reconcile compliance, productivity, liability and expense control. It’s a difficult balancing act, but, in a complex and highly regulated market, doing so well is essential for maintaining a successful and sustainable advice business.

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The “promise” of digital advice

As financial services experts, we know that investors who do not use advisers, underperform when compared to the annual average returns to the market. We also know that studies have also shown that poor investment results are often a direct result of the investor’s behaviour, rather than the performance of the portfolio or its underlying assets. It should be obvious that automating some decision-making processes will help investors make better investment decisions and achieve better outcomes. So how do we explain the industry’s hesitation to embrace digital advice?

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