Who proactively asks their software stack providers about security?
The results are in from ASIC's Cyber Pulse Survey, and the report has been released (12th November 2023). So much to unpack! One of the points they make is around supply chain risk. Without looking at the survey, I'm interested to know your thoughts on the percentage of advice firms that have already asked their software stack providers about the levels of security they have in place and can provide the evidence to show they did their DD. What percentage do you think have this on file?Does everyone understand the “why”?
When working with clients, we are often asked to focus on processes and governance so the business can minimise their risks while driving efficiencies and reducing costs. We often find what happens “on the ground” could be their biggest risk. How often are you engaging with staff who are making sure the “doing” is getting done and they understand how critical they are in bringing to life advice provided to clients? How often do you think about what will happen if some/all of your key people involved in admin/support roles suddenly left the business? Who can step in and fill in the gaps to implement advice that has been provided to clients? Does everyone understand the role they play in the advice process and their “why”? Investing in staff is a crucial component in risk management and the success of a business. What are some of the things you are doing to invest in your people? We would love to hear some fun and different ways in how staff are brought along the journey and involved in the vision of the business, as well as ensuring everyone is across the “why”.What is limiting your efficiency?
It seems between compliance requirements, size of advice documents and the general administration practices need to keep up with, no one is feeling at the top of their game. I would love to hear what areas you are struggling with, or if you have found some solutions that may be helpful to us all!What has been holding up the adviser registration process?
Part of the Hayne Royal Commission recommendations was to add a new registration process for advisers. You might wonder why, given that we already had a Financial Adviser Register. Well this registration obligation contains more, including a fit and proper declaration. The primary hold up was a legislative change that the Government needed to get through first. The complication was that the Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 also contained other stuff, including changes to franking credits and reforms in the TPB space. The Bill has been in the Parliament since February. It finally passed today after the Government managed to get the support of the cross bench in the Senate yesterday, through agreeing to a number of amendments. One of those amendments, which was put through by the Greens, limited who can sit on the TPB Board and introduced a breach reporting regime for tax practitioners (including a reporting of other practitioners obligation, just like financial advisers). The Parliament is very hot on issues that can be linked to the PwC scandal. The Government pushed this through without consultation. There are a number of very unhappy groups, and rightly so; legislative change should be based upon broad consultation and a careful considered process. That was certainly not the case with these amendments. Anyway the path is now clear for ASIC to push forward with the registration process for financial advisers.What is your #1 efficiency tip for this year?
Are you streamlining client comms? Automating documentation? Updating your compliance process? Whether you are in the midst of planning, or are already in BAU - what is your number one efficiency tip for this year to ensure you are effective and able to achieve your 2024 goals? Let us know!Are you Registered as a Financial Adviser?
In late November, ASIC confirmed that all financial advisers would need to be registered by the 1 February 2024 deadline in order to continue to provide personal advice to retail clients. This new obligation, which includes advisers making a declaration of fit and proper status, was part of the 2021 Better Advice Bill. The commencement of the registration requirement, which must be undertaken by licensees, was deferred as a result of a delay in the Government passing necessary legislation. That has now been done. Advisers who were registered with the TPB at at 1 January 2022, and have not changed licensee since, are deemed to be registered and do not need to take any further action. You can check if you are registered by going onto the Financial Adviser Register and search for your record. Registration status appears at the bottom of the first box. It will either say Registered or Not Registered. As at 18 December 2023, only 50% of advisers were registered. This does not apply to Provisional Financial Advisers doing their Professional Year. For more context on this obligation, please read ASIC Information Sheet 276. Make sure that you are registered, and if not then follow up with your licensee. Time is short!AMA: I'm Katrina Yung, Xplan WealthSolver expert, Ask Me Anything!
Do you have a burning question about Xplan WealthSolver? Need help with making the most of its comparison capabilities? Join me here on Wednesday 9th October from 2pm to 2:30pm. With years of experience helping advisers deliver retirement and investment advice efficiently, I’m here to help with all things WealthSolver. Start popping in your questions below and Ask Me Anything! ❗️Update: This AMA has now ended but please continue to pop your questions in thediscussion forums and make sure you tag me at katrina.yung
