Guardian to help advisers prepare for FOFA
Guardian Advice has joined the fray in attempting to ensure its advisers are ready for the new Future of Financial Advice (FOFA) regime.
The risk-focused dealer group announced this week it would be running comprehensive FOFA workshops in June to reiterate to advisers their key responsibilities under the new legislative regime, and coaching advisers in demonstrating the value of advice they provide to their clients.
Commenting on the workshops, Guardian Advice head Simon Harris said it represented a further step in the journey Guardian had embarked upon in educating advisers in becoming FOFA-ready.
“Our workshops will ensure advisers have the knowledge and tools to clearly demonstrate the value of the advice they provide to their clients,” he said.
“We’ve invested enormous resources, IP and time in our FOFA-readiness program and I’m confident all of our efforts will help protect our advisers’ businesses.”
Harris said what had been lost in the FOFA preparation by other groups was a focus on advisers creating stronger, more regular engagement with their clients.
He claimed this was an area Guardian has been deliberately focussing on in planning for FOFA’s introduction.
AUTHOR
Staff Writer
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
