In a statement, the licensee said it developed the framework in partnership with consultancy group Good Advice Solutions. The framework is designed to help advisers meet their legal responsibilities, protect their businesses and “accurately diagnose” a client’s financial needs.
The move to develop a framework comes after Fortnum recently ended its long-standing dealer services arrangement with ANZ Wealth, the statement said.
Fortnum managing director Joel Taylor said: “Many advisers are using an off-the-shelf advice framework supplied to them by an institutionally owned dealer group and engineered to result in the sale of a financial product.”
He added: “As a non-institutionally owned licensee, we’ve custom-built an operational framework for the provision of advice which ensures improved outcomes for clients.”
Good Advice Solutions Guyon Cates said the new advice platform would allow advisers to “uncover a client’s true needs”.
“The fundamental purpose of the new framework is to give advisers the tools to uncover what’s really going on in a person’s financial life because unless an adviser fully understands a client’s situation, they’re not in a position to act in their best interest,” he said.
“Ironically, the best way for advisers to meet their regulatory obligations is to look at the client through a professional lens, not a legislative lens, and really get to know them in order to determine the advice they require.”
As part of the project, Fortnum also built a customised XPlan site with Opex Consulting so advisers can integrate front-office and back-office activities.
Elva Pica, Fortnum’s advice implementation manager, said the integrated platform protects both advisers and their clients and lift a practice’s operational efficiency.
“The new Xplan interface boasts improved design and usability, and allows advisers to tailor Xplan to administer their practice’s systems and processes,” she said.
