BT has updated Wrap Desktop and AdviserNET in an effort to help advisers operate in a post-Future of Financial Advice (FOFA) environment, the company has announced.
Wrap Desktop and AdviserNET have been updated to allow advisers to produce and track fee disclosure statements (FDSs) via the platform and export relevant fee information directly when creating statements, BT stated. Advisers can also use the new tracking tool to manage fee disclosure dates, which include agreement start dates and anniversary dates, according to BT. Opt-out statuses can also be tracked via the platform.“The FDS produced will provide advisers with all the ongoing advice fees charged to their client,” said Kelly Power, head of platforms at BT Financial Group.“This functionality is highly customisable – allowing advisers to select the fees they wish to specify and enter the description of the services provided to meet their specific needs,” she added.“The FOFA reforms are broad and significant and we have worked with dealer groups and advisers to design simple flexible solutions to support them in their compliance obligations.”
Comments powered by CComment
The super trustee has been penalised for deducting $3.8 million in fees from members for advice services they did not ...
Following a guilty plea earlier this year, Fong Financial Planners has been convicted and sentenced for three counts of ...
With the ASIC levy already imposing a significant burden, the industry is worried about the potential consequences when ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin