Trynkett believes it has “trumped” major industry software developers with its release of the SmartOPTS App, according to Peter Morrison-Dowd, consulting adviser at Trynkett.
“SmartOPTS has been designed to take the compliance of fee disclosure and opt-in and turn it into a client value position that highlights the work that advisers do behind the scenes for their clients,” the announcement read.
“The company believes that if all a statement does is show cost, be prepared to lose clients who wonder what they are paying for.”
Morrison-Dowd told ifa the app offers advisers the “highest level of engagement” they’ll have with a client, without increasing labour costs.
SmartOPTS is part of Trynkett’s WealthMAP solution, developed over four years with input from 370 advisers and 1,500 of their clients.
Fedup,
Ok we get it! You don’t like Labor,and that’s fine. Political parties are only there to accommodate people who cannot think for themselves anyway.
Your comments about “mindless morons” is a bit like the pot calling the kettle black. Your post was difficult to understand, with poor spelling, sentences without verbs etc, and riddled with unsubstantiated paranoia.
If you can’t find something positive or constructive to offer to the debate, why post at all? Your post only serves to demonstrate your own ignorance.
I cant wait untill the bays at Labor implement these rules for the unions. which im sure they will. A report every year what benefits they provided, costs, kickbacks and by no way would you have to join or be forced out of a job if you didnt join. No union fees if you didnt want to pay. Labor, a perty of mindless morons.
James T
It appears Lauren B and Trynkett have missed the whole point of an FDS. You cannot include’generic’ services as the services you offered to provide. They must be the services the client agreed to pay for. Of course some of these services may be common to all clients. You must also state which of these agreed services (which the client paid for)have been provided. It is an offence to include misleading information.
BTW – Poddy, have you got those dates yet?
Poddy,
The obligation to send an FDS to a retail client who has been given personal advice and is charged an ongoing fee commences on 1 July 2013 (other than if you have elected to comply earlier – only 5 licensees have). You have stated I am wrong – please tell all of us what the date is!!!!!
At the moment one of my fellow coworkers is taking the flack for what I have said and I would just like to note while he is away that it was not him. You will not find out who I am and if you do you will not expect the answer that you will find there.
Well as a compliance manager who does understand FDS requirements Lauren B and Poddy seem to have NFI.
I dont work for Trynkett Technologies so you can stop with those comments please!
Fact is I have been worried about FDS and how it will impact on my business, my platform provider (IOOF) can split out the fees but it cant show the work I do hence why when I got told of this app I contacted them.
I dont want my clients thinking I dont do anything, I dont have the time to be talking to them every day nor do they want that but when they get the FDS and see my fees I want them to see my value. I like what I saw, still sitting on the fence to see if my Dealer Group will do anything but if they dont Ill most likely use this as I believe it will work for my practice.
BTW, surprise some of you appear to not understand the rules of FoFA
Booked in for a demo on Tuesday so I’ll give you all a heads up after that
Seriously?
I actually work at Trynkett and can tell you Poddy and Lauren B. are not legitimate users. They are the the CEO and one of our female marketers trying to “fix” this issue. I just want to make sure this is know because it is immoral and they should not be pretending to be others to try to market their product better and should instead be themselves and answer questions or clear up any issues.
There are more posts coming that will all sound positive about this and is just them making more and more accounts to spam this with their message.
@ BONE,
think you better read your FoFA notes if you think it only starts 1.7.13
With that comment I have to ask are you an adviser or just a troll as your facts are wrong and you better talk to your compliance people urgently
Why is it only Laruen B that is defending this? Something real fishy is going on here.
Lauren B, you say you have never been a fan of doing FDS. The requirement to do an FDS has not started yet. Just to keep you up to date – the obligation to give a client an FDS doesn’t start until 1 July 2013.
If Trnkett has something positive to offer the financial services industry we will listen.
Yes Sceptical, they are an employee of Trynkett.
Ha ha Lauren B do you work for Trynkett Technologies? You’re testimonial seems vague.
Never been a fan of having to do these FDS’s but I have just completed an online demo and I have to say I am very impressed, these people have aced it. I was worried about how to actually show my value through an FDS but I believe this is now easy to do so I no longer have any concerns.
Gerry I agree that the entire FDS requirement could well end up an expensive failure. FDS is an absolute joke in it’s current form. It is a useless disclosure document which does not disclose commissions or risk commissions and discloses less than an SoA. It also does not match up with what is disclosed in a SoA or product statement so how confusing is that to a client. The time and cost to implement FDS requirements is a huge burden to the industry of which the cost will ultimately be passed on to the client and falls a long way short of providing a true fee picture to the client. Pathetic.
Will this end up like the pink batts scheme, where everyone jumped on the bandwagon, loaded up on inventory, then it gets pulled as an expensive failure…..time will tell I guess
Sceptical is right. Trynkett Technologies should read up on what the legalities of an FDS are before it flogs a product that will be a flop.
Love the idea of an app for clients to access their FDS, however how will the adviser services fees and the actual services the client received get into the app to generate the FDS? Also, the FDS doesn’t just disclose fees – it needs to state what the client received for the fee. And it’s a legal document not a marketing tool. It’s just like trying to turn a FSG or SOA into a marketing tool. Bit sceptical.