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Industry forgotten FOFA meaning: Guardian

Guardian Advice has announced it will soon begin running Future of Financial Advice (FOFA) workshops, indicating some parts of the industry have forgotten the intended meaning of the reforms.

The workshops aim to reiterate the key responsibilities of advisers under FOFA and coach advisers in demonstrating their value to their clients, partly driven by concerns the intended outcomes of FOFA may not be delivered “as well as they could be,” Guardian Head Simon Harris told ifa.

The workshops will include a wrap up of the legislation, obligations and consequences of FOFA, as well as show advisers how to articulate the value of advice in line with FOFA’s requirements around the best interest duty.

Harris said Guardian is concentrating on the importance of client engagement and has been for the last 18 months, saying a focus on advisers creating stronger and more regular engagement with their clients has been lost in FOFA preparation for some groups.

“People have got too caught up in the mechanics of FOFA, when really the key requirement of FOFA is about better client engagement, and communicating the value of what advisers do for Australians every day,” Harris said.

“At the end of the day it’s still around providing quality of advice for clients, and to do that we need to engage with them and build relationships with them,” he added.

The workshops will run nationally from 5 to 24 June and are open to non-Guardian advisers.