Professional Investment Services (PIS) has welcome the commencement of the Future of Financial Advice (FOFA) reforms, particularly requirements around the best interest duty, claiming its advisers are ready for the changes.
PIS chief executive John de Zwart said that as a non-institutionally owned dealer group, his company’s operating model more naturally aligns to the “best interests” feature of the reforms.
“As the leading independent advice service group, we are ideally positioned to grow as financial planners and accountant seeks the best home for themselves and their clients, where advice and product are not institutionally owned,” Mr de Zwart said.
“We welcome FOFA and the confidence these reforms will instil in our industry and the renewed sense of pride and purpose in what we do.”
Mr de Zwart added that PIS is well positioned for FOFA, with a number of resources in place to help adviser meet legislative requirements.
“Over the past twelve months we have redesigned our service model and processes, delivered training, education, a new advice and payment system, revised advice collateral and a range of online tools to ensure our adviser are ready for FOFA,” Mr de Zwart said.
“It has very much been a collaborative effort, with advisers being involved in every step along the way.”
“Our advisers are FOFA-ready and importantly, will also be able to grow their business by providing an even higher level of advice and service to their clients.”
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