With the FOFA requirements deadline fast approaching, the FPA says thousands of advisers have attended the association's national roadshow seeking regulatory guidance.
FPA general manager of policy and conduct Dante De Gori said the number of advisers registering for the national roadshow was an indication that advisers are “looking for practical tools and support” on how best to approach their business under the industry reforms.
“The FOFA reforms were only settled at the end of 2014 and the best interest duty requirements remain fairly new and untested,” Mr De Gori said.
“For this reason, our roadshows this year focused on supporting planners through these changes by sharing practical guidance on how to provide high-quality financial advice to their clients, in a way that meets their best interest obligations.”
The FPA said nearly 3,000 financial advisers have registered for its 2015 national roadshows, with two more still to take place.
During the first, held in Sydney, Mr De Gori explained that the “biggest issue” for advisers when meeting the opt-in obligation will be the 30-day rule.
"In terms of helping [advisers] with that process, one of the things you should consider of course is what clients of yours are actually captured by the opt-in obligation," Mr De Gori said.
"Make sure those dates are sorted out."
Mr De Gori added that communication will be key to engaging with clients during the opt-in process, especially for clients who may be slow to respond.
"Communicate before you send out, communicate when you send them out, and communicate after you send them out," he said.
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