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AFSL compliance tools must include client voice

Financial advice compliance and engagement tools need to include the voice of the client, not just the adviser, in order to adequately meet AFSL obligations, according to SuiteBox.

SuiteBox regional sales manager for Asia-Pacific, Andy Marshall, wrote in an article for ifa sister title Risk Adviser that financial planning software and customer relationship management (CRM) tools are normally under adviser control and “decidedly one-sided”.

He said that compliance documents such as the financial services guide (FSG), the statement of advice (SOA) and the product disclosure statement (PDS) are missing “the rich record of conversation between the client and adviser”.

“If in 2017 you want to capture the hearts and minds of the consumer, to promote your brand in a positive way, to provide a process that leads to informed consent, that protects your adviser representatives but also allows them to deliver engaging, efficient and compliant advice, then having a tool that does this as part of your offer not only makes sense but is an essential tool,” Mr Marshall said.

Mr Marshall noted that for AFSLs to meet licensee obligations, the client’s voice should be given volume during the most critical parts of the advice process; from the adviser outlining the goals of the client through to the client understanding the consequences of implementing the advice.

He said AFSLs would find it very easy to provide such tools as part of their dealer services, and would represent less than three per cent of typical dealer fees that advisers pay.

“But most of all, the people you would be protecting the most, and delivering a world-class experience and engagement, would be the end consumer.” 


SuiteBox was recently announced as a finalist in the inaugural Fintech Business Awards. 

Adrian Flores

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].