FoFA Implentation
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Transcript of FoFA Implentation
![Page 1: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/1.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
F OFA I mplementation for SM E L icensees and R esponsible M anager s
C laire W ivell Plater
![Page 2: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/2.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
F OFA R efor ms
![Page 3: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/3.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
F OFA R efor ms
![Page 4: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/4.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
![Page 5: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/5.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
Waiting for the F OFA R efor ms
![Page 6: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/6.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
C lient E ngagement
![Page 7: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/7.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
C lient E ngagement Today
![Page 8: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/8.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
C lient E ngagement Today
![Page 9: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/9.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
E ffect of F OFA - Tr ansparency
![Page 10: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/10.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
E ffect of F OFA – Piece–by-Piece A dvice
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FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
A dviser Obligations
![Page 12: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/12.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
B est I nterests Obligation
![Page 13: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/13.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
B est I nterests Obligation
Identify client’s needs, objectives and financial situation
Identify what advice the client has asked for
Obtain complete information
Tell client if other advice might be more suitable
Check that you have the necessary expertise
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FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
B est I nterests ObligationAssess whether financial products are needed to meet clients objectives
Investigate suitable products
Consider disadvantages of replacement
Provide appropriate advice
![Page 15: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/15.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
B est I nterests Obligation
![Page 16: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/16.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
B est I nterests Obligation
![Page 17: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/17.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
K ey I ssues
Advice requirements will be client driven
Financial products not the default option
Judgements based on client needs
Client’s interests first
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FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
Takes the same amount of time
Requires greater reliance on adviser’s skills
Consumers don’t know what they need
Puts clients at risk
Risk management
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FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
Scaled A dvice
![Page 20: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/20.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
Scaled A dvice
![Page 21: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/21.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
Single I ssue A dvice
![Page 22: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/22.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
Scaled A dvice
![Page 23: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/23.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
Scaled advice
![Page 24: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/24.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
T ips for giving scaled advice
![Page 25: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/25.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
E ngagement Today
FSG Fact Find
Risk Profile SoA Advice Invest
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FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
E ngagement Today - W hat’s M issing?
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FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
L etter s of E ngagement
Services
Limits on Advice
Deliverables
Frequency of Contact
Remuneration
![Page 28: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/28.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
L etter s of E ngagement
Billing Arrangements
Client’s Responsibilities
Conflicts
Duration and Renewal
Termination
![Page 29: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/29.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
L etter of E ngagement
![Page 30: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/30.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
F PA C ode
Set out terms of the engagement
Specify limits on services
In terms the client can understand
Provide a copy to client
![Page 31: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/31.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
L etter s of E ngagement
![Page 32: FoFA Implentation](https://reader030.fdocuments.us/reader030/viewer/2022020200/568c349d1a28ab0235911f53/html5/thumbnails/32.jpg)
FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
Your Ser vices
What will you charge to:
Advise
Implement
Review
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FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
Opt I n
Annual -Statement of Services and Fees
2 Yearly -Renewal Notice
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FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
E ngagement – Post F OFA
Initial Engagement
FSG
Fact Find / Risk Profile
Advice / SoA
Implement
Arrange Investments
Arrange Insurance
Ongoing Services
Monitor
Review
AdviceSoA / RoA
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FPA 2011 NATIONAL CONFERENCE. 16 – 18 November. Brisbane Convention & Exhibition Centre.
TOGETHER WE’REraising THE BAR.
C laire W ivell PlaterG old Seal R isk M anagement
Ser vices Pty L imited
E : clairew@ goldseal.net.auT: 02 8353 6604