Compliance

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How do you know your financial advice is suitable?
by Tony Vidler        Knowing that your financial advice is suitable for a client is something that every professional adviser is willing to attest to, but proving it when challenged can be incredibly dificult. Advisers are increasingly being challenged and therefore seeking assurance that their practices are robust and will withstand such scrutiny.  Whether that scrutiny […]
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SOA
A Statement Of Advice should be a “statement”
by Tony Vidler        When it comes to providing advice in writing to a client there is undoubtedly unnecessary complexity usually.  In fact the proverbial “Statement Of Advice” has become anything but a “statement”.  It generally takes the form of a tome… And a “tome is a scholarly work…usually large, heavy and laborious in its detail“. […]
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Pro Bono work: it is still professional advice
by Tony Vidler        Oddly, I was asked whether pro bono work is still considered professional advice, implying immediately that it carried some lesser responsibility on the part of an adviser simply because they were not earning revneue from it. Why would pro bono clients deserve any lesser standards of ethical behaviour, professional competency or […]
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Compliant Advice: Here are the only 3 things that matter
by Tony Vidler         Whenever the topic of compliance, or the “advice process”, comes up most advisers see themselves like this: Everyone is throwing everything at you with the sole intention of destroying you, right? As a consequence, compliance is largely considered a burden.  As is usually the way of these things a substantial body […]
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Building Your Reputation: Talk About The Elephants In The Room
by Tony Vidler        When Accountants struggle to be highly trusted then financial advisers are going to have a real battle doing so.  If the Accountants only get rated as “Highly trusted”  in professional ethics and honesty by less than half the population then what chance that an Insurance Broker will rank higher in the […]
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The 5 Levels Of Professional Competence
by Tony Vidler        Professional competence is now a clearly demonstrable thing isn’t it? Or is it?  Can an adviser be considered as having competence and incompetence simultaneously? I think so. Competence has been a primary focus of regulatory reform, and that’s fair enough.  Consumers have a right to expect it from their advisers and […]
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Imagine if we REALLY were 100% honest with clients
by Tony Vidler        We are expected to be 100% honest with clients, and total honesty with clients is a wonderful concept but 100% honesty in all things with our clients would kill the relationships and kill the industry. Don’t get me wrong: I believe in full transparency and ensuring consumers get all the information […]
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Compliance Can Be Torture For Consumers
by Tony Vidler        Compliance has a lot to answer for.  Compliance can be torture for consumers, and that is not good for them or the industry. One of the truly negative consequences of evolving best practice advice standards is the trend to torture clients with excessive paperwork.  Now torture is a rather harsh word, and […]
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How to create a MORE effective client report
by Tony Vidler        The typical financial planning report or statement of advice produced for clients is ineffective.  An effective report gets the key points across as quickly and as simply as possible, so that the reader understands them, and is then able to make decisions relatively quickly and easily.  It will engage, motivate and rapidly […]
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The times are a changin’…Business as usual is a dead end!
by Tony Vidler        The difference between any two professional practices filled with well qualified and well meaning people is usually that a different culture exists in each. All businesses develop a “way we do things here” over time…whether they meant to or not.  A culture evolves within the business…whether you wanted it to or […]
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