Finding the financial planning licensing sweet spotBY EUGENE ARDINO | FRIDAY, 16 NOV 2018 9:04AM With the heat temporarily dissipated on the debate about the best way to regulate financial advisers following the handing down of Commissioner Hayne's interim report, now ... Upgrade your subscription to access this article
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To be successful it is important to have access to at least a peer review as well as a compliance check on your advice. It is almost impossible for a sole practitioner to meet the compliance obligations imposed by ASIC and have the time to provide face to face advice effectively. The cost of professional indemnity insurance will also be an issue.
We employ a compliance manager who reviews every SOA to ensure they are compliant. In addition we use the services of an external legal firm to review our advice documents on a regular basis.
The benefits include the ability to set your own rules providing they meet compliance.
I see the future as non-aligned financial planning practices, where a number of advisers group together to obtain their own licence and have the ability to jointly manage their advice obligations.