Further advice provides an opportunity to revisit your client’s goals and any changes in the external environment that may impact their financial plan. It is also an opportunity to help your client address financial planning needs that were not included in your previous advice.
Your professional obligations in the FPA Code of Professional Practice aim to enhance your relationship with your client and encourage transparent and client-focused communication in all your advice interactions, including further advice. Whether you have an ongoing arrangement with your client or not, your professional engagement encourages you to keep in contact with your client to inspire them to work with you and seek further advice to help them achieve their goals.
It is also important to remember that you must continue to meet your best interest obligations when providing further advice – it must be provided in the best interest of and be appropriate for your client, and you must place your client’s interests ahead of your own, your licensee and related third parties.
The attached booklet focuses on the client experience and applies the professional advice methodology presented in the FPA's 2015 booklet, Taking other steps – Best interest advice in a strategic world*, to the provision of further advice, including the advice arrangement, reviewing client circumstances, needs, and goals and client communication.
The FPA understands that each client is unique and each advice practice is distinctive. Therefore the tools and practical tips in this booklet are examples of professional solutions to providing further advice that meets your client’s goals and needs, and to demonstrate the value of your services to your client.
The purpose of this booklet is to prompt you to think about how you represent your advice information in a clear, easy to follow manner that enhances your client’s advice experience, and meets your professional and legal obligations.