Off the back of the June webinar for PST, we've opened up discussion on the Insights Community to continue the conversation around Safe Harbour Legislation. Safe Harbour provisions are provided by ASIC as part of the Regulation Impact guidance to help advisers meet their Best Interest Duty. XPLAN can help you to make the best decisions possible to help you prove that you acted in your client's best interests throughout the entirety of the advice process.
Below I've consolidated some of the tips outlined in the webinar, but please, tell us what your one tip for creating a safe harbour is down below, or ask us any questions on the tips we've outlined here.
1. Have your clients fill the fact find themselves online using a client portal.
2. Install the Outlook Plugin to file note emails quickly.
3. Use Document Types/Subtypes to identify key Data Collection quickly.
Subject matter of sought advice
1. Make sure any Fact Find or Discovery meeting starts with the client’s goals and objectives.
Efficacy of sought advice
1. Put a checklist on the front of your Fact Find, that tells you when certain advice is requested, that certain sections are required. If you have a wizard, you could condition these fields to hide or show.
Provision of advice
1. Make sure your qualifications and areas of advice are entered into XPLAN. Doing so will allow you to conditions these fields against any sort of compliance check you wish to add during the advice process.
Relevance of Products
1. Make sure you use research tools that give you this information!
- WealthSolver for Super, Pension and Investments needs
- Risk Researcher for Insurance needs
2. Save your scenarios each time you model advice.
Your informed judgements
1. Have an SOA wizard that links your goals and objectives to your recommendations.
2. Link your SOA scenario to your research scenarios.
1. Provide your clients with a financial knowledge centre to help them learn more about money.
2. Provide your clients with an online portal so they can view their portfolio, advice documents or update you on life’s changes at any time.
Safe Harbour Checklist
If you would like a copy of the Safe Harbour Checklist Wizard and Template please let your Account Manager or Account Executive know.
The Safe Harbour Checklist Wizard can run independently or be linked to your Advice (SoA) Wizard and requires you to confirm you have completed each of the steps.
You are required to select the entities associated to this advice and the checklist via the XPLAN Entity Selector on the first page of the wizard.
Then add a brief description of the advice being provided that this checklist relates to, the date of the advice and then complete the checklist items. Additional information is available to help you step through this wizard.
On completion, MERGE Checklist and a file note is created and saved in your clients Notes in XPLAN. You may also like to view or print the word version which is generated.
Incorporate the wizard into your workflow as an additional task or we can embed the checklist into your custom advice wizard.
If you wish to have your own custom version of this Checklist or to explore other compliance tools available in XPLAN, the IRESS Consulting Tailored Solutions team can help you with this - contact us today and we’ll be happy to put you in touch with them.
If you do have your own site and would like this checklist, that’s not a problem – we can provide you with a copy of the wizard for you to upload to your site.
If you have never uploaded a wizard before, please also let us know and we’ll link you a guide to help with that as well.