Financial Advisers
Advisers wanting strong referrals, reliable client retention and reduced advice risk need to differentiate from those who are happy with minimum, rules based standards.
fi360 will assist you to review your current practices against the detail of a defined fiduciary standard, providing a basis for growth. This provides a unique opportunity to evidence genuine professionalism to clients and prospects alike.
Legislation requiring one to put a clients interests first (proposed NZ Code of Professional Conduct for Authorised Financial Advisers) or having a statutory fiduciary role (stated intent of Australian Government by 2012) is one essential step in addressing client misgivings about an industry that one could argue has been historically built around conflicts.
So how is a client or a committee to differentiate between providers and how can they know if the processes installed by an adviser or consultant delivers a genuine "fiduciary standard of excellence" rather than a minimum, compliance focussed approach.
In practical terms, clients and prospects usually make such a judgement based on the quality of questions asked by an adviser. An adviser that can ask pertinent questions showing an appreciation of fiduciary roles and obligations and who is able to articulate that their processes meet an independent, defined fiduciary standard, not just their own internal compliance manual, will impress and add genuine value.
Ultimately, independent verification of this advice standard by CEFEX on an annual basis is the perfect way to "prove" your approach is robust and trustworthy.
Specific Services for Advisers:
Training and Workshops
The AIF® program is the foundation of an advisers journey, providing the necessary detail to implement the professionalism that regulators, referral sources and the public are signaling they want to see evidenced by their trusted adviser.
Find out more about the AIF program or our 'Fiduciary Essentials' customised workshop.
Assessment
Informal or formal, independent assessment of internal processes that identifies opportunities for improvement and provides a basis for improved marketing of ones fiduciary commitment is invaluable. Using an independent service approach is invaluable as it is very difficult to be completely objective in assessing the very processes one has created.
Client Education Material
We can provide or guide the creation of appropriate educational material to enable differentiation, particularly to those clients and referral sources who appreciate fiduciary obligations such as accountants, lawyers and investment committees.