Accountants/Lawyers and Family Trusts
As trusted professionals many accountants and lawyers have concerns for clients with investments or want to assist them with robust provider selection or perhaps provide them with a trustworthy referral. Unfortunately, few have any formal training in investment governance or investment best practices and as a result, are hesitant to be proactive.
Under new legislation being introduced in 2010, providing any opinion about investments will constitute "advice" requiring formal registration as an "Authorised Financial Adviser" and compliance with the new "Code of Professional Conduct For Authorised Financial Advisers".
Professionals will thus have one or more of the following three roles and need to be very aware of the boundaries and how they can practically make a difference without being an "Authorised Financial Adviser".
Trusted Professional - Accountant or Lawyer - who can best assist clients by:
- Helping them ask great questions to differentiate between service providers
- Knowing the criteria upon which to base referrals
Professional Trustee role - on committees, boards or family trusts
- Instigate a defined fiduciary quality management system
- Help other trustees focus on what really matters
- Ask questions with greater confidence
Authorised Financial Adviser (under new "Code")
- Differentiate your services as truly professional and compliant with a defined fiduciary standard
- Embed and articulate a principle based approach
- Move beyond a minimum, rules based mentality
Training and Customised Workshops
Attending the Accredited Investment Fiduciary (AIF) training or hosting our 'Fiduciary Essentials' customised workshop internally (that clients could also be invited to attend) are the foundation for each of the above roles.
View the outline for the AIF Program and Fiduciary Essentials workshop.
Talk to us about our independent "fiduciaryLINK" support for your role or your clients needs. We provide practical assistance for trusts and clients addressing:
- reviews of portfolios for compliance against fiduciary best practice
- reductions in costs and fees
- thorough due diligence for the selection of trustworthy providers
- achieving better diversification and risk control
- ongoing monitoring support ensuring value for fees paid