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Implementing the New AI Usage Policy for Financial Advice Businesses.
Join us for a comprehensive session featuring experts from Finura Group, Tangelo Advice Consulting and The Cyber Collective as we navigate the complexities and opportunities of AI integration within the financial advice sector.
Webinar Highlights:
Ethical AI: Learn how to leverage AI tools responsibly, ensuring your practice aligns with the highest ethical standards.
Controlled Implementation: Understand the new AI Usage Policy designed to guide financial advisers in implementing AI technologies securely and effectively.
Expert Insights: Hear from industry leaders on best practices and real-world applications of AI in financial advice
Interactive Q&A: Engage with our experts, addressing your concerns and questions about AI integration.
Expect spike in tech costs next financial year
“Advice firms have also been warned that technology and software costs will rise considerably in the coming financial year, likely to be well above inflation.” Tangelo’s Selin Ertac and Conrad Travers joined Finura’s Peter Worn to discuss tech for advice businesses.
Advice complaints on the decline but ‘getting more complex’: AFCA
Tangelo Advice Consulting’s Conrad Travers was quoted in Money Management’s coverage of discussions at the FAAA’s 2023 United Association Roadshow in May 2023.
“Fellow panellist Conrad Travers, director and principal consultant of Tangelo Consulting, believed it was important in all this to make the actual advice the hero.
He said: “We need to balance out the efficiency you’re going to get with making sure the advice is actually clearly provided to the client. I would recommend new clients, even if they don’t ask for it, give them a simple summary of the advice. “It could be just five pages, [but] make the advice really clear — what are you recommending? Why are you recommending it? What are the next steps for the client?” He agreed with Singh that the client file was just as important as an actual advice document. “You’re probably sick of hearing of compliance about the file notes, but it’s going to become even more important. “Licensees will need to provide guardrails to advisers to explain to them how to get this win while protecting themselves but also treating the client with respect with a nice, simple summary of the advice,” he said. “
‘Game changer’ ATO consultation on advice fees launched
Conrad Travers of Tangelo Advice Consulting has been working with the FPA to campaign for expanding tax deductions for financial advice fees. “We believe there is a strong case under both 8-1 and 25-5 for all financial planning fees to be deductible,” Travers says. “We believe that in our current environment, around 75 per cent of the strategies an adviser recommends have a tax component to them.” Travers says the firm looks forward to a potential win for advisers and their clients.
Prepare for ASIC to focus on small end of town
Businesses need to plan for the fact that ASIC could come into their business. Explaining something away or saying “I haven’t done that sorry” no longer cuts it when you run a licensee. If they do come in, they are not going to worry about how you feel.