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Government announces QAR response
Quality of Advice Review, AFSL, Financial Advice Practices, Compliance obligations Guest User Quality of Advice Review, AFSL, Financial Advice Practices, Compliance obligations Guest User

Government announces QAR response

Conrad Travers shares his thoughts about Minister Stephen Jones today’s announcements in mid June 2023 regarding the government’s response to the Quality of Advice Review (QAR).

A summary of the government’s response; assuming this passes the legislative process:

  • Safe harbour removed from BID.

  • Ongoing fee renewal (FDS) removed and fee consent to be consolidated in one industry wide form.

  • SOA replaced with "fit for purpose" advice record

  • Wholesale warnings to come in

  • Consent requirements for life, general and CCI

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“I need technology to solve inefficiencies…I think?”
Case Study, Financial Advice Practices Guest User Case Study, Financial Advice Practices Guest User

“I need technology to solve inefficiencies…I think?”

We worked with a fantastic one adviser practice struggling with advice process, documentation and the value provided for clients.

Attempts to get guidance from their licensee and turning to a technology solution to generate filenotes quicker failed, as neither option was customized nor getting to the root of their problems.

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Advice complaints on the decline but ‘getting more complex’: AFCA
Tangelo in the media, Financial Advice Practices, AFSLs, QAR, Quality of Advice Review, Regulatory Reform Guest User Tangelo in the media, Financial Advice Practices, AFSLs, QAR, Quality of Advice Review, Regulatory Reform Guest User

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 panelist 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. “

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Get to the point - clear advice will win out
AFSLs, Financial Advice Practices, Regulatory Reform, QAR, Quality of Advice Review, Tangelo in the media Guest User AFSLs, Financial Advice Practices, Regulatory Reform, QAR, Quality of Advice Review, Tangelo in the media Guest User

Get to the point - clear advice will win out

Tangelo Advice Consulting’s Conrad Travers was quoted in Professional Planner’s coverage of the Quality of Advice Review discussion at the FAAA’s 2023 United Association Roadshow in May 2023.

Tangelo Advice Consulting principal consultant Conrad Travers predicted licensees would adapt and lift the supervision and monitoring frameworks in place to make sure the advice being given is clear. “I would recommend for new clients, even if they don’t ask for it, to give them a simple summary of the advice,” Travers said. “That could be five pages and make the advice really clear – what are you recommending and what are the next steps to the client. Beneath that, cover off the additional scenarios that you might have considered just in summary format, then the risks and the fees. If you do that, that’s best interest.”

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