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Are you effectively monitoring your advisers at a practice level? 

By 29 March 2019June 16th, 2021Announcements, Opinion

Recently we presented at a customer’s National professional development roadshow – a great opportunity to talk about the concerns that many practices who buy their dealer services from a licensee have

There were a few common themes: 


We learnt that practices want to provide clients with great advice that will make their lives better and they tell us that in return good advice leads to engaged clients who trust them and therefore moving to an ongoing relationship 

However, the challenge for advisers has always been to balance the pressure of “compliance” with the desire to meet client expectations, as well as growing their bottom line.  

Quality Practices

The gold standard of licensee compliance models has two key elements; assessing the quality of any given piece of advice and doing it as close to its creation.

Currently this practice is reactive – where a compliance risk may not surface for months after the advice was implemented – this can lead to poor customer outcomes, increased costs and potential for financial loss.  Up until now, the ability to shine the light on advice before it leaves the door has been associated with a hefty cost burden that could break the compliance model entirely.

But we know that advisers want happy clients who trust them and by checking what they have recommended before it leaves the office, means the adviser and client can trust the advice given, move forward to implementation, and we all know their business will be better for it. 

This captures the essence of a good “compliance” practice, and advice quality is improved through effective monitoring which in turn mitigates compliance risk. 


Up till now the answer has been to get more people, however, the emergence of technology like TIQK helps to flip the process from reactive to proactive.   

The message loud and clear is that technology at the coalface provides a great way for practices to manage the quality of their advice quickly and effectively. 

Technology plays an important role in supporting existing practices by providing: 

  • Speed – getting to the heart of the issue with problematic advice sooner can save hours in review 
  • Objectivity – technology shows no favour, the outputs from technology allows for objective assessment and analytics. 
  • Immediacy – the ‘impossible dream” of audited advice prior to its implementation is achievable now and the right technology should give immediate response and the opportunity to address gaps. 
  • Proof – Practices can demonstrate to their licensee or a regulator how advice is reviewed and improved prior to its implementation.  

In summary, we have seen through the Royal Commission that the ‘old way’ of running compliance at a licensee level is broken and it is time to look to the technology available to change and repair the process, to move towards an augmented technology and human process to manage compliance.   

Advisers have typically seen compliance as the ‘stick’, now it’s time to turn it into the ‘carrot’, the question to ask is – how can a licensee truly monitor and reward good behaviour if still using the same old processes.