A time of crisis for clients; an opportunity for Advisers to demonstrate their value in being the professional fighting for them.

The COVID-19 crisis has created an acute need to provide sound financial advice to new clients. It’s also a time to offer a calm and reassuring perspective to existing clients. Financial Advisers are well placed to demonstrate their worth beyond picking good products.

Many forces are driving towards more documented pieces of advice being given to more clients, especially Records of Advice (RoAs).

Whether it is the need to provide portfolio adjustments in a volatile market, the recent comments by Senator Hume regarding the need for ‘single issue advice’ or the current SoA exemption for early access to super, compliance and Quality Assurance teams now face an escalating challenge of keeping up with the increased file volume to make sure all advice is properly documented.

From our work with leading Licensees, we’ve seen that the most successful provide advisers with clear guidance on what is expected in an RoA, and templates to efficiently produce large numbers of advice documents.

Until now, supervising the use of the licensee standards has been a matter of reviewing files after the fact, and hoping to catch and address any shortcomings.

Using TIQK, QA and compliance teams can quickly and easily maintain oversight of all the advice given in near real time, identify advice that may have higher than normal risks to be reviewed by a human expert, and build up a database for monitoring licensee-wide risks.

From SoAs, to RoAs and Portfolios

At TIQK, our focus so far has been on the Statement of Advice (SoA) as the key Licensee control document.

We’re now getting ready for the next leap forward to help Licensees automatically review all the key documents and data sources produced in a Client-Adviser relationship.

We call it Portfolios and the first feature — the ability to review of Record of Advice (RoA) files in addition to SoA files — is ready today, making it easier to review the increased number of RoA files generated during this crisis.

Using it easy: just select “Record of Advice” when uploading files into TIQK:

In seconds the RoA review is performed. Any risks or issues in the file are flagged, to the level of detail you’ve come to expect:

Ready to help you review RoAs, today

With this new feature we’re helping Licensees review the increased volume of RoAs generated during this crisis — and ultimately helping them give their clients sound advice to navigate the uncharted waters we all find ourselves in.

To get started with RoA file reviews, contact our Customer Success team today.