Performing more client reviews will allow your business to breeze through FoFA compliance and continue to go from strength to strength.
This is the opinion of Financial Wisdom’s Mark Balantine, who told Wealth Professional TV that this should be a major priority for advisers next year.
“2013 is a really exciting year. We’ve got FoFA next year, and it’s a great opportunity for a lot of advisers to build their business around their future and FoFA,” he said.
“Do more reviews. FoFA, if anything, is about being with your clients and reviewing your clients. If clients are engaged with you at review time, they know what they’re paying for and they value it.
“That means fee disclosure statements are going to be a breeze. That means that opt in will be a breeze. So do more reviews, keep your clients engaged and your business will continue to grow.”
Announcer’s Andrew Rocks added that it’s important to remember that you’re not alone, and that seeking out the support of other industry stakeholders can be vital.
“Please just go and find yourself like-minded financial planners, an institution that understands you … as well as an industry body, just to talk,” he said.
“You’re not alone. Everyone is faced with exactly the same challenges. The market will come and go. This is a big change, and don’t feel that you’re isolated. Ask for help.”
For more essential tips for the year ahead, view the video in full here.