Guardian Advice runs FOFA workshops, showing advisers how to demonstrate value of advice to clients

SYDNEY - May 26, 2013 - PRLog -- Risk specialist dealer group Guardian Advice will run comprehensive FOFA (Future of Financial Advice) workshops in June to reiterate to advisers their key responsibilities under FOFA, and coach advisers in demonstrating the value of advice they provide to their clients.
Running nationally from 5 to 24 June, more than 200 advisers will attend the full day workshops which will:

 Wrap up the legislation, obligations and consequences of FOFA, and give advisers the tools and resources they need for FOFA compliance.

 Show advisers how to articulate the value of advice in line with FOFA’s requirements around ‘Best Interest Duty’.

 Through risk advice expert Chris Unwin, show advisers how to demonstrate the value of their advice, ensuring advisers can run a sustainable business in a post-FoFA world.

Guardian Advice head Simon Harris said: "Over the past two years, we have taken Guardian advisers on a journey of education and regular communication to become FOFA-ready. Our workshops will ensure advisers have the knowledge and tools to clearly demonstrate the value of the advice they provide to their clients.

"We’ve invested enormous resources, IP and time in our FOFA-readiness program and I’m confident all of our efforts will help protect our advisers’ businesses. We’ve been discussing at length with advisers the obligations and consequences of FOFA through our FOFA expert Kylie Blundell, providing multiple FOFA sessions at master-classes, state conferences and PD days, working on how to price advice, and facilitating the fee-disclosure process by helping advisers utilise technology in order to meet their new obligations in an efficient manner.

Mr Harris said what had been lost in the FOFA preparation by other groups was a focus on advisers creating stronger, more regular engagement with their clients. This is an area Guardian has been deliberately focussing on in planning for FOFA’s introduction.

"People have got too caught up in the mechanics of FOFA, when really the key requirement of FOFA is about better client engagement, and communicating the value of what advisers do for Australians every day," he said.

"Under FOFA, upfront and ongoing fee disclosure will become even more transparent to consumers, and advisers will need to prove the value of their advice and that it is worth paying for."

Guardian will also launch at the workshops two new offers to support advisers’ FOFA compliance, including:

 Advice Assurance Methodology . This methodology will address the new requirements that must be must met under FOFA world, such as providing Fee Disclosure Statements for clients. Training and communication will be facilitated via PD Days, Guardian’s adviser newsletter and webinars.

 Advice Documentation Suite. A new suite of advice documents to help advisers meet their new obligations under FOFA, including new processes such as Fee Disclosure Statements and a new suite of SOA documents to help advisers meet ‘Best Interest Duty.’

The invitation is also open to non-Guardian advisers who are looking for a dealer group to support them comprehensively through their transition to FOFA. To register to attend a workshop, contact Patrick Casey at: pcasey@guardianadvice.com.au

Dates and locations for Guardian Advice’s FOFA Workshops:

June 5 (QLD): Victoria Park, Herston Rd, Herston

June 7 (NSW): Newcastle (location TBC)

June 11 (VIC): Park Hyatt, 1 Parliament Square, Melbourne

June 13 (WA) : South of Perth Yacht Club, Coffee Point, Applecross (cnr. Duncraig & Canning Beach Rds)

June 17 (SA) : Asteron Life offices, Level 18, 45 Grenfell Street, Adelaide

June 20 (NSW - Sydney): Tyndall Fund Academy, Level 31, 420 George St, Sydney

June 24 (NSW - Canberra): Canberra (location TBC).

-ENDS-

MEDIA CONTACT

Helen Han, Suncorp Life Corporate Affairs: 0457 535 639 / helen.han@suncorp.com.au