Joel Taylor
Leading non-institutionally owned licensee Fortnum Financial Advisers has developed an innovative professional advice framework in partnership with consultancy Good Advice Solutions, which is designed to help advisers accurately diagnose a client’s financial needs, meet their legal responsibilities and ultimately protect and grow their businesses.
As part of the project, Fortnum has also built a customised Xplan site in conjunction with Opex Consulting to seamlessly integrate front office client-facing activities and the back office.
The powerful combination of the Fortnum Professional Advice Framework and the enhanced Xplan interface forms the foundation of a fresh-look Fortnum with an invigorated commitment to helping advisers achieve deeper client engagement and efficiently deliver quality, compliant advice leading to improved outcomes, said managing director Joel Taylor.
“Many advisers are using an off-the-shelf advice framework supplied to them by an institutionally owned dealer group and engineered to result in the sale of financial product,” he said.
“As a non-institutionally owned licensee, we’ve custom-built an operational framework for the provision of advice which ensures improved outcomes for clients.”
Director of Good Advice Guyon Cates said the new advice platform would allow advisers to uncover a client’s true needs, identify their most pressing issues, and better demonstrate the value of strategic advice.
“The fundamental purpose of the new framework is to give advisers the tools to uncover what’s really going on in a person’s financial life because unless an adviser fully understands a client’s situation, they’re not in a position to act in their best interest,” he said.
“Ironically, the best way for advisers to meet their regulatory obligations is to look at the client through a professional lens, not a legislative lens, and really get to know them in order to determine the advice they require.”
The integrated platform includes a revamped Statement of Advice template, featuring a Better Position Statement which highlights key information upfront in an easy-to-read format. Xplan has also been configured to include a Working Document function for advisers to make, store and retrieve detailed file notes of any research, information and analysis conducted to derive an advice recommendation.
This additional step in the advice process aims to protect advisers against potential complaints or claims in the future by ensuring they’re able to produce evidence to support advice recommendations.
Elva Pica, Fortnum’s advice implementation manager, said the integrated advice framework protected both advisers and their clients, and would lift a practice’s operational efficiency, ultimately leading to higher productivity and an uptick in revenue.
“The new Xplan interface boasts improved design and usability, and allows advisers to tailor Xplan to administer their practice’s systems and processes,” she said.
“Using the advanced functionality of Xplan, our practices will be able to reduce the time and costs associated with delivering advice to their clients. Not only will this benefit their bottom line but it allows them to develop a uniquely customised solution which adds a point of difference in the marketplace.”
Fortnum’s new advice platform will be rolled out across the group’s Fortnum Private Wealth and FPSA network over the next few months.
The move follows Fortnum’s recent decision to end its longstanding dealer services arrangement with ANZ Wealth, under which Fortnum leveraged the bank’s advice systems and processes.
