logo

From the Source

IOOF Alliances partners on governance solution for self-licensed advice businesses

19 Jun 2018
From

Andy Marshall

IOOF Alliances has partnered with specialist AFSL compliance firm Integrity Compliance to provide a range of AFSL support for IOOF Alliances members, including ccess to Integrity’s own GRC software.  This solution has been launched to IOOF Alliances members to help the businesses efficiently manage their AFSL compliance requirements.

IOOF Alliances offers a broad range of dealer support services to self-licensed advice businesses which highlights IOOF’s overall support and commitment to the advice industry to improving the quality and accessibility of financial advice for all Australians.

IOOF Alliances exists to help ensure AFSLs have the resources and capabilities to chart their own course in client service and delivery. We are able to deliver market-leading services by tapping into the considerable knowledge and resources of both the wider IOOF group and external consultants.

Andy Marshall, National Manager of IOOF Alliances, explains the rationale behind the new offering, “Our recent survey* of self-licensed advice businesses revealed that self-licensed AFSLs are focussed on rigorous compliance and effectiveness in managing their compliance requirements.  Having access to a technology solution provides our members with enormous robustness and certainty for their compliance processes”.

Rhett Das, Director Integrity Compliance said, “In light of today’s regulatory environment, it is now more important than ever to ensure that your AFSL is meeting 100% of its obligations. The GRC software allows you to record, manage and potentially mitigate your risks through the combination of having visibility and access to your data combined with efficient and repeatable business processes. As an example of this, imagine if your advisers could be assigned additional eLearning or remediation immediately upon an event such as an audit result or an entry into a compliance register. It’s these processes together with continual improvement that go a long way to maintaining the compliance of your AFSL.”

Other areas identified in the IOOF Alliances survey showed a strong desire for improved advice processes and client engagement efficiencies using technology, while business growth is front of mind for the self-licenced advice businesses.  IOOF Alliances members are currently trialling new advice software, and several initiatives around business growth strategies and technology are at various stages of deployment within the Alliances member AFSLs.

Tags:   

Earn CPD Points

  • CPD: A TTR strategy for modern retirement

    We are currently witnessing one of the most significant demographic transformations in Australia’s history. Over the next decade, an estimated 2.5 million Australians are expected to enter retirement[1]. This article, [...]

  • CPD: Trend following in uncertain times

    Trend following strategies aim to generate returns by capturing sustained price movements across a diverse range of asset classes. Unlike traditional investment approaches that rely on valuation or forecasting, trend [...]

  • CPD: Aged care advice and ethics

    Data from the Australian Institute of Health and Welfare (AIHW) shows that Australia’s population aged 65 and over is projected to reach 22% – or 8.8 million people – by [...]

  • CPD: AI governance – a practical framework for advisers

    Regulator scrutiny of AI governance just got serious In years to come, they may well call it the ‘Mythos effect’ – the point in early 2026 where all the concerns [...]

  • CPD: Thinking outside the box – providing a loved one a paycheque for life

    Australia’s great wealth transfer is well underway. An estimated $5.4 trillion is expected to pass from those aged 60 and over to younger generations within the next two decades.[1] In [...]

View more CPD