Claire Wivell Plater

The Australian Securities and Investments Commission (ASIC) is reminding Australian Financial Services (AFS) licensees that significant or likely breaches of their obligations must be notified within 10 days.

Managing Director of The Fold Legal (The Fold), Claire Wivell Plater says in ASIC’s view, AFS licensees become aware of a breach when the person responsible for compliance becomes aware of it. “However, they are often reluctant to report breaches until they have been considered by their directors or lawyers; they have rectified the breach; or, in the case of likely breaches, the breach has actually occurred.”

Ms Wivell Plater says ASIC is concerned that lengthy efforts to rectify a breach, even if well-intentioned, can compromise the regulator’s ability to take action. “Licensees should not panic when faced with a breach, because ASIC has indicated a strong willingness to work with licensees who take their breach reporting obligations seriously,” she says.

The industry received a heads up that ASIC is reviewing breach reports and licensees considered to be at high risk of non-compliance, in a speech made by ASIC Deputy Chairman Peter Kell to the Risk Management Association of Australia CRO Forum this week.

Ms Wivell Plater says ASIC makes decisions about what matters to prioritise for investigation from industry intelligence. “ASIC does not take action in relation to every breach but does look for patterns of misconduct within individual firms or across a market sector. ASIC also considers whether AFS licensees have robust systems for identifying and reporting problems.”

ASIC may consider an inadequate or late notification to mean that breach identification and reporting systems of the AFS licensee are not robust and/or that they have poor compliance culture, she says. “Failure to report a significant breach in itself is a breach. Not reporting until the problem is fixed can get licensees into more trouble than the underlying breach.”

If a licensee is already working on or has rectified a breach and it’s not serious or systemic, ASIC may decide not to make any further enquiries. “If the breach has not negatively impacted a consumer and no market harm has been done, ASIC may be willing to provide technical relief from the law or a no-action position. But the bottom line is, when in doubt, report.”

The Fold has extensive experience and a good track record in working with licensees and ASIC to efficiently minimise the impact of breaches.

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Around 85% of all advisers are associated with product manufacturers and it probably wouldn’t take a forensic examination of the numbers to conclude that the majority of Enforceable Undertakings from ASIC and disciplinary actions from professional associations in recent years have been handed out to the very large licensees and/or their representatives.

While it has been thirty years in the making, in many respects it has been a frenetic rush by the large licensees to accumulate massive amounts of funds under management. In the case of bank owned licensees, the rush was predicated on the deregulation of banking in 1980s; simply put with increased competition in home lending and related margin compression, banks had to find other arenas to generate profit and while the chase for funds under management was but one alternate source for them, it nevertheless has been integral in maintaining and then increasing their profits over time.

In the aftermath of the recent Senate Inquiry into the Commonwealth Bank’s scandalous management of both their planners and the related complaints, many planners might well be feeling they are being ‘tarred with the same brush’.  The news media will only ever tell their consumers bad news and with CBA et al, there has been plenty of it. It is wasted effort to think that at some stage the media will report the good that truly professional financial planners bring to the lives of their clients and their families. It’s never going to happen.

While the very large licensees feature prominently in the public relations damage caused to financial planners generally in Australia, it doesn’t take bad media to create dissatisfaction with the services provided to representatives by a largish licensee.  Advisers who have been in their role for several years might well question the value proposition of representing a licensee which they do not own and over which they have minimal, if any, say.  Areas such as levels of fee sharing and Approved Product Lists are two areas where concerns can arise.  And then there is the declining certainty of Buyer of Last Resort (BOLR) provisions.

So if you are serious about providing genuine professional advice and are tired of having a ‘guilt by association’ air about the business you represent or you are questioning the value for money you are receiving from your licensee, then you have a choice of two options. The status quo is of course the path of least resistance and for many, this is all they will ever want in their career. People who are happy to practice under someone else’s licence and who are happy to not take the burden of liability in the first instance. Note that failure to comply with a licensee’s legal obligations can still see representatives targeted for litigation – by the licensee.  For those who reject the status quo and who are really serious about building a professional services business, there is the option of applying for their own AFSL.

Gaining control of your business destiny

In 1995 at the annual FPA Convention, I presented a paper titled: “Gaining control of your business destiny – becoming a licensed dealer”. Back before the Financial Services Reform Act 2001 (FSRA), licensees held either a ‘Securities Dealer’ or an ‘Investment Adviser’ licence.  As the name suggests, dealers were licensed to ‘deal’ in securities; to arrange the purchase and sale of securities and they outnumbered Investment Advisers who could advise but not ‘deal’ in securities. Dealers could have either a ‘restricted’ licence or an unrestricted licence which generally meant the latter could deal in any form of securities. By contrast, generally speaking, restricted licensees were not able to deal in listed securities. As a side note, you will still often hear AFSL holders referred to as ‘Dealers’.

The 1995 paper was warmly received and criticised in seemingly equal proportions. Some existing licensees spoke against it during question time due to the simple (yet unspoken) fear of seeing their advisers leave and set up their own license. The supporters were advisers who had the reached the point in their career of questioning the status quo of working under another party’s licence.

Ten years later, in 2005, an adviser approached me at the FPA convention and said words to the affect that he wanted to thank me for that 1995 paper because it had prompted him to establish his own licence. At the time of the 2005 convention, he was in a ‘work-out’ period having recently sold his business for a very handsome amount of money. He said that getting his own licence was pivotal to being able to build his business under independent ownership and better prepare if for an eventual sale.

Changing licence eligibility

It’s now twenty years since I first obtained an AFSL (An Unrestricted Securities Dealer Licence in 1994) and the intervening period has seen a significant lift in the eligibility criteria. With the various iterations of the Corporate Law Economic Reform Program (CLERP) and the onset of the FSRA, it has become a more rigorous vetting process by the regulator.

However, it might come as surprise to some that it is far from difficult provided you study the requirements in detail and assess if you and your business can comply.

But first – what does your representative’s contract say?

Many advisers will have restraint of trade clauses in their contracts with their licensees which might have a serious impact on their cash flow once they leave and begin business under their own licence. The first point to make here is to be sure to have your lawyer review the contract so that you can make an informed decision about your situation if you obtain your own AFSL.

Your current contract might have a serious impact of the commercial viability of going out on your own. That said, it might just mean you need to plan how you will survive while you serve out the restraint period. One prominent adviser had a two year restraint of trade clause which he duly planned for in leaving his then licensee in 1997. The very day after his restraint period expired he commenced, with military like precision, a series of advertised seminars in towns and suburbs across the state he had former clients in and, he would proudly tell you, he eventually regained more than 90% of his previous clientele.

The easy part

The easiest part of applying for an AFSL is the application itself. The online form can be progressively saved on the ASIC site allowing you to continue completing the form at any time at your leisure. The key here is to know exactly what type of licence you are applying for. Some issues to consider:

• Will you want to be able to advise on listed securities?
• Will you want to advise on superannuation products?
• Will you want to hold a life broking licence?
• Will you want to advise on bonds and deposit type accounts?

The more difficult part

The more arduous part of the application process is the so-called ‘proofing documents’. These are the documents which you prepare to prove or validate the information you have given on the application form. This is where the largest time component is spent in applying for an AFSL and this is where you need to have a thorough understanding of the relevant legislation in order that you can demonstrate your capabilities and that of your organisation. It is possible for ‘sole operators’ to make application for an AFSL however the ASIC license assessors will be looking at the person’s resource capabilities to meet his/her obligations under the FSRA.

Regulatory Guidelines

In applying for an AFSL you will be referred to various Regulatory Guidelines (RG) and these are essential reading in the process of ensuring you will be able to comply with the requirements of the Acts.

In addition to the three parts of the AFS Licensing Kit, RG 104 Licensing: Meeting the general obligations is an excellent first source of information in assessing whether or not you will be able to meet the requirements of holding an AFSL. In this document you will find information on:

• Key compliance concepts
• Your broad compliance obligations
• Your risk management systems
• Your people
• Your resources

For example, RG 104.21 details how your obligations will be dependent on the nature, scale and complexity of the type of licensee business you wish to operate.

In regard to risk management, RG 104.62 states:

RG 104.62 We expect your risk management systems will:

(a) be based on a structured and systematic process that takes into account your obligations under the Corporations Act;

(b) identify and evaluate risks faced by your business, focusing on risks that adversely affect consumers or market integrity (this includes risks of non-compliance with the financial services laws); 

(c) establish and maintain controls designed to manage or mitigate those risks; and

(d) fully implement and monitor those controls to ensure they are effective.

With reference to the above comments on ‘proof documents’, your proof document in regard to Risk Management would need to clearly illustrate how your AFSL business will comply with ASIC’s expectations. This is where the real workload lies in the overall application process.  In effect, the AFSL application itself will be a dozen or so pages in length whereas the proof documents – in total – will be many times that quantity.

Planning

There are several components to planning to obtain an AFSL and they are essentially split into pre and post licence issuance segments.

The application process will absorb quite some time however with a concentrated focus and disciplined attention to preparing your proofing documentation, it is possible to successfully navigate to a licence being granted within ten to twelve weeks depending on individual circumstances, assuming you have successfully proved your eligibility.

The immediate period after you commence operations under your own licence is crucial. You need to know how your cash flow will be impacted by the change and, in your application, you will need to evidence to ASIC how you will manage your cash flow, both initially and in an ongoing basis. Some of the issues to address include:

• Capital expenditure in the establishment phase?
• If clients are transferring with you to your new AFSL, how soon after commencement will your fees be received and what will the business’ cash flow position be?

Equally important is the need to communicate your change to clients.  Again, to restate, you need to be sure that you are meeting any contractual obligations under your existing representative agreement before communicating with clients.

You will need to have Professional Indemnity insurance cover in place to a level which complies with ASIC’s requirements. If ASIC is going to approve your application, you will be asked to provide evidence that the required level of PI cover is in place.

Licensing Kit

ASIC provides applicants with very detailed information on how to apply for an AFSL in its three part Licensing Kit.  The kit is three downloadable documents which step through the process of making the actual application itself and the preparation of the proofing documentation. It should be the first reference people interested in obtaining their own licence.

Not for everyone

It must be stated: obtaining an AFSL is not for every financial adviser. There are many for whom it is entirely unsuitable. If you are in the business of simply selling investment products then an AFSL is most likely not for you. However, if you are serious about building a business which is owned in every respect by you/your business partners then it might be right for you. If you are serious about compliance and prepared to take on the responsibility for advice and portfolio management for clients, then it could be for you.

For and against

There are arguments for and against on both sides of this discussion. If you are considering your own AFSL as an option for your career, then you need to research the readily available information from ASIC and assess your capacity to obtain and retain a licence. If you proceed to apply, then allow plenty of time to prepare the application and proofs and carefully plan the transition for your business.

While it is easy to stand out from the crowd with your own AFSL you need to be sure to consider your clients in the whole process – after all they need to be the end beneficiaries of any decision to establish your own AFSL or remain as a representative of another party’s licence.

They should come first in all of your deliberations.

The post Standing out from the crowd appeared first on AdviserVoice.

Claire Wivell Plater

Bitcoin businesses should actively seek advice on whether their businesses are compliant, as there may be difficulty in applying existing Australian Financial Services (AFS) licensing laws, according to Claire Wivell Plater, Managing Director of the Fold Legal and Amor Sexton, Digital Currency Lawyer atAmor Sexton.

AFS regulatory expert, Ms Wivell Plater says bitcoin isn’t easily characterised. While some regard it as money others call it a digital currency. A third view is that it’s a commodity.

“There could be other views,” she says. “What we do know is that it’s one of the fastest-growing technologies since the birth of the Internet, primarily because it offers a low-fee payment gateway that can bypass foreign currency remitters and banks.”

Ms Wivell Plater says it seems unlikely that bitcoin itself is a financial product under the AFS laws as they currently stand.

“Therefore, some businesses, like bitcoin exchanges or ATMs, may not need an AFS licence,” she says. “However, some services associated with bitcoins may well be financial products. For example, a facility by which people can use bitcoin to pay for goods and services may be what’s known as a non-cash payment system for which an AFS licence would be required. Similarly, bitcoin futures or other derivatives based on bitcoin would clearly be a financial product.”

The need for a licence will depend on the business model, Ms Wivell Plater warns. “Even small variations may be important. Bitcoin businesses should take advice at an early stage to ensure that they are aware of their legal obligations. Operating without an AFSL can attract serious penalties, not the least of which could be the need to suspend trading until the AFSL is granted.”

Ms Sexton, who is an adviser to a number of bitcoin businesses, warns against taking a ‘one-size fits all’ approach. “For most regulatory requirements, the focus is on what the business is actually doing with bitcoins,” she says. “It is important to get advice that is specific to your business model and processes.”

Bitcoin businesses need to be aware of possible obligations under the Corporations Act, the Competition and Consumer Act, the Privacy Act, the Payment Systems (Regulation) Act, the Anti-Money Laundering and Counter-Terrorism Financing Act, the Financial Transactions Reports Act, the Banking Act, the various State consumer protection legislation, the GST Act and other tax laws.

Ms Sexton believes the novelty of bitcoin means that the application of these laws to bitcoin businesses can be complex and difficult to determine.  However she believes that it is only a matter of time before this changes.

“It will be interesting to see how the law develops as the adoption of bitcoin increases. At the moment bitcoin is a new concept and it is easier for the regulators to try to fit bitcoin within the existing legal framework,” she says. “When bitcoin use becomes more mainstream, it will challenge the government to tailor the legal framework for digital currencies.”

Ms Sexton also highlights the potential impact that developments overseas can have on the Australian legal status of bitcoin. “If an overseas country decides to declare bitcoin as legal tender, this would mean that it would be considered ‘foreign currency’ under Australian law.  This would have a massive impact on the way that the regulators approach bitcoin.”

According to Ms Sexton, this possibility is not too far-fetched. “A country can adopt whatever currency they want as legal tender. For example, in Zimbabwe both US dollars and South African rand are legal tender. The central bank in Zimbabwe has also begun to allow the use of Australian dollars, Chinese yuan, Indian rupees and Japanese yen. It is possible that another government may see value in allowing a digital currency to be another form of legal tender.”

Until a change like this happens, bitcoin businesses will need to consider how their activities fit within the traditional legal framework, she says.

Although compliance can be time consuming, both Ms Sexton and Ms Wivell Plater see commercial benefits for a bitcoin business. “The rules are based around best practice. If the public sees that bitcoin businesses are complying with the rules, their confidence in using bitcoins will increase.  This will have a positive commercial effect on the businesses and the industry as a whole,” Ms Wivell Plater says.

The post Compliance obligations for bitcoin businesses appeared first on AdviserVoice.

The strengthened disclosure requirements are part of a suite of new requirements following a review of the sector, which now has around $90 billion funds under management (refer 12-49MR).

Platforms can assist retail investors to manage their investment portfolios, including through their advisers.

‘Our updated guidance moves with the times and recognises that, with consumers taking a more hands-on approach to investing, their rights must be at the forefront of platform operators’ minds,’ ASIC Commissioner Greg Tanzer said.

‘Consumers may assume that products on a platform are ultimately going to work for their benefit. ASIC wants to ensure they make confident, informed choices and are aware of platform operators’ practices.’

Further requirements include ensuring they have adequate resources to conduct their financial services businesses, having appropriate corporate structures and compliance arrangements, having additional policies like voting policies and policies when consumers do not opt in to continuing to receive advice, and improved disclosure through a consumer warning acknowledgment.

Investors will also have access to a product issuer’s internal dispute resolution system when they have concerns about investments made through platforms and product issuers agree to do so. ASIC will give further consideration to extending this requirement to cover external dispute resolution and corresponding compensation arrangements.

The revised guidance is contained in Regulatory Guide 148 Platforms that are managed investment schemes (RG 148) and accompanied by new class orders.

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This is one of the key trends that financial software innovator Decimal says highlights the immediate challenges for financial advice technology in the highly fluid, post-FOFA environment. 

“We have brought to market online tools that enable the delivery of quality, compliant advice on a large scale without increasing costs,” said Decimal Managing Director Mr Jan Kolbusz. 

“The tools are also fast. Yet, we worry about placing too much emphasis – as is a simplistic view in certain quarters – that faster SOAs are better. We know that advisers in fact find that faster is not always better, if it also means more labour, effort and input cost to ensure a proper compliance standard is met.  

“The last thing the financial advice industry needs is compromised advice outcomes on the basis that we have singularly pursued speedy SOA delivery,” Mr Kolbusz warned. 

Back-office administration expert, Mr Patrick Walford, at Marketshare Solutions, says advisers require a clearer picture of the full spectrum of advice delivery – from fact find to implementation. 

“With a system such as Decimal, an adviser can see in real-time the exact nature of the advice and the detail around the advice in the instant that the SOA has been created. Any advisory compliance and administration questions can all be dealt with, within 30 minutes of the SOA being issued. 

“This is far more efficient as it also removes the old ‘back and forth interactions’ syndrome which previously took many days to resolve,” Mr Walford said.
 
Mr Kolbusz said financial advisers are also reporting fresh challenges in an environment where pressure is mounting for more client interaction and engagement. 

“But on the other hand, the need to deliver quality advice that is 100 per cent compliant without increasing costs. Both can be achieved,” he said. 

“A robust compliance system, where at every stage of the financial advice process, compliance officers can view every interaction with the consumer in real-time, can help to reduce compliance risks and maximise the potential to deliver quality financial advice to consumers,” says Mr Jan Kolbusz.

“Be it from engagement, fact finding through to SOA production and fulfillment, compliance officers can examine the appropriateness of the advice in real-time.  With a traceable history, advisers are always audit ready.”

The post Advisers choosing great compliance security and SOA speed appeared first on AdviserVoice.

The facts of the case are very straightforward.

A couple, at the urging of their son, established a self managed superannuation fund to which they subsequently rolled over their various super accounts.  All three were members and trustees of the fund.  Approximately $40,000 was rolled into the fund.

The son, who had addiction issues, subsequently rolled out the previously rolled in monies.  The rollouts were unauthorised by the trustees and were contrary to the SIS benefit payments standards.

The other trustees, once the rollouts were discovered and on the advice of a registered tax agent, treated the unlawful benefit payments as if they were loans to an unrelated entity.  Financial statements and regulatory returns were prepared and lodged on this basis.

Eventually, as the loans constituted over 90% of the value of the fund, the ATO took an interest in the fund.  The true situation quickly emerged upon an ATO investigation into the fund.

The ATO issued a notice of non-compliance in respect of the fund.  All three trustees referred the decision to issue the non-compliance notice to the AAT.

The AAT in a short judgment upheld the actions of the ATO and confirmed the non-compliance status of the fund.

A number of interesting comments can be made on the case.

1. The son was able to rollout monies from the fund because the bank account of the fund only required one signatory.  A basic control mechanism is that at least 2 signatories should be required.
2. Given that only about $40,000 was ever rolled into the fund and no material contributions were made to the fund, it seems the decision to set up a SMSF in this situation could not be justified on any reasonable basis.
3. Once an unlawful benefit payment has been detected, it is better not to cover up the unlawful payment.  The cover up of an issue will usually involve more reprehensible conduct than the disclosure of the issue.
4. The unlawful payments were able to be covered up as the Trustees’ adviser acted as adviser, tax agent and auditor of the fund.  Without the multiple roles, the cover up would not have been attempted, or, if attempted, would not have lasted as long as it did.
5. Be wary of being involved in any SMSF of which a member has addiction issues.

The AAT case related purely to the issuing of the notice of non-compliance.  The AAT case did not address the liability of the registered tax agent (the registered tax agent was not a party to the proceedings) or the liability of the trustees in their knowing adoption of false financial statements and the signing of false tax and regulatory returns.
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It is highly likely that the registered tax agent will be the subject of other ATO enforcement actions as will the trustees.

The post A Short Morality Play – The Triway Super Case appeared first on AdviserVoice.

Leading Queensland local government fund LGsuper has selected Decimal to help drive a technology-based solution in support of fund members requiring single-issue financial advice.
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With the merger of LGsuper and City Super due to officially begin on 1 July, 2011, the fund is targeting an increased need for limited advice services to members. LGsuper currently manages around $4.4 billion in funds on behalf of 75,000 members. City Super has approximately 13,000 members and $1.5 billion in FUM.

David Todd, LGsuper CEO said: “In choosing Decimal we have a technology partner that will deliver end-to-end functionality and help our fund address a number of specific business and technical requirements. These include the ability to scale-up in future. We also anticipate deeper engagement by our fund members via the phone and face to face advice which will of course be underpinned by the Decimal technology.”
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Plans are in play for LGsuper to also adopt Decimal’s innovative SmartCalculator in the near future. The integrated online calculator represents a best of breed compliance, engagement and financial forecasting tool, with focus on the member and adviser at all times.
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Decimal Managing Director Jan Kolbusz said he was pleased to have been chosen by LGsuper to help empower its members with an elegant, simple advice solution. “We appreciate the high standards set by LGsuper and its board for service and technology requirements,” Mr Kolbusz said.
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The appointment of Decimal by LGsuper follows a number of similar organsiations signing on with Decimal. Recent partnerships include superannuation fund administrator Pillar Administration, and leading corporate fund AvSuper, based in Canberra.
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Meanwhile, representatives of the major Melbourne-based industry funds will be hosted by Decimal and leading consulting firm KPMG next week, June 15, for a breakfast presentation called “FOFA so good?: The role of technology in navigating change”.
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Matt O’Keefe, KPMG IT Advisory Partner, will discuss the role of technology for super funds riding the wave of regulatory and consumer behavioural change. Technology will play a crucial role in all aspects of member support including member retention, communication, engagement, literacy and advice.

The post LGsuper appoints Decimal to move limited advice online appeared first on AdviserVoice.

ASIC’s action follows concerns iPlan entered into an agreement regarding an investment platform which created a conflict of interest. Specifically, ASIC found:

iPlan may have advised clients to transfer from existing financial products to the platform without disclosing a reasonable basis for the advice;the disclosures in relation to iPlan’s conflict of interest, relevant to the advice provided, were insufficient; anda number of clients sustained financial detriment as a result of the advice.

ASIC has varied iPlan’s AFS licence to include conditions that require the business to undertake further communication with its clients about how it manages conflicts of interest. iPlan must also appoint an independent compliance expert to review its advice process and calculate payments to be made to clients entitled to financial redress. These conditions were effective as of 12 May 2011.

ASIC Senior Executive Leader, Financial Literacy, Consumers, Advisers and Retail Investors, Delia Rickard, said, ‘Licensees often have a conflict of interest when recommending products to clients. We say it is up to them to manage these conflicts and, if a conflict exists, they need to make sure they demonstrate a reasonable basis for any product recommendations.’

ASIC acknowledges the efficient, cooperative and consultative approach taken by iPlan which voluntarily offered to engage an independent expert to review its processes for compliance with obligations under the Corporations Act 2001 (Corporations Act). This expert will report to iPlan and ASIC and provide recommendations which iPlan will be required to implement. The compliance expert will also review the advice provided to clients who invested in the platform and determine whether the advice complied with iPlan’s obligations under the Corporations Act. Financial redress, calculated by the compliance expert, will be offered by iPlan to affected clients.

ASIC will continue to monitor iPlan’s compliance, via reports from the independent compliance consultant, for 26 months.

The post ASIC imposes conditions on iPlan licence appeared first on AdviserVoice.

This one is the most obvious of all. If you don’t have a website, you are wasting possibly the biggest opportunity available to bring in new clients as well as engaging your existing clients.

Websites can also save time.  Instead of clients calling you every time they need a fax number or some other mundane piece of information, they can simply visit your website for all the info they need.

Some advisers say they would prefer to let their client call them, as there may be opportunities for further business that can come from a phone call. That may be true, but a well designed website will engage your clients in a ways that we simply cannot do over the phone.

Top Tip: Get yourself online right now, even if it’s a basic one page website to start with.

2. Go Paperless

I have visited dozens of financial planning firms over the years that have serious office space devoted to files. This is just money down the drain, big time! Think about what you could do with that space. Put on another adviser, sub-lease the space to an accountant or other professional etc.

There are other benefits as well. Every time one of your clients calls, do you have to run to the filing room to find their file? With a good paperless system all of your clients’ documents are just a few mouse clicks away. And with the right security in place your client’s information will be as safe as ever.

What would happen to your precious paper files in the event of fire or flood? They’d be gone! A properly backed-up paperless system will be secure no matter what happens.

There are also huge savings on paper, ink and toner cartridges, not to mention reduced servicing bills on your printing equipment.

Getting a paperless office in place is easier than you may think, and the sooner you start the better.

Top Tip: Plan out your paperless system before you start, otherwise you could end up with a mess.
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3. Send a regular email newsletter

How often do you contact all of your clients? Once a year? For many clients they’d be lucky to get that!
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An email newsletter is an extremely cost effective way of keeping in contact with your clients (and prospective clients) and staying top of mind whenever they think about financial matters. You may not have time to write and distribute such a newsletter, but there are professionals out there who can provide this service for a reasonable fee.  And in my experience, the return on investment is almost second to none in terms of marketing.
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Top Tip: Start collecting client email addresses from today and build your database.
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4. Build a Brand

Branding is a complex subject and I won’t go into too much detail now, but building a brand is something you should be doing from day one in any business.
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Don’t be just another professional services provider like every other financial adviser, accountant and lawyer out there. Set yourself apart with appropriate branding that reflects what you and your business are all about.
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Do you have a logo or corporate colours? Do they represent you well? Do they look professional? Are you using them consistently across all contact points you have with your clients? If not, start today.
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Top Tip: Get your logo right and start using it everywhere.
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5. Track Everything

If the only way you measure your business is by the amount of money you have, then you’re not doing enough. All good businesses should be tracking everything from where their leads come from to how much their average client is worth.
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By tracking everything in this manner you will quickly be able to identify the strengths and weaknesses in your business, and redistribute your efforts to ensure your business is running as well as possible.
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Tracking also make goal setting far easier, and we all know that goal setting is vital for any successful business.
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Top Tip: Even with basic Excel skills you should be able to build yourself a handy tracking spreadsheet.
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6. Create Content

Content is King! At least that’s what they say in the world of internet marketing. As advisers, we all have a huge amount of knowledge and experience, but for most of us it is all in our head. Google can’t search our heads (yet!) so they don’t know how knowledgeable or experienced we are.
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Turning your knowledge and experience into content, then storing and distributing it online can have massive benefits for your business.
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Today, if someone has a question about insurance or finance, they are less likely to search the Yellow Pages for an adviser, and much more likely to type their question straight into Google.If they find their way to your website via Google, and your website answers their question, then they will already see you as an authority on the subject.
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Once they are ready to take the next step, you are likely to be the first person they contact.The more relevant content you have, the more Google will like you, and the more people it will direct to your site. The more people who are directed to your site, the more leads you will have, and ultimately the more clients you will have.
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Top Tip: Set aside an hour each week to write an article.
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If writing isn’t your strong point engage the services of a ghost writer.
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7. Determine Your Ideal Client

Identifying your ideal client should really be the first thing any new or existing business does. Your ideal client should determine the type of marketing you do, your branding and the way you interact and communicate with your clients.
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Top Tip: Sit down and determine your ideal client tonight.
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8. Review Your Marketing Strategy

For many advisers their marketing is a mixture of various components which have been added over the years. But how do you know if your marketing is working?  How do you know which marketing money is being spent well and which is being wasted?
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Now is the right time to document all of your marketing activities and take a good look at what is and isn’t working. Don’t keep paying for the same listing year after year just because “you’ve always done it”.
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The internet has changed marketing enormously over the last decade. If you’re still relying on the Yellow Pages, it’s time to catch up…
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Top Tip: Don’t be afraid to change your marketing to suit the changing world.
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9. Review Your Office Procedures

It doesn’t matter if you’re a sole trader working from home or a large firm with 100 staff, there are always things that you could be doing better. Many processes and procedures within our businesses have evolved over time, and often there will have been changed brought about by staff movements or regulatory changes.
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The problem with this is that we can end up with convoluted processes which may be costing us more time and money than they should.
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You should step back and take a look at what processes are taking the most time and effort. Are there things that we should be doing more, less, or differently? Don’t have that old attitude of “but this is what we’ve always done”.
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Top Tip: Sometimes a fresh pair of eyes can be better at identifying issues and areas for improvement, so don’t be afraid to involve someone from outside of your business.
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10. Document Your Office Procedures

Getting your processes and procedures down on paper can be a time consuming process, but it may be one of the best investments you’ll ever make. If someone had to step in and take over the running of your business tomorrow, how easily could you explain all of your processes to them? What if you were stuck in a hospital bed and couldn’t explain a thing?
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Without properly documented processes your business could quickly spiral out of control, leaving you with a huge mess if and when you were able to return.
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Other benefits to having documented processes include easier staff training and better regulatory compliance. And when it comes time to sell your business or bring on an investor, having documented processes will make your business much more attractive.
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Top Tip: If you don’t have time to write them yourself, engage the services of a professional.Get started today!
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These tips have been proven useful by real advice businesses just like yours. Many of them you should be able to implement on your own, but if you need a hand I can help you regardless of how small or large your business is.
For more information visit ShaneMoore.com.au

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