Richard Liverpool

BGL Corporate Solutions, Australia’s leading developer of SMSF administration and ASIC corporate compliance software solutions, is pleased to announce a new partnership with Ignition Wealth, Australia’s leading digital financial advice software firm.

This new partnership provides BGL’s Simple Fund 360 clients with direct access to the Ignition Wealth SMSF Appropriateness Guide.

“The Ignition Wealth SMSF Appropriateness Guide allows accountants who do not have an AFSL to maintain their status as the key relationship holder and trusted adviser while ensuring that their client receives cost effective advice from the best in breed digital advice provider. It’s a win for both the accountant and their client,” said Ron Lesh, Managing Director, BGL.

“Accountants who register today will be instantly set up with a digital advice portal branded with their company logo and company identity. Training is provided and then the accountant is ready to refer to the Ignition Wealth SMSF Appropriateness Guide. Fees are paid per client, and are only payable when the client’s Statement of Advice is produced,”said Richard Liverpool, Head of Sales and Marketing, Ignition Wealth.

“A key advantage of the Ignition Wealth hybrid digital advice solution is that it is easy to use, scalable and is ready to assist the large number of SMSFs that require advice,” said Ron Lesh, Managing Director, BGL.

BGL has negotiated a preferential rate for their clients. The Ignition Wealth SMSF Appropriateness Guide is available for BGL clients from today.

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Ignition Wealth’s half-hour long webinar will look back on 2017 and look forward to what challenges 2018 will bring.

2017 was a year of regulatory surveillance, client experience changes and other industry regulations. Accountants, financial advisers and industry superfunds faced new challenges, with numerous others due in 2018.

Ignition Wealth is producing a live webinar this month, presented by Ignition Wealth’s Head of Sales and Marketing, Richard Liverpool and Implementation Lead, Donna Nicklin. The half-hour long webinar will look back on 2017 and look forward to what challenges 2018 will bring.

This year, advisers encountered strict licensing regulations, while industry superfunds increased their focus on member engagement. They began providing tools and resources to inform their members and encourage them to engage more closely with their superannuation.

2018 will bring more changes, and many things will be looking to the future in the world of digital advice. Technology will continue to evolve, meaning more intuitive client centric platforms in the coming year. Younger generations will have access to more cost-effective and convenient technology choices. They will be able to receive advice through a self-service process. People are looking to easily connect directly with companies, making chatbots and messaging technology increasingly popular.

The industry moved their Self-Managed Super Fund (SMSF) clients to a cloud service this year, which is continuing in 2018. Financial advisers are facing LIF changes, which come into force on January 1, 2018.

Ignition Wealth in 2017 has been working hard to create and provide digital solutions which align with the progression of the industry, in order to enhance the client experience. They launched the SMSF Appropriateness Journey, which helps accountants to close the gap between them and their clients. Through it, you could provide your clients with an online SMSF advice tool.

Also this year, Ignition Wealth launched their Ignition Next and Xplan consulting service. The more effective and intuitive system assists advisers to improve both advice and client management processes.

Ignition Wealth will be continuing to develop and improve their digital advice solutions in 2018. They will be beginning their series of educational webinars for both accountants and financial advisers. They are collecting feedback from industry professionals to ensure they evolve with what clients and customers want.

This webinar will be live on December 19 from 1pm, discussing the industry and Ignition Wealth in 2017 and 2018.

Register for the webinar.

The post Ignition Wealth free webinar – reflecting on 2017 and a sneak peak at 2018 appeared first on AdviserVoice.

Richard Liverpool

Ignition Wealth has been actively supporting the Australian adviser market with digital financial advice solutions since October 2015.

As the ‘robo-advice’ specialist setting the benchmark for digital financial advice in Australia, Ignition Wealth has an unrivalled knowledge and understanding of the issues advisers are facing and the questions they ask as they seek to understand and embrace the future of the industry.

Richard Liverpool, Head of Sales and Marketing, Ignition Wealth said: “based on our extensive work with the Australian advice industry, the Ignition Wealth 12 Step Guide To Digital Advice Success has been crafted to answer the questions we know advisers need answered. The complete series will demythologise the world of robo and guide advice businesses to success.”

Throughout October and November subscribers to Ignition Wealth’s free educational newsletter service will receive the 12 Step Guide To Digital Advice Success. The guide will cover:

1. How tech offers a scalable, sustainable way to advise client
2. Seven benefits of robo-advice
3. What robo-advice tech is best?
4. Your 10-point plan to SMSF success
5. Are you making the most of your XPLAN?
6. How to engage, educate and inform your clients – without lifting a finger
7. Set the benchmark for data security
8. Six of the best: more good reasons for advisers to go digital today
9. What your clients will absolutely love about digital advice
10. Five steps to power up your robo-advice solution
11. What clients really want (and how to give it to them)
12. Plug it in and turn it on: your digital advice journey starts here

Advisers who already subscribe to the Ignition Wealth newsletter will automatically receive the 12 Step Guide To Digital Advice Success; advisers wishing to sign up may do so via the website.

The post Ignition Wealth provides adviser support with unique 12 step guide to digital advice appeared first on AdviserVoice.

How​ ​can advisers​ ensure​ ​they​ ​stay​ ​ahead​ ​of​ ​the​ ​curve​ ​when​ ​it​ ​comes​ ​to​ ​new​ ​solutions?

Ignition​ ​Wealth’s​ ​Richard​ ​Liverpool​ ​looks​ ​at​ ​the​ ​future​ ​of​ ​advice​ ​tech​ ​and​ ​how​ ​advisers​ ​can ensure​ ​they​ ​stay​ ​ahead​ ​of​ ​the​ ​curve​ ​when​ ​it​ ​comes​ ​to​ ​new​ ​solutions.

Technology​ ​is​ ​constantly​ ​evolving​ ​and​ ​financial​ ​advice​ ​tech​ ​is​ ​no​ ​different. ​​There​ ​are​ ​myriad solutions​ ​available​ ​and​ ​it​ ​can​ ​be​ ​challenging​ ​to​ ​keep​ ​up​ ​to​ ​date​ ​with​ ​the​ ​changing​ ​advice landscape.

Ask​ ​many​ ​advice​ ​business​ ​leaders​ ​what​ ​keeps​ ​them​ ​awake​ ​at​ ​night​ ​and​ ​nine​ ​times​ ​out​ ​of​ ​ten you’ll​ ​find​ ​it​ ​is​ ​technology​ ​running-costs​ ​and​ ​operational​ ​risk.​ ​Advice​ ​firms​ ​are​ ​spending​ ​a significant​ ​amount​ ​of​ ​money​ ​to​ ​keep​ ​their​ ​competitive​ ​edge​ ​and​ ​address​ ​the​ ​ongoing​ ​challenges of​ ​compliance.​ ​Growing​ ​their​ ​team​ ​to​ ​handle​ ​this​ ​workload​ ​means​ ​more​ ​licensing​ ​fees, development​ ​and​ ​maintenance​ ​costs,​ ​and​ ​in​ ​many​ ​cases​ ​IT​ ​professionals​ ​to​ ​look​ ​after​ ​it​ ​all.

It​ ​has​ ​never​ ​been​ ​more​ ​important​ ​for​ ​advice​ ​practices​ ​to​ ​keep​ ​a​ ​pulse​ ​on​ ​their​ ​IT​ ​solutions​ ​–​ ​this includes​ ​having​ ​a​ ​long-term​ ​plan,​ ​and​ ​staying​ ​up​ ​to​ ​date​ ​on​ ​new​ ​offerings​ ​and​ ​features​ ​as​ ​they come​ ​available.

The​ ​uptake​ ​of​ ​advice​ ​and​ ​planning​ ​software​ ​has​ ​accelerated​ ​to​ ​a​ ​point​ ​where​ ​it’s​ ​no​ ​longer​ ​a question​ ​of​ ​​if​ ​​you​ ​are​ ​using​ ​smart​ ​technology​ ​to​ ​support​ ​your​ ​firm,​ ​but​ ​​how​​ ​you’re​ ​using​ ​it​.​​ ​For example,​ ​this​ ​applies​ ​to​ ​your​ ​firm’s​ ​use​ ​of​ ​XPLAN,​ ​Australia’s​ ​leading​ ​financial​ ​planning​ ​solution.

For​ ​the​ ​majority​ ​of​ ​practices,​ ​it​ ​is​ ​impractical​ ​and​ ​financially​ ​unjustified​ ​to​ ​have​ ​full-time​ ​tech support​ ​in​ ​house.​ ​And​ ​if​ ​you​ ​do​ ​have​ ​one,​ ​how​ ​do​ ​you​ ​know​ ​whether​ ​they​ ​have​ ​the​ ​skills needed​ ​to​ ​fully​ ​support​ ​your​ ​advice​ ​tech​ ​needs​ ​–​ ​now​ ​and​ ​in​ ​the​ ​future?

An​ ​outsourced​ ​consultant​ ​with​ ​a​ ​deep​ ​level​ ​of​ ​expertise​ ​in​ ​XPLAN​ ​and​ ​other​ ​advice​ ​tech​ ​can help​ ​you​ ​utilise​ ​it​ ​to​ ​its​ ​full​ ​potential​ ​–​ ​with​ ​clarity,​ ​strategy​ ​and​ ​the​ ​right​ ​tools.​ ​Further,​ ​a​ ​good consultant​ ​can​ ​provide​ ​visibility​ ​to​ ​what’s​ ​on​ ​the​ ​advice​ ​tech​ ​horizon;​ ​essential​ ​to​ ​future-proofing financial​ ​advice​ ​businesses.

Key​ ​reasons​ ​to​ ​engage​ ​an​ ​outsourced​ ​consultant​ ​on​ ​advice​ ​technology

Cost-effective​ ​over​ ​the​ ​short​ ​and​ ​long​ ​term

As​ ​a​ ​client​ ​adviser,​ ​the​ ​following​ ​phrase​ ​is​ ​one​ ​you’ll​ ​be​ ​familiar​ ​with​ ​-​ ​​ ​​the​ ​first​ ​rule​ ​of​ ​prosperity is​ ​to​ ​save​ ​on​ ​unnecessary​ ​costs​.

Outsourcing​ ​your​ ​advice​ ​tech​ ​to​ ​an​ ​external​ ​consultant​ ​can​ ​reduce​ ​your​ ​operational​ ​costs​ ​–​ ​for example​ ​the​ ​costs​ ​of​ ​management​ ​oversight,​ ​employee​ ​training,​ ​and​ ​superannuation​ ​-​ ​by​ ​20 percent​ ​from​ ​the​ ​outset.​ ​You’ll​ ​benefit​ ​from​ ​leaner​ ​overheads,​ ​bulk​ ​purchasing,​ ​and​ ​leasing options​ ​for​ ​software​ ​and​ ​licenses​ ​whilst​ ​allocating​ ​resources​ ​efficiently​ ​within​ ​your​ ​practice.

Over​ ​the​ ​longer​ ​term,​ ​it​ ​can​ ​increase​ ​revenue​ ​and​ ​uncover​ ​hidden​ ​efficiency​ ​benefits​ ​that​ ​you were​ ​perhaps​ ​not​ ​expecting,​ ​leading​ ​to​ ​improved​ ​profitability​ ​for​ ​the​ ​business​ ​as​ ​your​ ​team​ ​are now​ ​supporting​ ​sales​ ​not​ ​admin.

Meet​ ​compliance​ ​requirements

An​ ​outsourced​ ​solution​ ​can​ ​consult​ ​you​ ​on​ ​how​ ​to​ ​use​ ​your​ ​advice​ ​tech​ ​to​ ​meet compliance​ ​around​ ​things​ ​like​ ​Best​ ​Interest​ ​Duty​ ​and​ ​Fee​ ​Disclosure​ ​Statements.

Enables​ ​your​ ​firm​ ​to​ ​focus​ ​its​ ​resources​ ​on​ ​what​ ​it​ ​does​ ​best

It​ ​is​ ​neither​ ​practical,​ ​nor​ ​possible​ ​to​ ​be​ ​a​ ​jack-of-all-trades.​ ​Often,​ ​it’s​ ​a​ ​lack​ ​of​ ​knowledge​ ​that holds​ ​practices​ ​back​ ​on​ ​advice​ ​technology,​ ​as​ ​it​ ​can​ ​be​ ​difficult​ ​to​ ​navigate​ ​and​manage.

Similar​ ​to​ ​what​ ​you​ ​say​ ​to​ ​your​ ​clients​ ​-​ ​“engage​ ​me​ ​and​ ​I​ ​give​ ​you​ ​the​ ​expertise”​ ​–​ ​an outsourced​ ​solution​ ​can​ ​give​ ​you​ ​the​ ​same​ ​advantage.

It​ ​can​ ​free​ ​your​ ​firm’s​ ​internal​ ​resources​ ​up​ ​from​ ​potentially​ ​“lower​ ​value”​ ​work​ ​and​ ​enable​ ​them to​ ​focus​ ​on​ ​higher​ ​value​ ​work​ ​–​ ​advising​ ​clients,​ ​strengthening​ ​relationships,​ ​and​ ​bringing​ ​in more​ ​business.

Exposure​ ​to​ ​professionals​ ​who​ ​understand​ ​“what’s​ ​next”

As​ ​technology​ ​marches​ ​forward,​ ​fewer​ ​in-house​ ​IT​ ​staff​ ​will​ ​have​ ​the​ ​skills​ ​to​ ​maintain​ ​legacy advice​ ​technology​ ​on​ ​behalf​ ​of​ ​the​ ​business.

Outsourcing​ ​to​ ​an​ ​advice​ ​tech​ ​specialist​ ​has​ ​the​ ​advantage​ ​of​ ​typically​ ​knowing​ ​what​ ​advice tech​ ​you​ ​should​ ​implement​ ​and​ ​what​ ​you​ ​shouldn’t.​ ​This​ ​can​ ​dramatically​ ​reduce​ ​your​ ​risk​ ​of implementing​ ​a​ ​something​ ​that​ ​either​ ​doesn’t​ ​provide​ ​what​ ​you​ ​need​ ​or​ ​isn’t​ ​providing efficiencies​ ​for​ ​your​ ​firm.

You​ ​also​ ​gain​ ​the​ ​added​ ​benefit​ ​of​ ​the​ ​collective​ ​experience​ ​of​ ​a​ ​team​ ​of​ ​professionals,​ ​as opposed​ ​to​ ​a​ ​single​ ​or​ ​small​ ​team​ ​of​ ​internal​ ​resources.​ ​As​ ​well​ ​as​ ​offering​ ​an​ ​external, outside-in​ ​perspective​ ​with​ ​strong​ ​financial​ ​industry​ ​knowledge,​ ​they’ll​ ​be​ ​able​ ​to​ ​gauge​ ​where you​ ​are​ ​along​ ​the​ ​continuum​ ​in​ ​context​ ​of​ ​your​ ​competitors,​ ​as​ ​well​ ​as​ ​new​ ​tech​ ​and​ ​features​ ​in the​ ​pipeline.

Finally,​ ​they​ ​require​ ​their​ ​employees​ ​to​ ​have​ ​proper​ ​industry​ ​training​ ​and​ ​certifications​ ​so​ ​you can​ ​be​ ​confident​ ​in​ ​the​ ​advice​ ​you’re​ ​provided.

Potential​ ​to​ ​increase​ ​overall​ ​business​ ​value

Failing​ ​to​ ​embrace​ ​new​ ​technology​ ​platforms​ ​and​ ​leveraging​ ​the​ ​full​ ​potential​ ​of​ ​an​ ​advice​ ​tech solution​ ​could​ ​erode​ ​business​ ​value.

To​ ​a​ ​business​ ​owner​ ​who​ ​may​ ​one​ ​day​ ​hope​ ​to​ ​sell​ ​the​ ​firm​ ​to​ ​a​ ​successor​ ​to​ ​secure​ ​a comfortable​ ​retirement,​ ​outsourced​ ​solutions​ ​can​ ​help​ ​you​ ​tap​ ​into​ ​yet-unrealised​ ​value.

Complements​ ​agile​ ​businesses

The​ ​advice​ ​industry​ ​is​ ​being​ ​disrupted​ ​by​ ​a​ ​number​ ​of​ ​new​ ​and​ ​emerging​ ​players.

Outsourcing​ ​is​ ​complementary​ ​to​ ​agile​ ​business;​ ​it’s​ ​flexible,​ ​allows​ ​you​ ​to​ ​adapt​ ​alongside​ ​your business​ ​needs,​ ​and​ ​keeps​ ​your​ ​offering​ ​ahead​ ​of​ ​the​ ​curve.​ ​Vendors​ ​have​ ​multiple​ ​resources available​ ​to​ ​them,​ ​while​ ​internal​ ​IT​ ​staff​ ​may​ ​have​ ​limited​ ​resources​ ​and​ ​capabilities.

When​ ​it​ ​comes​ ​to​ ​being​ ​across​ ​the​ ​broad​ ​spectrum​ ​of​ ​innovative​ ​developments,​ ​consultants​ ​will be​ ​able​ ​to​ ​recommend​ ​new​ ​solutions​ ​such​ ​as​ ​digital​ ​advice​ ​or​ ​new​ ​regulatory​ ​changes.​ ​Keeping up​ ​with​ ​this​ ​continually​ ​evolving​ ​space​ ​is​ ​challenging​ ​for​ ​an​ ​in-house​ ​team​ ​who​ ​is​ ​likely​ ​to​ ​only be​ ​experts​ ​in​ ​the​ ​legacy​ ​system​ ​they​ ​service,​ ​mainly​ ​due​ ​to​ ​time​ ​and​ ​budget​ ​restraints.

Tech​ ​disruptions​ ​are​ ​not​ ​your​ ​problem

Without​ ​an​ ​external​ ​partner,​ ​it​ ​could​ ​take​ ​in-house​ ​IT​ ​weeks​ ​to​ ​fix​ ​a​ ​large​ ​tech​ ​issue.​ ​Engaging an​ ​external​ ​consultant​ ​means​ ​your​ ​firm​ ​will​ ​no​ ​longer​ ​have​ ​to​ ​manage​ ​any​ ​disruptions​ ​or outages.​ ​A​ ​good​ ​consulting​ ​firm​ ​can​ ​and​ ​will​ ​throw​ ​numerous​ ​resources​ ​at​ ​your​ ​disposal​ ​to​ ​fix the​ ​problem​ ​quickly.

Choosing​ ​a​ ​consulting​ ​partner

There​ ​are​ ​numerous​ ​consulting​ ​partners​ ​that​ ​can​ ​help​ ​you​ ​tailor​ ​your​ ​advice​ ​tech​ ​to​ ​your practice’s​ ​specific​ ​needs​ ​and​ ​get​ ​more​ ​out​ ​of​ ​the​ ​software.

Choose​ ​a​ ​consultant​ ​with​ ​the​ ​following​ ​features​ ​to​ ​ensure​ ​you​ ​engage​ ​the​ ​right​ ​one​ ​for​ ​your business.

Uses​ ​an​ ​individual​ ​approach

There​ ​are​ ​solutions​ ​in​ ​the​ ​market​ ​that​ ​typically​ ​use​ ​a​ ​cookie-cutter​ ​approach​ ​for​ ​cost efficiencies,​ ​without​ ​paying​ ​enough​ ​detailed​ ​attention​ ​to​ ​what​ ​makes​ ​your​ ​firm​ ​different​ ​from your​ ​competitors.

Select​ ​a​ ​solution​ ​that​ ​takes​ ​the​ ​time​ ​to​ ​get​ ​to​ ​know​ ​your​ ​practice,​ ​and​ ​what​ ​makes​ ​it​ ​unique.

Has​ ​deep​ ​knowledge​ ​and​ ​expertise

Your​ ​advice​ ​tech​ ​is​ ​essential​ ​to​ ​your​ ​entire​ ​business.​ ​Be​ ​sure​ ​the​ ​outside​ ​vendor​ ​is​ ​qualified​ ​to take​ ​care​ ​of​ ​your​ ​greatest​ ​needs.

Further,​ ​choose​ ​a​ ​provider​ ​that​ ​has​ ​been​ ​in​ ​the​ ​game​ ​for​ ​the​ ​long-haul.​ ​Long-term​ ​financial industry​ ​partners​ ​not​ ​only​ ​have​ ​a​ ​deep​ ​understanding​ ​of​ ​the​ ​operating​ ​environment,​ ​they​ ​share the​ ​same​ ​industry​ ​challenges​ ​and​ ​opportunities.​ ​Look​ ​at​ ​the​ ​individuals​ ​within​ ​the​ ​business​ ​– consider​ ​a​ ​consulting​ ​solution​ ​that​ ​can​ ​offer​ ​insights,​ ​skills​ ​and​ ​experience​ ​across​ ​a​ ​range​ ​of specialised​ ​areas.​ ​And​ ​find​ ​evidence​ ​it’s​ ​looking​ ​forward​ ​at​ ​what’s​ ​to​ ​come​ ​in​ ​the​ ​advice​ ​tech space.

Better​ ​still,​ ​look​ ​for​ ​a​ ​solution​ ​with​ ​a​ ​local​ ​Australian​ ​team​ ​who​ ​will​ ​understand​ ​the​ ​industry context​ ​your​ ​business​ ​is​ ​operating​ ​in.

Is​ ​adaptive​ ​and​ ​works​ ​with​ ​your​ ​business​ ​the​ ​way​ ​you​ ​need​ ​it​ ​to

Some​ ​firms​ ​may​ ​wish​ ​to​ ​keep​ ​an​ ​internal​ ​resource​ ​they​ ​trust​ ​and​ ​plug​ ​in​ ​a​ ​consulting​ ​partner​ ​to provide​ ​additional​ ​educational​ ​value​ ​and​ ​support.​ ​However,​ ​you​ ​choose​ ​to​ ​structure​ ​the business/consultant​ ​relationship,​ ​choose​ ​a​ ​partner​ ​that​ ​will​ ​work​ ​collaboratively​ ​with​ ​your​ ​wider team.

Provides​ ​on-demand​ ​assistance

Issues​ ​can​ ​and​ ​do​ ​happen.​ ​It​ ​is​ ​important​ ​to​ ​identify​ ​them​ ​quickly.​ ​Any​ ​breakdown​ ​to​ ​your​ ​advice tech​ ​solution​ ​can​ ​have​ ​a​ ​direct​ ​impact​ ​on​ ​business​ ​efficiency.​ ​Choose​ ​a​ ​partner​ ​that​ ​will​ ​throw enough​ ​resources​ ​at​ ​an​ ​issue​ ​to​ ​fix​ ​it.

Advice​ ​practices​ ​should​ ​look​ ​for​ ​a​ ​solution​ ​that​ ​assures​ ​a​ ​fast,​ ​efficient,​ ​same​ ​or​ ​next-day response,​ ​technical​ ​or​ ​customisation​ ​support,​ ​and​ ​data​ ​integrity​ ​reporting.

Prioritises​ ​security

It’s​ ​one​ ​thing​ ​to​ ​know​ ​that​ ​your​ ​own​ ​system​ ​is​ ​secure​ ​–​ ​but​ ​what​ ​about​ ​your​ ​consulting​ ​partners?

Look​ ​for​ ​a​ ​solution​ ​that​ ​has​ ​bank-grade​ ​security​ ​and​ ​complies​ ​with​ ​key​ ​national​ ​and​ ​international regulatory​ ​legislation.​ ​It​ ​should​ ​also​ ​be​ ​supported​ ​by​ ​ongoing​ ​auditing,​ ​monitoring​ ​and​ ​annual certification​ ​by​ ​an​ ​independent​ ​third​ ​party​ ​authority.

This​ ​should​ ​be​ ​one​ ​of​ ​the​ ​key​ ​things​ ​you​ ​factor​ ​into​ ​your​ ​decision​ ​as​ ​your​ ​and​ ​your​ ​clients’​ ​data security​ ​is​ ​of​ ​the​ ​utmost​ ​importance.

Has​ ​innovation​ ​at​ ​its​ ​core

It’s​ ​easy​ ​for​ ​consultants​ ​to​ ​stay​ ​up-to-date​ ​with​ ​advice​ ​tech​ ​innovations,​ ​but​ ​it’s​ ​another​ ​thing​ ​for them​ ​to​ ​truly​ ​understand​ ​how​ ​this​ ​technology​ ​can​ ​benefit​ ​your​ ​business​ ​or​ ​how​ ​to​ ​effectively integrate​ ​it.

A​ ​consultancy​ ​that​ ​lives​ ​and​ ​breathes​ ​innovation​ ​understands​ ​the​ ​challenges​ ​that​ ​your​ ​business faces​ ​in​ ​rolling​ ​out​ ​new​ ​tech​ ​and​ ​can​ ​help​ ​make​ ​the​ ​process​ ​as​ ​simple​ ​as​ ​possible​ ​for​ ​you,​ ​and a​ ​seamless​ ​experience​ ​for​ ​your​ ​clients.

As​ ​technology​ ​advances​ ​and​ ​the​ ​advice​ ​industry​ ​continues​ ​to​ ​be​ ​disrupted,​ ​practices​ ​must​ ​have the​ ​solutions​ ​and​ ​support​ ​or​ ​risk​ ​a​ ​situation​ ​where​ ​they’re​ ​bound​ ​to​ ​legacy​ ​technology.​ ​A consultant​ ​that​ ​can​ ​not​ ​only​ ​provide​ ​advice​ ​and​ ​assistance​ ​to​ ​the​ ​current​ ​advice​ ​tech​ ​platforms, but that is continually looking at “what’s to come”, will become a vital business partner in the future.

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These “ultra-independent” IFAs are eliminating all ties with product providers – “recapturing” and reshaping their section of the industry.

Consolidation may well be the current watchword in the advice industry, but that doesn’t mean ‘independent’ advisers aren’t making their mark. Supported by expert licensing and related guidance, new admin and advice technology and a desire to realign their businesses more closely with client needs, many advisers are looking at the choices and freedom offered by the IFA path. Richard Liverpool, Head of Sales and Marketing at Ignition Wealth explores this evolving trend.

The major shift of more advisers into vertical models owned by the big institutional players and largest dealer and licensee groups over recent years is not the only trend in the advice sector. In a sense, this move has been matched by a “deconsolidation” which, although smaller, has been just as pronounced, with the “I” in the acronym IFA taking on a new and more significant meaning.

These “ultra-independent” IFAs are eliminating all ties with product providers, in a very real sense “recapturing” and reshaping their section of the industry. What they are creating is something different from the traditional advice model, which has in many regards evolved to suit the product creators and large licensees.

The traditional advice business models are still strong and perform a fantastic role with training and support in growing advice practices and with succession planning. But even their role in advice in the future is changing.

For the industry, advisers and clients, any move that offers greater choice is, in our view, healthy. While for many the quality, options, service and support offered by the big players are exactly what’s needed, these new wave IFAs are carving out an alternative for those who are looking for something else.

These IFAs tell us that their practices, being smaller and product agnostic, are more easily aligned with their client needs, rather than having to conform to the service requirements and product range of an overarching licensee or institution.

Whist both groups still need to comply with the rigorous framework applying to all AFSLs and their advisers, the smaller groups can be more nimble in addressing change processes.

My Dealer Services, is one organisation that has seen evidence of these trends first hand. Specialising in supporting advisers to obtain their own AFSL, it also provides ongoing services to help in both maintenance from a regulatory point of view and management from a business growth perspective.

According to managing director, Alex Euvrard, the company has seen a very significant rise in demand in the past year alone, with more coming onstream every day. And it’s not just smaller value practices that are choosing to tread this path. Some of the top echelon HNW-space advisers are choosing to cut ties with their institutional parent and set up as IFAs.

What are the drivers of this change?

“In our view, a number of factors have combined to enable IFAs to do what, only a few years ago, seemed impossible: to be free to control their own destiny and offer a viable alternative (and some real competition) to the big institutionals and licensee groups,” says Euvrard.

New dynamism and flexibility

According Alex Euvrard, the whole industry is still managing a level of brand damage.

“Some of these scandals have been associated with some of the bigger players. While it is human advisers making these mistakes, cultural factors that may have influenced this behaviour are still a matter of investigation,” he says.

Clearly, new models which seek to address the mistakes of the past and focus more overtly on client outcomes will appeal. Indeed, ASIC, other regulators and the big players themselves have been working hard to effect positive change which has an enormous impact on consumer confidence.

The fact is that these very large organisations tend to change very slowly. The sheer logistics of changing systems, practices, training, products, remuneration models and all the rest of it can make for a very slow moving vehicle.

The same cannot be said of IFAs, which are typically more flexible and nimble. They are able to leap on opportunities, change models, adopt new products and services, try new technology that boosts efficiency and service at a much faster rate than their larger, non-aligned counterparts.

Technology levelling the playing field

One of the biggest impediments to smaller IFA outfits in the past has been the inability to implement scale. For many, the absence of the giant – albeit sometimes clumsy – engines driving the big institutional players called into question their ability to grow their business and build its value. Too often, the value of a practice is tied directly to the individuals who run it rather than the business itself. Once those individuals step away, its sale value is adversely affected. For succession planning, retirement security and wealth building for advisers themselves, these limitations have been serious.

The advent of new technology has changed all that. Independents can now access top research; expertly designed algorithms; financial planning software that super-charges admin efficiency; rock solid compliance support; multi-channel, automated client communication and, most recently, the arrival of quality robo or digital financial advice options.

The combination of “all of the above” is undeniably powerful and, properly researched and implemented, can literally level the playing field, putting the small but tech-savvy IFA “Davids” on equal footing with the Goliaths of the industry.

This is particularly the case with some of the most forward thinking options, which can deliver supercharged “hybrid” advice capability, maximising the value and benefit of popular tech such as XPLAN with clever customisation, configuration, plug in advice and other solutions. Ignition Wealth’s Ignition NEXT suite of services, which help advisers optimise XPLAN, support strong compliance and enable scalable delivery of advice is a case in point.

Further, in a world where tech-loving, online-dwelling, research-focused Millennials are the next big generational wave of advice clients, the ability to service with them with fast, smart, user-friendly tech is crucial for sustainable success. And currently, the leading IFAs have the edge. Many believe it’s time to press this advantage, and it’s hard to argue with this view.

Steps to IFA success: exploring your options

We stress that the advice world is one in which there is room for many players. The IFA path is not for everyone. At My Dealer Services, for example, potential clients are taken through a rigorous process to ensure they’re fully informed, equipped and prepared to tread the path successfully. They are advised that the first step should be to have conversations – plenty of them, and in detail – with others who’ve made the move.

There are certainly risks to consider. Resources are usually fewer for IFAs than aligned groups. The big players do have the big cheque books, and that brings advantages. One of those is the resources to monitor and ensure compliance, an ever-growing requirement of our environment.

Unless you have some kind of top-flight automated or specialist compliance service on tap, as an IFA you often simply “don’t know what you don’t know”. Ignorance is, as we know, no defence. Ensuring you implement a system that will support compliance is a crucial factor for success.

On the plus side, however, is autonomy, the ability to successfully build unprecedented value in your business and the ability to gain the satisfaction of supporting the financial futures of your clients, first and foremost.

That includes the freedom to step away from some of the advice myths, many of which have risen up through conventions built in the service of the larger players. This includes factors such as the length and complexity of SoAs and requirements for ongoing education. While it has been somewhat difficult to determine whether years of on-the-job experience are more credible than a current university degree, ASIC is moving to make it very clear what expectations it has to reduce such uncertainty.

That’s not to say the new IFA path is a certain one. There are no doubt more changes to come. Many advisers are still in the midst of recalibrating after the massive upheavals of the last five or ten years. The good news is that the IFA space, supported by new tech and specialised services purpose built to for this sector, adds an exciting new option for both advisers and clients.

Bottom line on IFAs: do you have what it takes?

Being an IFA is not for everyone. There are qualifications, costs, advantages and risks to consider before you decide to set up shop. Here’s a high level view according to My Dealer Services, including some key likely costs. Note these are ballpark estimates only and will vary depending on individual circumstances.

Qualifications. To work under your own licence you must meet ASIC’s responsible manager criteria: minimum educational qualifications are either a university degree and a Diploma of Financial Planning; or an advanced Diploma of Financial Planning. You must also have worked as an adviser for at least three of the past five years.

AFSL. My Dealer Services’ fee for initial advice practice to set up, including complete licensing and compliance framework is circa $10k, plus GST.

PI insurance. Always get a quote first, but base premiums are typically in the region of $10-$12k per annum.

Annual financial auditing. Allow $3k-$5k per annum.

Compliance support. A specialist service to monitor and update compliance can be about $6k per annum.

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Richard Liverpool

Ignition Wealth’s XPLAN consultancy team offer Australian advice practices a full range of consultancy and customisation options, either under a bespoke arrangement or through our Managed Services packages, Core, Pro and Ignition Next. From September 1, the XPLAN Consultancy Team will also offer the Ignition Priority Assist Service.

“If your practice is using XPLAN (and most are), any breakdown can impact your business efficiency. We know practices need a fast, efficient and expert response. Our on call team of XPLAN technicians are highly trained and will work rapidly to have your XPLAN running and delivering your advice vision,” said Richard Liverpool, Head of Sales and Marketing, Ignition Wealth.

As part of the Priority One Assist Service, each XPLAN site gets, as a minimum, their own suite of XPLAN customised resources plus four hours of XPLAN technical and customisation support each year. Practices can use the allotted time to fix issues that have been causing frustration in their practice, or to extend and improve the system for greater efficiency.

For a limited time, included in each membership, each member site is provided with:

• A set of 5 XPLAN compatible strategy texts ready for SoA integration
• 2 x XPLAN code snippets ready to apply to their XPLAN site
• An annual 10 point data integrity report for their XPLAN site

“For the majority of practices it is impractical and financially unjustified to have full-time support in house. The Ignition Priority One Assist Service gives your business the reassurance of full-time expert support at a fraction of the price, ” said Richard Liverpool.

Ignition Priority One is included in Ignition Wealth’s XPLAN Managed Services packages: Core, Pro and Ignition Next. Key components of the Core package include the advice wizard, 115+ strategy library, smart fact finder, risk profiler, video conferencing, training video library and a dedicated support helpdesk. The Pro package includes Core plus advice request (paraplanning) wizard, FDS reporting and opt-in, welcome letters, email templates, client and portfolio reporting, traditional advice tasks and threads, advice presentation slides.

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Key information:

• Same day response for calls before 12 noon
• 4 hours of expert technical or customisation support
• XPLAN strategy text inclusions
• XPLAN code snippets
• Annual 10 Point Data Integrity Report

More information about Ignition Wealth’s XPLAN Solutions.

Ignition Wealth’s flagship offering, Ignition Next combines the power of XPLAN and the digital engagement of Ignition Money delivering digital, traditional and hybrid advice in one seamless adviser experience. Financial advice businesses may opt for Ignition Next with either of Ignition’s Managed Services, PRO or CORE.

More information about Ignition Wealth’s Next Solution.

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(L to R

APP Securities Pty Ltd (ABN 45 112 871 842 AFSL 307 706) (APP Securities) and Ignition Wealth have today announced a new partnership to provide digital financial advice to APP Securities’ clients. APP Securities is an Australian stockbroking and investment banking firm, which offers a wide range of investment products, as well as a comprehensive suite of financial services spanning Corporate Finance and Advisory, Institutional Sales and Trading, Private Client Advisory and Research.

“Embracing digital financial advice will allow us to provide our clients with the latest in financial technology and complements our existing broking business. We are delighted to provide a solution that can be tailored to each of our client’s needs, enabling our brokers to maintain and grow the strong relationships they have with clients.” said Sangeeta Venkatesan, CEO, APP Securities.

The mobile-first digital financial advice solution provides APP Securities clients with the technology to complete their risk assessment, accept a diversified portfolio, fund, invest, execute trades, monitor, rebalance and maintain contact with their broker through secure online messaging. Clients who require traditional financial advice (outside of share trading) will be able to access the Ignition Wealth Advice Team, complementing general advice and allowing them to broaden their offer.

“In 2017 our clients expect to be able to manage every aspect of their lives from their mobile phones. The Ignition Wealth solution allows us to provide our clients with world class digital financial advice, from the palm of their hands.” said Adam Joseph, COO, APP Securities.

Ignition Wealth’s technology stack is multicurrency and multilingual, making it a ready-to-go technology solution for multinational financial enterprises.

“Ignition Wealth is delighted to enter the stockbroking market in Australia by providing digital financial advice to APP Securities.” said Richard Liverpool, Head of Sales and Marketing, Ignition Wealth.

Ignition Wealth’s digital financial advice solution will currently be offered to APP Securities clients who are resident in Australia.

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Are you making the most of your XPLAN functionality?

If you’re not making the most of your XPLAN you’re not alone. It’s Australia’s most popular financial planning software for a reason – but that doesn’t mean we all know how to get optimum value from it. Richard Liverpool, Head of Sales & Marketing from Ignition Wealth, offers some tips on avoiding common mistakes and the best places to start when you want to power up your XPLAN.

Ever bought a supercharged new car or a feature-rich new phone and straight away knew exactly how to use all its functions? (Be honest). If your answer is “no”, then join the other 99% of the population – and the vast majority of advisers when it comes to their XPLAN.

The truth is, most advisers are not making the most of XPLAN’s functionality. Once upon a time this was not necessarily a big deal. Even a few years ago just using XPLAN straight out of the box was enough to put your firm ahead of the game in terms of office efficiency and ability to scale.

But those days are over. The game has been changing and the race to achieve efficiencies is more intense. With uptake of advice and planning software accelerating, the first mover advantage has gone. It’s now become not so much a matter of if you are using smart technology to support your practice – it’s a question of how.

Broadly, the best way to ensure you get the most from your XPLAN is to start with a clean slate. From there, you’re free to get expert support to customise your software to deliver the functionality your specific advice business needs.

The following is a list of common software issues that can be resolved to clear the way for a smoother, faster more tailored experience. If your firm is experiencing any of the following, then you might consider calling on some expert help to get you powered up and ahead of the game. There’s a range of consultants available to help, and it’s usually more time- and cost-effective to have help on call rather than paying a full-time in-house resource

This list is based on our first-hand experience at Ignition Wealth, where we have a dedicated team of XPLAN specialists on call to help clients with everything from efficient set-up to troubleshooting with integration issues through to next level advice technology support to get build best-of-breed hybrid capability. We call our XPLAN service Ignition NEXT.

Fix it first – start with a clean XPLAN slate

Yes, XPLAN works out of the box. However, it is designed to be configured to suit a wide range of different practice needs. If you are using straight out of the box, it’s likely that you’re only tapping into about 10-20% of its functionality. It may also be that what you have got up and running isn’t optimum for your practice and may even have added an extra layer of complication to your life.

Here are some of the most common mistakes we see. The good news is, they’re easy to fix.. You’ll see savings in time and resource use immediately if you do.

• Unwieldy advice documentation. If you’re struggling with editing, merging and printing multiple advice documents from XPLAN, there is a better way. The whole point of the software is to smooth manual processes and deliver fast, accurate documentation. If you’re having to modify documents post processing – be it to correct duplications or tailor “safe” generic documents for each individual SoA – then you’re doing XPLAN’s work instead of your own. Excessive documentation reworks are a sure sign that you need some expert help.
• Data integrity problems. Your advice and efficiency is only as good as your data. We see a lot of firms just putting up with data problems and their numerous knock-on consequences, in the false belief that there’s no choice. The fact is, there is a choice – but it does involve a trade-off. The trade-off is spending more time and effort at the beginning to get the data entry right, rather than trying to sweep up and retro-fix at the end (including dealing with angry clients and potential compliance breaches). Cleaning up your data issues where they start – with data entry – is the best long-term resolution to destructive and persistent problem. Again, there’s good news. Various services can assist with data cleansing to ensure clean entry, clearing decayed data, using the most up-to-date information you have and reducing or eliminating duplication. So, if data is causing you drama, seek help today.
• When data feeds go wrong. Did we mention that your advice is only as good as your data? That includes data feeds. We’re all addicted to them because they’re the raw material that guides our decision-making and informs the quality of the advice we give. That’s until the feeds go wrong. The reality is that every platform has different interfaces, and the data quality between platforms is significant. If you or a provider are operating on an older version, the result is too often that you get differential data from your feeds. That affects the quality of your advice – and serious credibility problems when you’re trying to provide a transparent report on your client’s portfolio. The fix? (Because again, there is one.) Get expert help to assist in the setup of a streamlined, updated feed service that dramatically reduces feed issues.
• Multiple wizards leading to multiple reworks – every time. It’s happened to all of us. As time moves on, we update, upgrade, add on. Before we know it, we’re stuck with a legacy system that creates more work than it does. This is never more the case than with advice wizards. Take the impact of multiple advice wizards on regulatory updates. If you have multiple templates set up by your wizards within XPLAN, then every single time there’s regulatory change, by Centrelink, for example, you need to update every single template. The answer? Again, it’s an expert fix but it’s a permanent one. Ask about a single advice wizard to rule them all – because it is possible to choose a single wizard that does it all. The Ignition NEXT SoA Wizard is just one example.

So, my XPLAN slate is clean. Where NEXT?

Let’s assume you’ve called in the experts and cleaned your XPLAN slate. You may be content with that – you now have a smooth, clean efficient machine to drive your practice efficiency steadily along. It’s what XPLAN is renowned for, and rightly so.

But, to return to our analogy of the new car or phone, for advice practices, running steadily along may not be enough. It’s like driving the turbo-charged car in third gear or using the smartphone for calls and texts only. It’s not necessarily going to put you ahead of the game or enable you to scale up your advice to support growth and expansion.

That’s when you may want to consider going to the next level with XPLAN. That means getting some more (you guessed it) expert advice. You’ll likely be looking in two areas.

First, some expert customisation to directly align XPLAN’s features with the way your advice practice operates – or, more accurately, the way you want it to function. That takes into account factors like size, staff mix, clientele types, specialisation. Most advice practices we customise for liken this experience to moving the car into overdrive, or learning how to email on the phone.

And Second? That’s probably the most exciting of all. It involves integrating your XPLAN service digital advice technology. This enables you to move into the turbo charged realm of truly hybrid advice, where the combined power of XPLAN with the latest advice tech work seamlessly together to service more clients, better, for less.

In the same way as software like XPLAN has revolutionised our industry, we believe this next level in hybrid advice is just around the corner, and will change the face of our industry forever.

The post How to turbo charge your XPLAN (and get ahead of the pack) appeared first on AdviserVoice.

Licensing just the tip of the iceberg for true SMSF compliance.

The latest moves from ASIC indicate that it has drawn the line on SMSF compliance – and it’s a hard one. The message is clear: get your SMSF house in order now, or else. The question is, how? According to Richard Liverpool, Head of Sales & Marketing from Ignition Wealth, the answer may be simpler (and cheaper) than you think. It all comes down to appropriateness.

The SMSF sector is the fastest growing in the superannuation industry, accounting for an almost $650 billion chunk of Australia’s super pie. SMSFs also manage a disproportionately large percentage of funds relative to their super counterparts (see box below). So it’s easy to see why assuring the compliance and oversight of the sector has assumed growing importance both in the industry itself and with the regulator in recent years.

However, even as it acknowledges the massive opportunities SMSF growth offers, the entire advice sector is still grappling with the challenges that go with it. Right now, licensing compliance is top of mind. This is especially the case for accountants and others struggling with the “new” licensing regime, which took effect on 1 July 2016.

The latest information from ASIC’s SMSF “shadow shopping” project (see box below) should leave accountants in no doubt that they need to get their licensing situation in order. Today. Or rather, last year.

As ASIC commissioner Greg Tanzer put it when sounding the initial warning: “…if you decide after 1 July (2016) to give advice on establishing or operating an SMSF and you don’t have the requisite licence… you’re acting illegally … you’re joining the club with the investment scammers, the property spruikers, and all of the other people who choose to operate illegally.”

And in our view, the same can – and will – be said of advisers, as they become subject to SMSF scrutiny that extends beyond licensing requirements.

That’s because, for advisers who are already licensed and advising in the SMSF space, there are deeper SMSF issues at play. In fact, it’s a fair prediction that in the same way ASIC is now pursuing licensing issues with vigour, other SMSF-related advice activity will soon be under the spotlight. There are hundreds of billions of dollars and the financial futures of millions of Australians at stake. This latest shadow shopping experience is just the tip of the iceberg.

SMSF appropriateness and BID: the must-have partnership for compliance

Other SMSF activities likely to attract greater regulatory attention in the future are clearly those relating to Best Interest Duty (BID), that is, ensuring clients entering SMSFs have been properly advised to do so in light of their goals and circumstances, financial and otherwise. So, for example, as well as meeting financial criteria, a client should also be aware of and engaged in meeting their SMSF trustee obligations. It’s all about ensuring an SMSF is appropriate for the needs of each and every client and member of each fund. If you as an adviser can’t clearly show this, there’s the potential to end up in hot water.

Further, in looking at appropriateness, it’s important to understand that the criteria apply both to those considering an SMSF and existing SMSF clients. To hurdle the fiduciary bar, advisers will ideally be able demonstrate that all SMSF clients on their books are appropriate candidates for an SMSF (and vice versa).

Another prediction and natural next step on the regulatory front is that the underlying assets contained in SMSFs will also become a focus – and rightly so. Ensuring SMSFs include appropriate investment planning, diversification and asset allocation in line with the trustees’ financial situation, goals and life circumstances will be something every adviser should be able to demonstrate with ease. Or risk the penalties.

New tools the easy way to support SMSF compliance

The upshot is that the days of a relatively carefree approach to recommending and setting up a client in an SMSF, including simply because they asked for one, are well and truly over.

Years of experience in the sector, learning what works and what doesn’t, watching and tracking outcomes and other hard evidence has led to the development of useful, if more stringent, criteria to determine SMSF appropriateness.

Better still, the advent of digital advice technology means appropriateness criteria can be applied, documented and tracked, cost effectively and at scale, to deliver confidence in compliance – or highlight where more attention is needed. Being able to monitor and support clients in this way can also be a powerful retention tool, offering multiple touch points and opportunities to add value, upsell, cross sell and get more face time with high value clients.

So that’s the good news. The bad news is that to get confidence in compliance and value in ongoing client support, you need to choose the right solution. Too simplistic, and it’s not going to give you the depth of compliance you need. Too complex or unwieldy, and it’s likely to cost a lot, be hard to integrate and set up and likely lie on the shelf, unused.

Your 10-point SMSF appropriateness solution checklist

To be confident that an automated SMSF service offers risk management and high value advice support across your SMSF books, both existing and for new set-ups, look for one that offers:

1. Compliance

Good financial advice begins and ends with compliance. Make sure the service you use delivers it, including registering advisers with the Financial Advisers Register (FAR) and ensuring you have the correct licensing for the level of advice you provide (limited, complex etc).

2. Licensing

If you’re one of the many operators that doesn’t have the required AFS licence yet, look for a solution that enables you to work under someone else’s. That also means compliance is their remit, offering you further protection.

3. Ease of use

Make sure the solution you choose is compatible with other software (and hardware) and easy to setup and use.

4. Cost effectiveness

A good SMSF solution should not run into the thousands, but you may not get value from the cheapest on the market. Look for functionality, ease of use and level risk management and pay accordingly.<

5. Education

The choice of SMSF is not an easy one and involves complex consideration of multiple issues. Any service you use to support SMSF advice should offer clients information and education about different options and scenarios.

6. Engagement

SMSF trustees must know what they’re getting into. They should be aware of their roles and responsibilities, the time they can expect to spend monitoring and engaging with their investment and the legal and ethical ramifications of so doing (or not). An effective tool should highlight this aspect of the SMSF product.

7. Models and scenarios

A good solution will contain multiple financial modelling and other tools to enable clients and advisers to work up multiple scenarios so they can project likely outcomes and make informed investment decisions.

8. In-person service option

Many clients and advisers are happy relying on a strong digital or online advice solution. However the option of a personalised check in to go through questions and answers with an adviser can add real value.

9. Security

Ensure the solution you choose offers features such as secure log-in, strong encryption and powerful firewalls. If in doubt, ask.

10. Experience

Look for a service provided by a reputable operator with a track record in the industry, preferably both on the advice and the digital solution side, especially in superannuation.
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Why all the attention? The SMSF success story

As at December 2016, the following figures from APRA show the rise and rise of SMSFs.

• About 585,260 SMSFs are managing $653.8 billion in assets
• Thousands of new SMSFs are established every quarter
• The average balance of an SMSF exceeds $1.1 million, with the ‘average’ fund balance around $1.17 million
• Individuals running SMSFs control nearly a third (29.7% or $653.8 billion) of the circa $2.2 trillion invested via Australian superannuation fund
• In 1998, SMSFs represented one-tenth (10%) of all superannuation money
• In 2004, SMSFs represented 20% of all super fund assets.

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Confusion and uncertainty: what ASIC shadow shoppers found

ASIC visited 20 limited Australian Financial Services licensees in 2016 and 2017 to see how they were operating and discuss compliance with their AFSL obligations.

Most were still establishing their post 1 July 2016 businesses; only half had provided advice at the time of the visit. This suggests significant lost opportunity to capitalise on the growth in the SMSF sector.

Licensees were actively seeking training and assistance in several aspects of the AFSL regime, particularly relating to ongoing compliance obligations and client engagement. A comprehensive SMSF tool should cover these educational and compliance requirements. ASIC has also committed to providing further education in these areas.

ASIC says it will also contact licensees with no advisers recorded on Financial Advisers Register (FAR) to remind them of their obligations. Limited AFS licensees with no recorded advisers on FAR are likely to be in breach of the law.

Other areas of concern identified during the visits included:

• uncertainty regarding ongoing compliance obligations, including about the resources required to monitor compliance and steps required to comply with general licensee obligations
• confusion about what information is required by the Financial Adviser Register (FAR) – nearly half the licensees had not updated the FAR with adviser information
• where licensees had not yet provided advice about SMSFs they were uncertain about what documents need to be provided to clients, their content and when they should be provided. This included requirements relating to statements of advice, a key document.

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Mark Fordee

CEO Mark Fordree yesterday announced the launch of the Ignition Wealth SMSF Appropriateness tool, a software technology solution automating the administration of the SMSF appropriateness process.

“This is a client-centric solution that ensures that investors considering establishing an SMSF are engaged, educated and empowered. It offers a low-cost easy to use solution.”, says Mark Fordree, CEO, Ignition Wealth.

Ignition Wealth sets the benchmark in Australia as a business to business digital financial advice solutions provider. This technology solution has been designed to allow advisers, accountants and financial enterprises to reduce the time and cost of the SMSF Appropriateness process.

Richard Liverpool, Head of Sales and Marketing believes, “Our clients are seeking smart technology solutions to drive efficiencies in their businesses and improve services to their clients. For all financial businesses this is a great solution to reduce time and expense.”

Ignition Wealth offers a unique hybrid approach to digital financial advice, providing a full service spectrum of technology, traditional advice and licensing.

“Post-FOFA, as ASIC increases scrutiny in this area, the accountancy market has been urgently seeking a compliant solution for their clients seeking SMSF appropriateness guidance. Ignition Wealth offers them a full service-solution, and allows them to retain the client within their business.”, says Richard Liverpool.

The Ignition Wealth SMSF Appropriateness tool assists clients as they learn about the key responsibilities and issues associated with becoming an SMSF trustee. The tool considers the client’s responses and makes a recommendation depending on whether they meet the SMSF appropriateness criteria.

Clients complete a comprehensive and easy-to-follow fact find and are then guided through a learning centre where they engage with information about SMSFs and trustees at their own pace. The journey includes a meeting with an online adviser from the Ignition Wealth Advice Team. The investor receives an SoA together with a recommendation. If the investor is also seeking an investment solution, Ignition Wealth offers SMSF portfolios. The cost for the full journey, including the meeting with the Ignition Wealth adviser is $770 (inc GST), offering a very significant saving on the traditional model.

Should the investor require additional advice, this may be provided by their own adviser or by the Ignition Wealth team at an additional cost.

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