Risk specialist dealer group, Guardian Advice, will run FOFA (Future of Financial Advice) workshops in June to reiterate to advisers their key responsibilities under FOFA, and coach advisers in demonstrating the value of advice they provide to their clients.
The full day workshops will:
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
– Wrap up the legislation, obligations and consequences of FOFA, and give advisers the tools and resources they need for FOFA compliance.
– Show advisers how to articulate the value of advice in line with FOFA’s requirements around ‘Best Interest Duty’.
– Through risk advice expert Chris Unwin, show advisers how to demonstrate the value of their advice, ensuring advisers can run a sustainable business in a post-FoFA world.
Guardian Advice head, Simon Harris, said: "Over the past two years, we have taken Guardian advisers on a journey of education and regular communication to become FOFA-ready. Our workshops will ensure advisers have the knowledge and tools to clearly demonstrate the value of the advice they provide to their clients.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"We’ve invested enormous resources, IP and time in our FOFA-readiness program and I’m confident all of our efforts will help protect our advisers’ businesses. We’ve been discussing at length with advisers the obligations and consequences of FOFA through our FOFA expert Kylie Blundell, providing multiple FOFA sessions at master-classes, state conferences and PD days, working on how to price advice, and facilitating the fee-disclosure process by helping advisers utilise technology in order to meet their new obligations in an efficient manner."
Harris said what had been lost in the FOFA preparation by other groups was a focus on advisers creating stronger, more regular engagement with their clients. This is an area Guardian has been deliberately focussing on in planning for FOFA’s introduction.
"People have got too caught up in the mechanics of FOFA, when really the key requirement of FOFA is about better client engagement, and communicating the value of what advisers do for Australians every day," he said.
"Under FOFA, upfront and ongoing fee disclosure will become even more transparent to consumers, and advisers will need to prove the value of their advice and that it is worth paying for."
Guardian will also launch at the workshops two new offers to support advisers’ FOFA compliance, including:
– Advice Assurance Methodology: This methodology will address the new requirements that must be must met under FOFA world, such as providing Fee Disclosure Statements for clients. Training and communication will be facilitated via PD Days, Guardian’s adviser newsletter and webinars.
– Advice Documentation Suite: A new suite of advice documents to help advisers meet their new obligations under FOFA, including new processes such as Fee Disclosure Statements and a new suite of SOA documents to help advisers meet ‘Best Interest Duty.’
