More than a third of financial advisers say they do not yet have software which they believe can adequately manage their opt-in requirements, according to Midwinter Financial Services survey.
The FoFA Advice Impact Survey was conducted to gauge the planning industry’s readiness for after the Future of Financial Advice (FoFA) deadline on 1 July 2013.
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Midwinter surveyed 320 financial planners from more than 70 licensees.
The survey has revealed that more than one third (35%) believe that their software cannot support opt-in requirements, and half of all advisers were not yet sure if they would be giving clients the option of opting-in electronically.
The results of the survey showed that only 21% of advisers were confident that they would be giving their clients the option to opt in electronically.
Midwinter managing director Julian Plummer said, "There is much work yet to be done in regards to advisers going through the process of identifying their ‘opt-in’ clients. This is no easy task for planners and can be extremely time intensive.
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By GlobalData"With the inevitable impact that the new requirements will have on running a successful advice business, the more influence FoFA will have when selecting financial planning software."
On May 23, PBI reported that BT Financial Group implemented Asgard and BT Wrap platforms to support advisers and dealer groups in their FoFA obligations. The 2012 Investment Trends Report indicated four out of five advisers would like platforms to help them with implementing the FoFA changes.
