Australia’s Fortnum Financial Advisors has teamed up with consultancy Good Advice Solutions to roll out a new advice framework.
Fortnum said that the platform will help financial advisors evaluate their client’s financial needs in an accurate way and adhere to their legal responsibilities.
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As part of the project, Fortnum has developed a customised Xplan site in partnership with Opex Consulting to integrate front office client-facing with the back office.
Fortnum managing director Joel Taylor said: "Many advisers are using an off-the-shelf advice framework supplied to them by an institutionally-owned dealer group and engineered to result in the sale of financial product.
"As a non-institutionally owned licensee, we’ve custom-built an operational framework for the provision of advice which ensures improved outcomes for clients."
According to Good Advice Solutions director Guyon Cates, the new framework will help advisers to accurately meet client needs and pinipoint individual challenges.
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By GlobalData"The fundamental purpose of the new framework is to give advisers the tools to uncover what’s really going on in a person’s financial life because unless an adviser fully understands a client’s situation, they’re not in a position to act in their best interest," Cates added.
