Broughan & VauxEndless Rise |
Other Private Financial PlanningDealer Groups |
Large InstitutionsBanks, Credit Unions Life Offices |
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Professional Indemnity |
RISE covers Professional Indemnity Insurance and it is incorporated in the annual AR fee. It is not an additional fee. |
This is the Dealer Groups obligation; however some Dealer Groups may not include it in their annual fees. It could be an additional cost passed on to you. |
This is the Institutions obligation; however some Institutions may not include it in their annual fees. It could be an additional cost passed on to you. |
Maintaining Your Independence |
We are a privately owned Financial Services company with our own Australian Financial Services License (AFSL). We are advice driven, not product driven. We encourage you to maintain your independence so in your client’s eyes you are still seen as the adviser. We do not require branding guidelines to promote our own business. |
Dealer Groups should have their own AFSL. Due to this, you should be receiving independent advice and should be able to maintain to a degree your own independence as a group. |
Institutions have very controlled environments. As part of being an AR under a large institutional license you can be assured that independence will be offered but not necessarily given. Platforms and products will be offered to your clients and also strict guidelines on their own licensee branding on all of your marketing material and stationary that relates to being an AR and is given to your clients. |
Ownership of the clients |
RISE Standards Your clients will always remain your clients. If you decide to leave our license in the future, there are no restrictions inhibiting you from doing this. |
Dealer Groups Some Dealer Groups may place restrictions on you moving your clients to another licensee in the future. |
Banks, Credit Unions, Life Offices Institutions may place restrictions on you moving your clients to another |
Administration Support |
RISE provides very comprehensive administration support. Before we provide any administration, compliance or advice documents to |
Most of these Dealer Groups do not offer administration support. Instead |
The Institutions appear to be offering administration support. The only |
Paraplanning Support |
RISE provides experienced in-house paraplanning. We produce advice |
Some Dealer Groups provide this either in-house or outsourced. It is sometimes bundled within an AR’s annual fees or an additional fee per document being produced. |
The Institutions mention this is provided but it is not clear what those fees are. Paraplanners from institutions may also be inexperienced and still being trained so the quality can be poor. This can place pressure on the AR to review the work to ensure it is up to the standard they require. Most experienced paraplanners work for private financial planning companies. |
Technical Support |
The RISE adviser network will be available for technical assistance. AR’s |
This should be provided either from someone who works in the Dealer |
Institutions may have an in-house technical consultant or they would also outsource this requirement for their AR’s. |
Industry training online and in person |
RISE provides individual and group training in person. We have three parts to the training that we cover with the AR to ensure they have a good understanding. Some key areas we cover are compliance, the AR’s new responsibility, the advice documents, the appointment process and RISE Standards ongoing client management. |
Most Dealer Groups offer training. Quality training will be the key to success in your new role as an AR. |
Institutions appear to be offering a lot of support and training but it is the quality of the training and trainers that should be questioned. Poor training can lead to a misinterpretation of this information and result in problems down the track. |
Professional Development |
Similarly to your current ongoing education requirements as an Accountant, an AR must accumulate at least 30 professional development points each year (under ASIC guidelines) in order to maintain their ability to provide RISE will provide several options for ongoing professional development that will include the attendance of training seminars and industry seminars. |
All Dealer Groups offer this. |
The Institutions offer this. |
Compliance Monitoring |
As RISE will be producing all the advice documents on behalf of the AR, The independent audits although thorough and comprehensive, will be relaxed in nature and seen as a great opportunity to learn more about the advice process. |
All Dealer Groups offer this. |
The Institutions will provide an in-house compliance manager for this. |
Product Driven |
RISE use very few investment products. |
Some Dealer Groups are still persuaded by volume based revenue and incentives to ward particular investment and superannuation platforms. |
Institutions are product driven. |
Commission Driven |
RISE provides advice on a fee for service basis and have been doing so |
As of July 1st 2012, Dealer Groups and AR’s will not receive trail commission on new clients in relation to super and investment products. However a Grandfathering rule will still apply to those clients brought on before this cut off date. Dealer Groups should give an AR the choice of whether they charge commission or fee for service before the |
Because of the changes in legislation, Institutions will struggle to move to fee based advice. This will affect any AR that provides advice under their license as the transition could create all sorts of administration process breakdowns which will ultimately be passed on to the AR. |
Access to Client Information |
We provide this support to the AR via a secure internet based system that can be accessed 24/7 with your own login. |
This should always be provided to the AR. |
This should always be provided to the AR. |
Login to view client reports |
RISE will also provide the AR access to this information 24/7 via their own login. |
This should always be provided to the AR. |
This should always be provided to the AR. |
Marketing |
We have a dedicated team to assist with this. We will jointly help you to execute marketing exercises to your client base and offer advice where applicable. |
Services limited or not provided. |
They might help with this. |
Business Development Agreement |
RISE offers a Business Development Agreement option. We believe it is important to reimburse the AR for their time and assistance in supplying the information |
Services limited or not provided. |
Services limited or not provided. |
Ability to gain authorisation other financial planning areas |
YES! We are happy to assess this on a |
Most Dealer Groups offer this opportunity. |
There are Institutions that offer this. |