RESOURCES

As an industry, we are very much in the spotlight and to be honest, it’s nothing short of ugly. Many points that are coming to light include negligence, dishonesty and conflict-based advice but what about the advice that is good? What about the advice that has helped so many thousands of Australian achieve their goals and are in a better financial position?  We won’t hear any mention of this and to be honest, it is not what the Royal Commission is about.
But let’s take a moment to consider the advice that is in the client’s best interest yet when you read it, it may be hard for a client to understand – there’s too much jargon or it’s inconsistent or, god forbid, grammar isn’t one of the Advisers strengths!! How can you as a business or Licensee check SOA’s to ensure it meets your professional and compliance guidelines but doesn’t send you bankrupt due to the time and cost involved with reviewing the document before giving it to the client.
Undertaking a SOA Quality Review (SQR) is not a costly exercise yet it helps to identify areas that could improve the positioning of the advice. It isn’t a laborious nor militant compliance audit but a review that helps give you confidence that the advice is appropriate and in the clients best interest.
The concept is to conduct an independent 3rd party review of completed SOA’s. By only looking at the SOA and not the full file, qualified reviewers consider, from a client’s perspective, how the document can be interpreted and how well it reads. Are there too many acronyms or jargon? Are all areas of advice clearly explained? Are there systemic issues? Are the Clients names correct!? This is not a detailed compliance audit but a review for quality and consistency of data, document accuracy and appropriate inclusions – such as projection disclaimers, product replacement or gearing disclosures.  
Now is the time, to take the time, to get it right. Clients will be more distrustful than ever before so don’t give them a reason to
walk out your door because your SOA can be better.

Xmas is over (thank heavens) but conferences are coming – have you the right HR policies to cover yourself and your business when staff get ‘untidy’?

What is an acceptable amount to drink at work? ……and how do you manage this situation in the workplace?
It can be difficult for employers to negotiate the line between allowing staff to let their hair down in the office or at a work-related event, and enforcing a standard of acceptable conduct.
Recent case law shows that it’s not just employees that may be hit with the negative consequences for drunk and disorderly conduct.
Employer policies, practices and procedures are likely to be scrutinised if action is taken against an employee for being under the influence – and mistakes can be costly.
As a business owner, DO you have an up to date Alcohol & Drug Policy? And are all your staff aware of the policy and understand their responsibilities?