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Wealth Management.

While fintech feels like today’s next big thing, we’ve been helping financial services and credit businesses innovate since 2002

Financial Planners

industry sectors Financial Planners

Accountants

industry sectors Accountants

Managed Account Providers (MDA)

industry sectors Managed Account Providers (MDA)

Managed Investment Schemes (MIS)

industry sectors Managed Investment Schemes (MIS)

Wraps & Platforms

industry sectors Wraps & Platforms

Life Advisers

industry sectors Life Advisers

Superannuation Funds

industry sectors Superannuation Funds

There’s never been a more interesting time in wealth management!

There are massive challenges for traditional providers of financial services to differentiate and maintain their relevance. The commoditization of the administration of financial services is far progressed. The advent of robo advice means the concept of a platform is under serious threat.

Whether you’re looking to innovate, grow your business or need help complying with the huge mix of legislation that applies to financial services, give us a call. Our team of financial services lawyers have helped financial planners, accountants, dealer groups, platforms, fund managers, super funds and many more. MDAs are a speciality!

SOME OF THE WAYS WE HELP OUR CLIENTS.
  •  Applying for and varying AFS licences (AFSLs) and appointing Responsible Managers
  •  Financial product development and documentation
  •  Designing distribution channels and appointing authorised representatives, referrers and distributors
  •  Disclosure documents – Financial Services Guides (FSGs), Statements of Advice (SoAs) and Records of Advice (RoAs)
  •  Reviewing websites and other marketing and promotional material
  •  Drafting and negotiating supplier and distributor contracts
  •  Monitoring and supervision systems and processes
  •  AML/CTF compliance
  •  Breach management and reporting
  •  ASIC liaison, investigations and enforceable undertakings
  •  Managed discretionary accounts (MDAs)
  •  Corporate structuring, shareholder and partnership agreements
  •  Sales and acquisitions
  •  Joint ventures and strategic alliances
  •  Management and employee participation schemes

Three trends we’re excited about

  •  What will the true impact of robo advice be? Advisers will either choose to ignore it (we think at their peril) or embrace it. Many of those who integrate robo advice will use it to better service their lower value clients but the really smart businesses will use it to automate the advice process, replace the paraplanners and free up their advisers to be true financial mentors for their clients.
  •  The significant rise of managed discretionary accounts or MDAs are enabling advisers to add value by having expert portfolio managers actively managing client portfolios. However, despite an extensive consultation process in 2014, ASIC has not yet updated its guidance on how it proposes to regulate MDAs going forward and the uncertainty has prevented many people from offering this service. ASIC has now promised it will finalise the new rules before the current regime expires in October this year – we wait in anticipation!
  •  The banning of commissions has meant structural changes to the way that advisers charge for services. It’s prompted advisers to have a different conversation with clients about the value delivered and to gain a better understanding of what clients really value (and what they don’t!). This tectonic shift in behavioural changes has been a catalyst for good because it’s ensuring clients really do receive value from the advice they receive.
  • Responsible Managers Masterclass

    Are you sure that your managers have enough knowledge of the AFS requirements to keep you on the right side of the regulator?

    These sessions are for Responsible Managers, compliance managers and indeed any senior manager of a financial services business.

    It takes a full day, but includes lots of interactive activities to keep you on your toes.

    It covers the following areas:

    •  The Role and Responsibilities of Responsible Managers – what it means to be a Responsible Manager, the qualifications and experience required, responsibilities and overall liabilities involved.
    •  Regulation in the Financial Services Industry – who are the regulators and what do they do.
    •  Providing Financial Services – what is a financial or credit service and what compliance and disclosure obligations apply.
    •  AFS Licensees’ Obligations – an in-depth view of all the regulatory requirements that apply to financial services and credit businesses.

    Contact us for more information or to design or book a training session.

  • Managed Discretionary Accounts

    Are your advisers increasingly looking to add value to their services?

    Discretionary management of client’s investment portfolios is one area where suitably qualified advisers can really distinguish themselves from the competition.

    This 2 hour session examines the various ways that advisers can offer MDA services, what authorisations or structures need to be put in place. It also looks at how far advisers can go without those mechanisms.

    Key topics include:

    •  What is a managed discretionary account service?
    •  Benefits of MDAs
    •  Types of MDAs - Full and 'Limited', IMAs, SMAs, etc.
    •  Risks of MDA services
    •  Compliance requirements for MDA services, including licence authorisations
    •  Preparing MDA Contracts and Investment Programs
    •  Managing MDA service delivery.

    Contact us for more information or to design or book a training session.

  • Giving Financial Advice

    The GFC highlighted how exposed advisers are if they don’t follow professional planning practises.

    The ‘best interests’ duty is a great starting point, but what does it mean in practice. This training is for financial planners who are serious about the way they deal with clients and who aspire to professionalism. It’ll also help you if you’ve had lots of FOS claims or have ASIC breathing down your neck.

    There’s a lot of material here and it would take days to get through it all. So we’re happy to slice and dice it to cover what’s important in your business and what you need to know to avoid becoming one of those nasty FOS statistics.

    •  Fee Disclosure and Client Engagement
    •  Conflicted Remuneration
    •  Limited and/or Scalable Advice
    •  Best Interests Duty
    •  Adviser's Duty of Care to Clients
    •  Risk Profiling
    •  Gearing

    Contact us for more information or to design or book a training session.

  • Statements of Advice

    Myths and Misses of preparing Statements of Advice.

    Let us help your advisers debunk the SoA myths. Give them the confidence and knowledge to use their SoA as a communication and risk management tool.

    Topics covered include:

    •  Streamlining and simplifying SoAs - what must be in and what you can safely leave out
    •  Incorporating information by reference
    •  How to explain the basis for your recommendation – connecting the dots
    •  Properly disclosing the risks of your advice
    •  Explaining the use of APLs
    •  Remuneration and product cost disclosure – demonstrating the value you provide
    •  Replacement products – what are they and what does the client really need to know?
    •  Other tips and traps to turn your SoA into an invaluable client communication tool.

    Contact us for more information or to design or book a training session.

  • Marketing Compliance

    It’s quite surprising how many laws apply to marketing financial services.

    And how different they are to other types of marketing. Sure you can consult the ACMA website which has loads of useful material, but you’ll risk missing the specific elements for our industry.

    This training is a ‘must have’ for brand and marketing managers, especially extensive direct marketers. It will cover the laws and obligations which apply to marketing financial services – both direct and through intermediaries.

    Topics covered include:

    •  Holding out
    •  Business documentation
    •  Consumer protection
    •  Advertising guidelines
    •  Telemarketing
    •  Online marketing
    •  Email marketing
    •  Viral marketing

    Contact us for more information or to design or book a training session.

  • Distribution

    Distribution is king!

    Increasingly, financial services businesses are searching for affinity relationships and channels to reach a wider market place.

    The Fold’s training and facilitation in this area include:

    •  Workshops to design new distribution channels using The Fold’s unique “Influencing Spectrum" to choose the appropriate affinity model;
    •  Upskilling your compliance team and managers to manage and monitor your distribution; and
    •  Training the sales team on what they can and can’t do at the point of sale. We offer workshops and webinars,or we can design and host interactive online training for the entire sales team.

    All sessions can be tailored to suit your team’s needs and capabilities.

    Contact us for more information or to design or book a training session.

 

What I really like about the work they do is that they specialise in Financial Planning, so they are always on top of the issues plus they have a very practical approach to the law and actively aim to ensure that legal compliance does not get in the way of good client communication and service.
Elixir Consulting, Sue Viskovic

 
 

We are very excited about the new Portfolio Builder… so pleased to be doing away with the draconian advisory approach driven by regulation and now being driven by what customers actually want.
Skaffold, Peter Simson, CEO

 

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