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Spot on. With the ASIC advice requirements we can't help clients right now. The best we can do is stop clients cashing in at a bottom. (Uni super $2bn and Sun Super stating unadvised clients cashing in). Imagine the massive damage that can be done long term to those clients.
We need a facility to position assets within a set range with a file note. Maybe a 70% investor can go between 50-85% following a discussion over the phone and a standard file note. All agreed to and outlined in a SOA provided beforehand. Use the same assets they currently have. Just alter the exposure. This could take 30 mins for a client in a decent platform (including call and notes)
Imagine the value we could create with a ph call and a re balance in the current climate? Most portfolios are underweight growth right now. Re balance to the asset allocation (using their existing investment option, not a new option or a new fund) and watch the portfolios rebound hard.
Under current advice processes it's atleast 3 hours per client. Some will have to miss out. Poor them.