Early super access ROA now digital

6 May 2020

The record of advice template launched by industry groups has now been launched as a digital solution to support advisers inundated with requests for advice on early superannuation access.

The Financial Planning Association (FPA) has partnered with Midwinter, Financial Mappers, and AdviserLogic to make the ROA template digitally available to provide advice more efficiently.

FPA chief executive, Dante De Gori, said: “The FPA understands that even with the relief provided by ASIC – i.e. the use of ROA and the extension of time from five days to 30 days – it will still be a difficult ask for members to be able to provide advice to existing clients on accessing super at the price point set”.

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Financial Mappers designer, Glenis Phillips, said advisers could tailor the layout of the template by inserting their own practice branding, make format changes, and tailor the ROA to their clients’ financial position and goals quickly and efficiently.

“We are excited to partner with the FPA again to deliver a digital solution to minimise the time spent on bulky printouts and make the client experience more engaging by offering a streamlined template,” he said.

The Financial Planning Association (FPA), the SMSF Association (SMSFA), Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia and the Institute of Public Accountants (IPA) created the template for their members to help clients withdraw from their super if they were suffering financial hardship brought by the COVID-19 pandemic.

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IF a new client comes in an Adviser has to do fact find, SOA, etc to release the $10k, and for the princely sum of $300. Does the local bookkeeper just get to issue a ROA for a new client?

If it is an existing adviser, the ROA template is useless to them as they have to comply with what their licensees template has. The template developed by the FPA is only useful to those whom have never provided advice before and are allowed to now.

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