Greater demand to outsource SOA production: AXA
|
|
AXA is seeing a greater demand from advisers to outsource the production of Statements of Advice (SOAs) along with their other core business activities, according to AXA Financial Planning national manager Paul Williams.
Financial planners can outsource their SOA production to the dealer group, which can produce a compliant SOA faster and at a lower cost than what planners can do for themselves, he said.
It can produce reasonable savings, depending on the size of the business, he said.
Other financial planners outside AXA have shown interest in the service, but in the context of joining the dealer group, Williams said.
There is no doubt they’re seeing more enquiries and more requests for support in reducing their costs, he added.
Tom Graham, principal of Capita Financial Services and a representative of Charter Financial Planning, said outsourcing any SOA production to an outside company would be cheaper on a volume basis, but if you were working for a dealer group, you would have to thoroughly check the SOA to make sure the format, style and presentation complied with all their dealer group requirements.
The biggest issue in outsourcing SOA production was ensuring client information remained confidential, Graham said.
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
