As 2022 continues, advisers are reconsidering their futures. It’s unlikely that Financial Planning principals will need to accept that “disruption” is the new Norm.

To help mitigate some of these issues many continue to explore alternative Licensing options with the option of obtaining their own AFSL a real consideration. 

Those seeking the opportunity to get their own license often turn to an AFSL Service provider as a way of surrounding themselves with high quality support that makes the significant responsibility of running their own license as efficient as it can be. These Service Providers do a great job in many ways particularly in the areas of Advice Policy, Governance and Compliance. It is in most cases a One Size fits all approach though and yet most planners when asked why they want to get their own AFSL its because they want to perform some part of the Advice Process their way.

If the business is subscribing to the Service Providers Advice Policy and Compliance then it’s reasonable to assume that the part of the process they wanted to personalise hasn’t been adjusted appropriately. No big deal some may say. Well……… the consequences could be much more severe that you think.

Managing Director of Australian Independent Compliance Solutions, Cheyenne Walker sees this issue often.

“If you’re thinking about getting your own AFSL and adopting or changing your advice process then the first call you should make is to a firm like ours. We’ll firstly understand what part of the process you’re seeking to customise and give you some advice on how best to do it. From there we can advise on how you create the relevant Policies and finally how the Compliance framework works for you. Doing it this way make the process seamless. Not doing it and just adopting the One Size fits all approach could spell trouble. So much so that it may “strain” the relationship you have with both ASIC and your PI Insurer”.

If the ultimate goal is to run your own business, your way then you have a couple of choices. If you seek your own AFSL then call Cheyenne and seek her teams assistance in properly constructing the advice and compliance framework.  If you are open to an alternative licensee that allows you to operate “like your AFSL but without the time, cost and risk” like Insight then please give us a call.

Doing it the right way is the only way.


Jon Remmington
Associate Director, Insight
jremmington@futuro.com.au
0478321694

Cheyenne Walker
Managing Director
Australian Independent Compliance Solutions
cwalker@aicsolutions.com.au
0400 513 661