{"id":898,"date":"2015-09-11T09:22:12","date_gmt":"2015-09-10T23:52:12","guid":{"rendered":"https:\/\/fwgs.net.au\/?p=898"},"modified":"2015-09-15T11:48:50","modified_gmt":"2015-09-15T02:18:50","slug":"fos-top-10-tips-for-accountants-giving-financial-advice-part-2-of-3","status":"publish","type":"post","link":"https:\/\/fwgs.net.au\/fos-top-10-tips-for-accountants-giving-financial-advice-part-2-of-3\/","title":{"rendered":"FOS\u2019 top 10 tips for accountants giving financial advice (Part 2 of 3)"},"content":{"rendered":"
You must be very clear in explaining the risks and documenting that the course of action is against your advice. Explain the risks in language the client understands make a contemporaneous file note and have the client sign it.<\/p>\n
Clients don’t know the difference between information, general advice, personal advice and execution-only services.<\/p>\n
If you don’t give the appropriate explanations and warnings or you are unclear, then you could be found liable for advice or activities that you had not intended to provide.<\/p>\n
Make sure template forms and documents about strategies, products and risks are appropriate to the client you are advising.<\/p>\n
It is very difficult to convince us that you have selected the right strategies and financial products for a client if the documents contain errors, are missing information or contain copious amounts of irrelevant material.<\/p>\n
You will also have some trouble convincing us that the client understood your documents if they contain pro-forma jargon or complex concepts.<\/p>\n
Tailor documents to your client\u2019s financial literacy. Statements of Advice must be clear, concise and effective.<\/p>\n
Finance Wise Global Securities Pty Ltd has a unique solution for accountants requiring an authority to advise on SMSF\u2019s once the accounting exemption expires please email the team at info@wordpress-784484-2675404.cloudwaysapps.com<\/a> to find out more.<\/p>\n Alison Maynard, ombudsman, investments and advice, Financial Ombudsman Service Australia<\/em><\/p>\n Source: SMSF Adviser Sept 9, 2016.<\/em><\/p>\n If you\u00a0found this article interesting, why not<\/strong><\/p>\n This is the second article outlining the Top 10 tips for accountants giving advice after the accounting exemption expires June 30, 2016. 4. Explain the risks to clients who choose to act against your advice You must be very clear in explaining the risks and documenting that the course of action is against your advice. […]<\/p>\n","protected":false},"author":1,"featured_media":895,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,21],"tags":[19],"yoast_head":"\n\n