There was strong reader interest this week in our report looking at the issues most concerning FAPs and what they can do to help themselves…
Seven of the most common issues FAPs are struggling with have been listed with proposed solutions by training firm Strategi in a new guidance note.
Among the list is that the disclosure process has become unwieldy for many FAPs who face duplicating information, managing client acknowledgement, and too much customisation. It also says many clients are overburdened with disclosure information.
To address this, Strategi says FAPs should consider amending their disclosure documents as part of a wider review of their overall advice process.
The firm also says too many FAPs have digitised their paper-based advice process – retaining clunky systems.
It suggests developing new colourful client advice documents featuring pictures, infographics, and tables, etc with links to supporting information, “…and be radically shorter than current statements of advice”.
Proving the products that clients have are suitable for their needs is an ongoing stress for many FAPs, an issue that becomes even more critical if a book of business has been acquired.
Strategi recommends ongoing client servicing as part of their holistic review of their advice process.
Click here for the full Strategi document.