This article is from Risk Info NZ published 30 August, 2021.
Financial advisers struggling to get up to speed with applying for a full license, or putting systems in place, have been offered a helping hand by The Adviser Platform.
The company’s Managing Director Ryan Edwards says his team can help advisers at any point of the full FAP application process to get them across the line.
“We can do everything from reviewing existing documentation, offering oversight and guidance all the way through to holding their hand to put a FAP License application together and working alongside them until their full licence is granted,” says Edwards.
“This service is an extension of everything we do to help advisers run a successful business in partnership, rather than just telling them how to do it, or referring them to third parties.”
Edwards says advisers are facing what he calls “change fatigue” that’s compounded by government lockdowns and in some cases rising costs and regulatory change.
“It has been a pretty challenging period,” he says. “There’s no shortage of people offering guidance and wisdom, but there are very few avenues for advisers to partner with someone that will actually work with them – side-by-side.
“Not only getting them through licencing, but making sure they have systems in place to deliver on everything they need to do after their license is approved. That is the real challenge.
“Getting a full licence is quite a body of work. Obtaining the licence just gets you to day one – then you have to run the businesses within the terms of the licence. And that’s where our advice tools, managed admin and compliance support can really help put all the theory into practice.”
Edwards says many advisers have never faced being audited and that while most believe they are doing a good job, they haven’t had to prove it before now.
“Advisers need to know how to give the regulator and the general public confidence that they are doing a good job,” says Edwards. “Unfortunately, there are many advisers struggling to implement these changes because they don’t have adequate admin support, often coupled with a CRM system they barely use, meaning they can struggle to dot the I’s and cross the T’s.”
Edwards says he’s concerned too many advisers are hunting around trying to find out what to do and how to do it, while firms such as his are on hand to remove these stresses.
“We are here for the long haul, we want to help advisers run strong businesses, and help advisers understand that licencing isn’t the finishing line – it’s day one.
“There’s no need for advisers to re-invent the wheel when it’s sitting in our office. We truly are a one stop shop.”
Hear Ryan Edwards in our podcast for week ending 3 September.