We understand that you need to run your business whilst we support you with a range of core services.
We have and will continue to develop commercially viable strategies specific to your business needs underpinned by documentation and training.
Corporate Governance and Compliance
The Advice Exchange has been licensing and monitoring corporate entities and their advisers since 2008 and the core part of the business that is responsible for this is the Corporate Governance and Compliance division, in conjunction with the Operations and Paraplanning units.
We have a strong focus on ensuring we recruit businesses and advisers who can add value by engaging closely with the license and the existing network of businesses and advisers, to ensure we are providing the best possible advice and services to clients.
As part of the due diligence process, we undertake all the necessary searches, checks and references, an assessment of education and further training and a review of your previous advice by our Corporate Governance and Compliance Manager. If you are successful once the due diligence process has concluded, we will move to authorise you and your business to allow you to provide financial services on our behalf, in line with a scope of authority that reflects your current education and training.
Note: The Advice Exchange reserves the right to restrict an adviser’s scope of authority or request an assessment of competency, regardless of previous education and training, if we believe an adviser lacks experience or understanding in a particular knowledge area.
Over the years, The Advice Exchange has put in place a robust compliance process to ensure that our businesses are sustainable, with well-resourced and capable teams and with business models that are effective and efficient – to deliver results for client’s. This is our philosophy. We believe that sustainability is the best way of safeguarding our asset and economic value, as well as yours.
To ensure this is delivered, we expect regular communication with the license, engagement with other advisers in the network, participation in all Professional Development days, technical sessions, adviser retreats and alignment with our compliance expectations, which is assessed through an initial vetting period and regular peer reviews, desk audits and field audits. In some circumstances, we will mandate the use of paraplanning as another control measure. By adapting to these expectations, this will ensure you maximise the benefits available under our licensee.
We also expect that each business’ staff are also suitably qualified, experienced and have the capabilities to interpret information and implement advice efficiently. The business should also ensure that each staff member has sufficient capacity, well-detailed roles and responsibilities and have good communication skills to ensure they are effective – which in turn supports the sustainable growth of the business.
Our compliance function is vigorous, thorough and conducted at various points throughout the year to ensure the advice being provided through the licensee is beneficial to clients and in line with community and regulatory expectations. We also communicate to the network regularly through phone and email to inform businesses and advisers of regulatory updates, as well as updates from our regular Risk and Compliance Committee meetings, mainly through newsletters and communications on our website.
We see Corporate Governance as a business development opportunity for all business and advisers which requires ongoing research and planning on best practice and appropriate ways to operate and provide advice. We at The Advice Exchange will help in any way we can to ensure we can help support and grow your business and help your clients achieve their goals as part of our agreement with you and your business.
We develop a FOFA “Future Proof Plan” with each of our businesses, to support them through legislative changes that impact the way that they operate their financial planning practice.
Our corporate governance programme is designed to take into account business strategy, risk management, business processes and people. Our team will design commercially viable strategies specific to your business needs underpinned by documentation and training.
We focus on addressing potential legislative change and providing strategies and solutions to help our businesses make the transition into to the changing environment.
Professional Indemnity Insurance
We have negotiated a policy with commercially acceptable terms provided by a reputable insurer supports the diversified areas of advice provided by the group.
Payment of Fees and Commission
A range of standard and customized management reports are provided to our businesses, allowing detailed segmentation of your client base, and are available via an online facility.
Payments are made twice per month with adviser payment statements available online on the day of the payment.