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Key questions for financial advice licensees

Key questions for financial advice licensees

The financial services industry faces ever-evolving challenges. Financial advice licensees need to navigate a shifting landscape of regulatory and reporting obligations, as well as client expectations.

Nathan Robinson

Partner, Compliance & Conduct Risk

KPMG Australia


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Our team at KPMG Australia provides customised support to financial advice licensees that can assist/help/mitigate reduce risks and transaction costs, support regulatory compliance, and enable growth through transformative change. With more than 20 former industry practitioners and subject matter specialists, KPMG provides expertise across a range of areas.

Financial advice licensees need to ask themselves these key questions:

  1. Does our advice meet all regulatory requirements, and are our controls effective?
  2. Would our use of flexible solutions address resourcing or capacity constraints?
  3. Do we understand our cost to deliver advice, and our key drivers of profitability?
  4. Is our advice process optimised to deliver a great experience for clients and advisers?
  5. Does our business have a clear vision and strategy with regard to customers and service channels?

How we can help

We focus on delivering value to our clients across three core areas:

Regulatory & Compliance Support

We help clients understand and meet their Australian regulatory obligations, navigate regulatory change, and enhance internal compliance programs. Our support services include the following:

  • Review the design and effectiveness of compliance and control frameworks.
  • Design, improve and implement policies, procedures and controls in line with industry best practice and regulator expectations.
  • Assess licensee control environments including through co-sourced or outsourced internal audits.
  • Design and implement customer remediation programs.
  • Act as an Independent Expert for EU’s and similar regulatory interactions.
  • Assist with license variation applications.

Functional support

We work with our clients in a variety of different ways including outsourcing, co-sourcing and secondments to assist in the performance of existing processes and functions. Our flexible approach helps advice businesses achieve tangible improvements via reducing costs, improving quality, processing backlogs, and uplifting employee skills and knowledge. Functional areas we can support include:

  • advice audits
  • advice file remediation
  • pre-vetting 
  • paraplanning support
  • adviser support staff training (compliance and advice delivery)

Strategy and Operational Improvement

We help licensees enhance their operating performance, improve economic and customer focused outcomes, and support sustainable growth. These services include the following:

  • Defining advice needs of target customers, services and channels required.
  • Enhancing the customer experience within advice – for clients and advisers.
  • Advice technology implementation and enablement.
  • Operational excellence / LEAN efficiency diagnostics and improvement.
  • Operating model design.

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