Compliant Goals Setting and Scoping Tools

Goal setting and scoping of advice is no longer a box ticking exercise on a fact find. Advisers are expected to provide evidence of in-depth discussions with their clients around these areas of advice, and let’s face it, we wouldn’t be doing our job if we shirked this responsibility.

AstuteWheel’s tools provide a structured client-friendly experience where you can facilitate the conversations and also to collect all the compliance information along the way, saving you time and ensuring your compliance requirements are met.

Goals Based Financial Advice

Goals Based Advice Tool

Client goals are initially captured in the online mini fact find and automatically flow through to the goals tool in the ‘client’s voice’. Advisers then use the goals tool to re-state the clients goals to be Specific, Measurable, Achievable, Reasonable & Time Bound (SMART). The goal is then prioritised and rated against other goals to determine it’s urgency and the progress of the goal is determined and tracked over time.

Adviser file notes can also be added and a report generated showing that the adviser has explored the subject matter of the client goals and their broader circumstances as required by ASIC.

At review meetings the progress of each goal can be tracked to completion and then archived once the goal is achieved or if the client decides to discontinue the goal

Scoping Scalling Financial Advice Wizard

Scoping and Scaling of Advice Wizard

First we determine across each of the six areas of advice what will be In-Scope or not. This is determined by the client’s self-rated 5 Minute Financial Health Check score and any relevant goals from the Goals Tool (both are auto linked to the wizard).

The Scale Of Advice is the determined with the client and any matters not addressed are discussed with the client to confirm they understand the implications of their decisions. Drop down options and adviser notes are used to simplify this process and personalise for the client.

A comprehensive Scope of Advice Report is then generated and signed by the client, this provides a compliant file note as required by ASIC and becomes the basis for a letter of engagement.