The cost of failure is too high not to have regular, systematic compliance reviews with the speedy resolution of any compliance breakdowns identified.
Strategi Limited is New Zealand’s most respected provider of compliance and best practices services to the financial services industry. Our Compliance Diagnostics services are an insurance your business cannot afford to be without.
More information about Strategi’s Compliance Diagnostic services and best practice solutions is available below, or download the complete PDF information pack:
Compliance and Best Practice solutions
Compliance diagnostic services
The benefits of an external compliance review include:
- Minimising of the risk of a compliance breach and subsequent fines, penalties.
- Minimise the risk of a major compliance breach resulting in brand damage.
- Streamlined business procedures for better profitability, lower costs.
- Peace of mind, knowing how compliant your business is.
- Reduction in the cost of legal reviews of documentation and templates.
- Greater comfort for clients, knowing the practice is externally reviewed.
- Potentially get into the ‘low risk’ list with the regulator.
- Potential extension of AFA license.
- Potentially lower PI premiums.
SystemsTrack®
The premium best practice and compliance service for practices requiring pro-active compliance risk management across their business.
Just because your practice is breach free today it does not mean one won’t occur tomorrow. It only takes one staff member to slip up, by recidivism, cutting corners or through a more serious breach, to expose your business to a possible $300,000 fine or potential loss of AFA accreditation.
Strategi’s SystemsTrack is the premium service to guard your business processes from potential compliance breaches and their impacts. SystemsTrack is both an online and indepth in-office review of your systems, able to identify, alert and recommend a resolution for any transgression identified.
Don’t wait for the regulators to expose the risks within your business and make you pay dearly. Subscribe to SystemsTrack and minimise the risk of a compliance breach.
SystemsMonitor®
A comprehensive best practice and compliance service for practices requiring regular risk management of their business.
If you are confident in the ability of your business meeting all of the compliance requirements of the Regulations and Code of Professional Conduct, you may wish to consider Strategi’s SystemsMonitor, a systematic review that monitors for compliance risk on a six monthly, instead of quarterly, basis.
SystemsMonitor helps you integrate compliance testing into your everyday business practices. SystemsMonitor is an in-depth in-office review of your systems, helping protect your business from the most significant risks of a compliance breach to your business, such as the loss of accreditation, Commerce Commission penalties and costly lawsuits.
SystemsCheck®
An annual best practice and compliance review for practices wanting to manage day-to-day compliance risk themselves.
For practices who want to take on compliance risk management themselves, Strategi’s SystemsCheck is an essential annual review that can help keep staff performing best practice procedures to optimum levels and assist you in keeping abreast of regulations or changes to procedural standards.
In addition, you can contract Strategi to help restore your practice to acceptable compliance levels, should they occur, through a task-based online project management service, or by engaging staff in further training.
Our sister company, Strategi Institute, can help you protect your business from compliance breaches through advanced training courses for advisers, office managers and staff.
Compliance diagnostic services feature comparison
| Service item | SystemsTrack | SystemsMonitor | SystemsCheck |
|---|---|---|---|
| Annual adviser and business review | yes | yes | yes |
| 6-monthly adviser and business review | yes | yes | |
| Quarterly electronic spot-checks x2 | yes | ||
| Online compliance portal | yes | yes | yes |
| Ongoing best practice guidelines & e-zine | yes | yes | yes |
| Best practice and compliance helpdesk | yes | yes | |
| Best Practice Manual updates (if purchased) | yes | yes | yes |
| Best practice & compliance certification (if standards met) | yes | yes | yes |
Compliance diagnostic services pricing
| Service | Price | Per additional adviser |
|---|---|---|
| SystemsTrack | $3,980 retail $3,680 wholesale* |
$2,880 retail $2,580 wholesale* |
| SystemsMonitor | $2,980 retail $2,880 wholesale* |
$1,980 retail $1780 wholesale* |
| SystemsCheck | $1,870 retail $1,680 wholesale* |
$1,280 retail $1,080 wholesale* |
| Prices exclude GST. Prices are based on review of an individual adviser and business. Travel and accommodation will be charged at cost. *Wholesale pricing is available to corporates and networks with larger numbers of advisers - contact us for more information. | ||
Compliance and best practice solutions
SystemsReview®
A critical compliance review that can be used to identify the key areas of compliance risk relating to an adviser’s systems and processes against the Regulations and Code of Professional Conduct.
SystemsReview is a thorough, in office review performed by Strategi staff experienced in Best Practice systems and processes.
As a result of Strategi’s SystemsReview, advisers can subsequently identify their Best Practice training and resource requirements necessary to become compliant. In addition, Strategi will identify the biggest compliance risk to the adviser’s business and provide assistance in its minimisation.
SystemsReview is an exhaustive review that can also be used to identify knowledge and skill deficiencies, business culture clashes and other barriers to the success of your purchase or merger. SystemsReview is a thorough, in-office review performed by Strategi staff experienced in helping business leaders make the right decisions.
A business appraisal service: SystemsReview can also be used by a potential buyer or QFE’s and networks to evaluate the compliance risk of a seller or new member’s business.
SystemsReview will assess the compliance status of your business against the following regulations and legislation:
- Code of Professional Conduct.
- Financial Advisers Act 2008.
- Financial Service Providers Act 2008.
- Privacy Act 1993.
- Fair Trading Act 1986.
- Consumer Guarantees Act 1993.
- Trustee Act 1956.
- Financial Transactions Reporting Act 1996 / AML and Countering Financing of Terrorism Act 2009.
- Securities Markets Act 1988.
- Other key regulation and legislation.
SystemsReview benefits include:
- On-site review of the adviser’s business.
- Due diligence report on the compliance risks of the adviser and their business.
- Due diligence reports on additional advisers available at special rates.
- Identification of existing key compliance breaches and possible future breaches.
- Cost analysis/implications of breaches on the value of the company.
- Gap analysis on where the business is now, versus where a Best Practice compliant business would be.
- Identification and solution to minimisation of the adviser’s biggest compliance risk.
SystemsReview pricing:
| Solution | Price | Per additional adviser |
|---|---|---|
| SystemsReview | $1,697 | $1,197 |
| Prices exclude GST. Prices are based on review of an individual business and exclude any associated travel expenses. | ||
SystemsCritical®
A ground-up solution for non-compliant practices who need assistance in achieving compliance certification.
If achieving compliance is critical to your business, either for AFA accreditation, in order to join a network, to merge or sell your business, or to simply minimise the risk of a significant compliance breach, Strategi’s SystemsCritical is a holistic service that will identify breaches and recommend and manage solutions to guide you to compliance accreditation.
SystemsCritical is both an online project management programme and an indepth in-office review of your systems:
Where you are today: SystemsReview (see above).
Getting there: training and resources from Strategi Institute including the Best Practices course and Best Practices manual.
Ongoing: regular Compliance Diagnostic checks - SystemsTrack, SystemsMonitor, or SystemsCheck (see above).
Strategi recommends advisers new to compliance undertake and subscribe to the following in order to minimise the risk of a compliance breach within their business:
- SystemsReview
- Best Practices course
- plus any additional training required
- SystemsTrack
SystemsCritical pricing:
| Component | Price |
|---|---|
| Where you are today: Review | |
| SystemsReview | $1,697 |
| Getting there: Training and Resources | |
| Best Practices course (including 3 day classroom course, Best Practices manual, Best Practices templates, Guidance notes and updates) | $1,997 ($1,497 if own templates provided) |
| One additional staff member attending | $300 |
| Best Practices manual (including templates) | $800 |
| Best Practices templates (standalone) | $500 |
| Best Practices webinars | $50 each |
| Operations manual template (standalone) | $550 - $650 (depending on negotiated Best Practice packages) |
| One-on-one training and support | $200 per hour |
| Ongoing: Compliance Diagnostics | |
| SystemsTrack | $3,980 |
| SystemsMonitor | $2,980 |
| SystemsCheck | $1,870 |
| Prices exclude GST and any associated travel expenses. | |
SystemsBrand®
A range of best practice and compliance services tailored to the needs and systems of corporates, networks and QFEs.
Well managed brands build understanding and loyalty from retail channels, and achieving compliance through your own branded systems and procedures helps networks become even stronger.
Strategi’s SystemsBrand is a ground-up compliance management system that teaches your retailer channels to comply your way. SystemsBrand creates best practice procedures that are tailored to your unique business rules. SystemsBrand helps identify compliance breaches by retail channels and can assist them with project managing their way to compliance achievement.
SystemsBrand nurtures channel relationships in a safer, proactive rather than reactive manner. An essential tool for all networks exposed to compliance risk.
Pricing for SystemsBrand is subject to the size of the practice or network and the scope of services required. Contact us to discuss your requirements.
Other systems
Strategi has also developed a multitude of systems covering:
- Marketing and advertising.
- Building and maintaining client relationships.
- Consultation techniques.
- Developing and presenting the written plan.
- Obtaining referrals from new and existing clients.
- Financial management – your monthly accounts.
- Database utilisation.
- Website development and ongoing use.
- Portfolio construction, implementation and regular rebalancing.
- Portfolio reporting.
- Staff recruitment, training, relocation, remuneration and discipline.
- Introduction of new software plus daily management of your IT investment.
- Improving the time efficiency and work effectiveness of the financial adviser and support staff.
- Meeting legislative requirements and maintaining your best practice compliance status.
- Developing regular written communications for your clients, prospects and strategic alliance partners.
- How to meet corporate governance requirements and run effective board meetings.
- Obtaining client feedback via focus groups, client surveys and questionnaires.
- How to plan and conduct a winning new client and existing client seminar.
Why Strategi?
A financial advisory business needs to be constantly changing and evolving in order to keep pace with, or ahead of, changes in consumer demand, legislation, products and competitors. A business standing still is probably a business going backwards.
Strategi has huge experience in designing, introducing, monitoring and fine tuning systems within a financial advisory business.
Strategi’s services are well priced and great value for money. Choose entire packages of services or just select individual items from a wide menu of things to choose from. Prices can be tailored to suit the size of your business or network, where you are located and how quickly you wish to implement the changes.
