Strategi Pilot: your complete ongoing compliance solution
Many businesses take a systematic and responsible approach to setting up risk avoidance procedures, yet time and time again we hear of these being ignored by staff, shortcuts being devised, or cost-cutting exercises removing basic safety barriers designed to prevent mistakes occurring.
Strategi Pilot is the premium best practice and compliance service for financial services practices requiring pro-active compliance risk management across their business. Strategi Pilot includes all the features of the other Strategi compliance packages and more – including provision of a call centre help facility, the Strategi Navigator package, manuals and updates, business development, plus customisation options.
This service is provided as required throughout the year and is available to all adviser businesses, ideally suited to businesses that hold a DIMS license or operate under a third party DIMS license.
Compliance and business development help desk
Advisers and staff can phone or email throughout the month and ask any questions regarding compliance, best practice, business development and business issues generally.
Review of regulatory information returns
The adviser practice develops the AFA Information Return which is reviewed by Strategi and changes are suggested if required. This service also includes training staff on what is required, plus reminders when the Information Return is required to be submitted.
Two complete file reviews (per adviser) are undertaken each quarter. When deficiencies are identified we point them out and develop solutions for rectifying it. We are effectively being pro-active in implementing change.
ABS and disclosure statement reviews and updates
A twice-yearly ABS review and disclosure statement review for each adviser. Strategi will proactively recommend changes and keep reviewing to ensure these changes are in place. We update the ABS of each adviser every year, ensure the adviser is happy with the updates, obtain signoff, and provide all reminders as to when these need to be submitted to FMA.
- We work with each adviser to develop a meaningful PDP.
- Ongoing checking of each advisers' CPD log to ensure training is being recorded and is justified as being structured hours.
- Provision of a Radar annual subscription which includes hundreds of online CPD articles, all contributing structured CPD hours. Radar is constantly updated with new content. It will also hold your PDP.
- A CPD call centre and help desk is available to answer all queries.
Complaints handling advice
Training of all staff and advisers on complaints and their recording, advice on how to resolve any complaint, and regular review of the complaints log.
PI insurance service
We work with adviser to obtain an appropriate level of PI cover and provide the necessary recommendations on the cover and excesses etc. Help desk support is provided for any queries on PI issues.
Business development opportunities
This is included in the help desk facility. Advisers can ring and bounce around any business and marketing ideas. The monthly Strategi Navigator PDF newsletter will also contain business ideas.
We review all submitted marketing material, provide advice on its compliance status and work with the adviser to obtain signoff. Includes review of any notified website content updates.
FMA updates and guidance notes
Advice on FMA updates and guidance notes, explaining the implications and pro-actively implementing any necessary changes involving templates, processes, training etc. We produce Radar articles relating to FMA guidance notes – these will be on Radar and include multi-choice questions and structured CPD hours.
- All necessary compliance relating to maintaining a DIMS licence and processes.
- Updating templates and other documents to meet DIMS requirements.
- DIMS training for advisers and staff.
- DIMS level compliance checks and reporting to the board on issues.
Note: Assistance with completing the DIMS licence and developing supporting documents to obtain that licence is NOT included and would be charged separately. The DIMS licence fee that is payable to the FMA is not included.
Manuals and documents
Automatic provision of all Strategi Navigator publications and ongoing updates to those, plus assistance with personalising to each situation.
Provision of all Strategi Navigator discounts including AML/CFT audits etc.
All necessary training for staff and advisers relating to compliance and best practices. This will be a mixture of webinars, phone training, manuals and onsite. We will also include the appropriate training for the management team relating to maintaining the DIMS licence.
The business designated compliance officer will be onsite twice per annum. David Greenslade or the compliance peer reviewer will visit annually. All travel costs are charged separately to the monthly fee.
Maintaining all compliance bring-ups
Development and maintainenance of a register of all compliance bring-ups and action points, with instructions supplied on what needs to be done at what time. In some instances, Strategi will draft the wording but in other cases, it will only advise.
Monthly review of a two-client sample of the on-boarding process. Samples will be selected by Strategi based on perceived risks identified at the time.
Investment authority review
Sufficient spot checks of client investment authorities to ensure advisers are operating portfolios within the stipulated guidelines, with feedback and template changes on those investment authorities. We will also review to ensure advisers are operating within the terms of the Investment Policy Statement and Insurance Adviser Policy Statement.
Compliance with non-adviser specific legislation
The business will be reviewed annually to ensure it is complying with:
- Health and Safety at Work Act 2015
- Fair Trading Act 1986
- Consumer Guarantees Act 1993
Compliance with FMCA will be undertaken monthly as part of reviewing documents and processes.
Assistance with FMA interaction
We provide guidance as needed when advisers interact with the FMA, with suggestions on what needs to be communicated to the FMA and when, and manage any issues associated with a breach.
IT systems and business continuity
On an annual basis we will:
- Check that the business continuity plan and IT system continuity/backup operates effectively.
- Check legal agreements with third parties and ensure all software licences are in place.
- Review staff and adviser training standards to ensure all employees understand data system and security.
Requirements of service
- All client files need to be accessible electronically.
- Permission needs to be provided to access the wrap platform, CRM, and files.
- There needs to be a person(s) in the office to physically make the recommended changes.
How much will it cost?
Monthly pricing is dependent on the features chosen and adviser DIMS status. For example, if subscribing to all features, the fee will start $350 + GST per adviser per month, depending on whether advisers are not doing DIMS, operate under a group class DIMS licence or hold their own DIMS licence, and the number of advisers per practice. Any travel and accommodation costs are not included.
Contact us to discuss your requirements.