We have recently had to introduce new or revised processes for a number of issues. Most of these are driven by new or changed regulations, legislation or ASIC (Australian Securities and Investment Commission) procedural requirements. Some of the newer pieces of ‘Red Tape’ are summarised below;
1. Identification Records
Client Photo ID must be certified and kept on our files. Generally, this is Driver’s Licence (both sides) or passport. The photocopy must be certified as a true copy of the original by us or by another person authorised to do so (solicitor, JP, chemist etc). When an updated document is issued, the procedure must be completed for the new ID.
2. Email Instruction Authority
In order for you to instruct us to undertake action on your behalf by email, you need to sign an Email Instruction Authority, confirming your email address and authorising us to take instruction from you via that address.
3. Investment Strategy Confirmation
There is a new form that needs to be signed to confirm your investment strategy, even if your strategy has not changed in recent times.
4. Tax File Number (TFN) Authorisation
If you have an investment or superannuation account, you need to sign an Authority for us to hold your TFN on file.
5. Re-Confirmation as a client (Opt-In)
If you are a new client of Axios, since 1 July 2013, every 2 years you must confirm you still want to remain an Axios client, even if our previously agreed services and fee structure has not changed.
Clearly all of these (and many other new legislative compliance requirements) have increased our workload to continue running our practice. So far we have managed to absorb this extra work without increasing our fees. It is becoming harder and harder to do so!
Axios Financial Solutions are a team of respected and highly regarded financial planners with offices on St Kilda Rd Melbourne. Axios helps their clients meet their desired outcomes by providing tailored financial services, strategies, advice and solutions. You can contact them at firstname.lastname@example.org or (03) 9869 5555.
Axios Financial Solutions Pty Ltd (ACN 007 299 014), is an Authorised Representative of Charter Financial Planning Ltd, Australian Financial Services Licensee 234665
Please note that the information in this article is of a general nature only and has not taken into consideration your individual circumstances. Should you wish to discuss your personal circumstances please call us on 03 9869 5555 or email email@example.com.
Level 3 The Metropolis
480 St Kilda Road
Melbourne Vic 3004