Helping you set up your opt-in and fee disclosure capabilities
Midwinter have helped financial planning practices & licensees across Australia to get up and running for FOFA. Our four step process will take your practice from “zero to FOFA” in less than four weeks.
Leverage off the FOFA functionality built in to AdviceOS to start producing fee disclosure statements and ensuring your opt-in requirements are met.
Contact Midwinter to get your FOFA compliance underway. We will assist you to:
- Be set up as a user in AdviceOS (we will require you basic Dealer/Practice info)
- Import your client data and information into AdviceOS
- Enter commission information into AdviceOS
- Creating or designing your client segmentation model
- Arrange /customise your fee disclosure statements
- Help you determine which fees/revenues should be included in your fee disclosure statements
- Assist you in setting up FOFA clients
- Match advisers and users to commission data
- Begin producing fee disclosure statements
Top tips to get your practice from zero to FOFA
The 1st of July has come and gone, the Future of Financial Advice (FoFA) reforms are here and many advisers are still hitting hurdles when it comes to generating fee disclosure statements (FDS). Professional Planner asked Midwinter Financial Services managing director Julian Plummer how advisers can streamline this process given his experience in developing financial planning software.
Midwinter FOFA survey
In May 2013, Midwinter undertook a comprehensive industry survey of advisers to explore the impact of FOFA on their businesses.
This industry survey helped us gain insight into what advisers were thinking in regards to the FOFA reforms, how advisers were managing their FOFA implementation and its impact on their ability to operate a profitable financial planning businesses. This survey was designed to obtain the opinion of planners at the coalface of FOFA rather than the opinion of lawyers and compliance personnel.