FOFA & Commissions
The FOFA capabilities within AdviceOS have been developed to provide advisers with a simple and robust solution to manage their obligations under the FOFA legislation.
Midwinter’s FOFA manager features
- Head office monitoring of adviser compliance with FOFA regulations
- Renewal notice generation and opt-in monitoring
- Fee Disclosure Statement (FDS) generation with links to a number of commission data providers (including Easy Dealer ™ and Revex)
- Client segmentation management
- File notes and document storage
Fee disclosure statements
Our FDS module allows advisers to generate a client’s annual FDS, manage important disclosure dates and record the fee disclosure delivery. The FDS is created by drawing on client specific information from the commission management system, client segments and client records within AdviceOS.
Automatic reminders and task opt-in. This will notify the adviser of pending disclosure date for a client.
A key component of our FDS module is the client segmentation functionality. This allows the adviser to set the services that should be provided to each client during the year.
Each FDS generated will include the below information:
- statement fees for the previous 12 months
- services offered
- services provided and any exceptions
After generation, the FDS can be delivered to the client by email or via the Client Portal.
Under the FOFA legislation each new client that has an ongoing fee arrangement with an adviser must opt-in every 2 years. In AdviceOS an adviser can easily manage clients that are subject to opt-in provisions.
AdviceOS has the ability to track the relevant opt-in date for each client, monitor the generation and receipt of opt-in notices. Advisers will also be reminded of pending client opt-in dates as they approach.
The key features of the AdviceOS opt-in module include:
- Renewal notice generation, delivery and management at an individual and group level,
- Electronic opt-in functionality through the client portal,
- Track the receipt of opt-in renewal notices,
- Bulk opt-in management for client groups,
- Time stamped file notes automatically created recording opt-in events for auditing purposes,
- Automatic reminders and task opt-in. This will notify the adviser of pending client opt-in as well keep track of any opt-in request.
In addition, Status Lights are displayed in both the client home page and the compliance tab to prompt the user of any compliance items that need to be addressed. This will cover FDS and Opt-in status’ and other compliance items such as AML/CTF id provisions and FSG requirements.
Midwinter’s FDS tool
One of the most important parts of our FDS tool is the strong focus we place on the linking of adviser’s commission data to AdviceOS.
We recognise that our clients employ a number of different commission systems, and so we have made it easy as possible for different commission datafeeds to be imported into AdviceOS.
- AdviceOS can support commission data uploaded from Easy DealerTM and Revex*
- Any data provided in a continuous standard format can also be used in AdviceOS
- Manual advice fees can also be entered or a combination of both
- The commission information is also available in the client info screen, which can be used to show the revenue received from each client
When accounts from the commission database are mapped, they can be mapped to a member or an individual.
- This means that a SMSF owned by a client group can be mapped to an SMSF member,
- Once established, the link between a client in AdviceOS and a client in your commission feed will remain permanently in AdviceOS.
*The commission files need to be sent (in CSV or Excel format) to AdviceOSCommissions@midwinter.com.au on a monthly basis.