At the moment it feels like there isn’t a day that goes past when we aren’t exposed to various media reports of poor compliance by some advisers and advice firms who have put their financial interests above those of their clients.
Time and time again, I’m approached by advice businesses that either have their own Australian Financial Services Licence (AFSL) or are looking to set one up.
It’s easy to get busy in the business but if you don’t take the time to work on the business you could be putting your brand, your reputation and the sustainability of your operation at risk.
Shifting the notion of compliance as an obligation, or something that ‘has to be done’, to creating an opportunity will enhance the business value, writes Adam McGuren, national manager, Licensee Select.
While being self-licensed gives you a lot of control, it can limit your scope to interact and engage with other similar businesses, writes Adam McGurren.
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