August 14 2020
Welcome to the new look Madison News! With the support of the Clime Marketing team, we’ve redesigned the layout and content of our fortnightly communication. As the Marketing team learn more about our community, you’ll see our communication evolve into a sharper, more professional suite of material and content. It’s the first stage of many to demonstrate the depth of expertise and resources we have in our new home to support you and Madison HQ.
This week we kicked off our Good Governance Summit, starting with the Principals’ briefing. Thank you to everyone who called, messaged or emailed their first impressions about our 100 day plan and the progress we’re making. It’s good to know many of you feel positive about our future with Clime and can see the opportunities ahead of us.
For those who couldn’t attend the Principals’ briefing on Wednesday, it has been recorded and we will share the slides I presented once the Good Governance forum comes to an end later next week. However, in the meantime, here is a short outline of our Top 3 priorities and governing principles for each of them. This is our focus for the next 100 days
1. Service and Pricing model review
-
- Base cost to support AFSL obligations
- Price for value and growth
- Not ‘one size fits all’
- Flat fee & transparent
- Target ROI 30%
2. Investment Solutions
- Compliance with changing regulation
- Provide clear separation of oversight between product issuer and advice provider to enhance governance; and
- Demonstrate an AFSL framework that supports advisers to meet their obligations under the FASEA Code of Ethics and associated standards.
- Research and Approved Product List (APL) management
- Establish a standardised approach to APL management across the Clime Group;
- Maintain a contemporary APL that is regularly reviewed and updated to ensure regulatory and PI insurance obligations are met; and
- Support financial advisers with an ‘Adviser Dashboard’ to undertake suitable enquiries to ensure investment products are ‘fit for purpose’.
- Investment solutions
- Establish consistent, efficient and scalable SMA solutions across the group;
- Access specific expertise in management of managed fund and multi-asset investment solutions; and
Provide increased efficiency and lower costs.
3. Practice Efficiency
- Increase business productivity (more with less)
- Maximise efficiency of advice tools
- Improved client and business experience
- Greater compliance certainty
- Tailored implementation plan
The Service and Pricing model review will include collaboration with an Adviser Panel. Thank you to Brian Lomas, Arrowstone Wealth Planning; Megan Hodge, Your Wealthy Life; John Francis, Halcyon Wealth Advisers; Paul Giordano, Vogue Financial Planning and Naomi Alletson, Achieveit FP for agreeing to participate in the program. In our next newsletter I’ll provide further detail about the project, including timelines and communication plan.
I’ve also received positive feedback about the Professional Year workshop and the Practice Efficiency Masterclass. I’m glad to hear these sessions resonated and provided value. We’re excited to be providing a platform for the next generation of young, passionate advisers who are keen to learn from their peers as well as our experienced advisers. You’ll hear more from Azaria, Sarah and Andrew as the year progresses. For those of us who’ve been around for a while (with a few grey hairs!), please take a moment to reach out and offer assistance or a quick chat if you feel so inclined. ‘It takes a village to raise a child’, and we have one of the best villages in our profession!
Today you’ll receive the Practice Efficiency survey from Megan Thompson (who by all accounts received so far, is going to be very busy!). Please take the time to complete the survey (or give it to the appropriate person/people in our business) so we can commence our review and start developing the Individual Practice Plans and ongoing training. We’re looking forward to delivering the 3 programs over the next 100 days. It’s great to have the support, guidance and leadership of Rod and the broader Clime team to deliver on services and support which help you run a better business.
We hope you and your families are well and safe. Take care in your communities and please call if you have any questions or feedback for us.
PS – Let us know what you think of our new look newsletter.
Sincerely,
Annick
In This Edition
|
|
|
Investment Market Update
Please see this weeks Madison Investment and Insurance Committee update dated 12 August 2020
Induction for new advisers
On Monday 7 & 8 September Madison will be running a virtual induction for new members for the Madison Community. Hosted by Megan Thomson and Kerry Fleming the Induction will cover the advice process, our policies and introduce our team.
Maintaining your registration with Tax Practitioners Board
Click here to access the article
Webinars with Megan
As announced in yesterday’s Masterclass, Megan Thomson our Advice Integrations Manager will be running a series of webinars in the coming months;
Tuesdays at 11.30am
18/08 – Data efficiencies in XPlan
25/08 – Data efficiencies in XPlan
01/09 – Data efficiencies in XPlan
08/09 – Data efficiencies in XPlan
15/09 – Data efficiencies in XPlan
22/09 – Data efficiencies in XPlan
29/09 – Data efficiencies in XPlan
Click on this link to register for the webinar: https://zoom.us/meeting/register/tJMpd-moqT4qHtPCFTagVFnUGUTVqshe6MTl
Thursdays at 11.00am
27/08 – Advice Construction – Risk Only
03/09 – Advice Construction – Super/Invest/Risk
10/09 – Advice Construction – Retirement
17/09 – Review Process
24/09 – Terms of Engagement to SoA
01/10 – CALM Modelling for Client Meeting
Click on this link to register for the webinar: https://zoom.us/meeting/register/tJctdOyspj0oHdTW-Dkg95l3lKbXEuQQOUwA
FASEA Exam
Please remember to email your Statement of Results through to adviserservices@madisonfg.com.au so we can update your records on ASIC.
Kaplan News
Study Period 5 commences on August 31 with the opportunity to complete a bridging course or GDFP subject before year end. We understand that some advisers have been waiting until things return to normal or they are back in the office; however without any certainty around this, why not take this opportunity to commence studies to meet the FASEA Education Standard, or complete another subject in your FASEA education pathway before the end of 2020.
Completion of the FASEA approved FPC002B Ethics and Professionalism in Financial Advice subject is also a great way to prepare for the FASEA exam, covering one of the three examinable areas of the FASEA Code of Ethics, for those who have not already sat the exam.
Kaplan has a number of support offerings in Study Period 5 to assist advisers to continue their Education Pathways whilst in many cases working from home:
- 4 weeks early access for Study period 5 learning resources from August 3
- 2 weeks early access to the first assessment task from August 17
- Live webinars for Bridging courses to support and embed the learning
- One on one tutoring available for students who are seeking more clarification on assessments, to resolve any issues, or discuss certain theories and concepts in more detail
- Study groups to support advisers to foster a stronger sense of community and mutual support when many students are isolated and WFH
- A complimentary Kaplan Adviser Practice exam enrolment for all students who enrol in a FASEA postgraduate pathway subject in Study Period 5 (this can be sat at home using ProctorU supervision)
- Also this is the last study period a supplementary assessment will be made available for those who complete all subject assessments however do not pass the subject (achieving between 30-49% result for the subject), and a complimentary re-enrolment if the adviser is still not successful in passing the subject.
Understanding the Job Keeper Package
CLICK HERE to view an infographic from ADP, to assist you in client conversations about the JobKeeper Package.
Three Month CPD Relief for advisers – FAQ
Further to the announcement from FASEA last month on the 3 month extention for CPD, FASEA have released an FAQ document to assist advisers in understanding the extention. Please CLICK HERE to read.
News & Events from our industry
Netwealth 2020 AdviceTech Report Webinar
Time: 1:00-2:00PM
Date: Wednesday 26 August, 2020
Topics:
• The technologies that can generate the greatest business and client benefits
• Practical tips to successfully plan, choose and deploy AdviceTech in your business
• What your business should consider when developing your own AdviceTech roadmap
• AdviceTech’s role in removing friction and delivering exceptional client experiences
• Other key insights from the 2020 AdviceTech Report
Zurich/OnePath have developed _Zone an online education program, designed to guide you through the professional development you need as an adviser to meet the challenges of today and tomorrow. CLICK HERE to check out what is available.
OnePath Clarity Engage houses tools and white-labelled materials that advisers can use in their discussions with clients about the importance of insurance. This material includes customisable templates for flyers, newsletters and social media posts and the content covers five key areas:
- The value of advice and insurance
- Understanding premiums
- Building confidence in claims
- Reviewing your cover
- Wading through complexity
ASIC Updates
Please CLICK HERE to review the data ASIC is required to be updated on.
Revenue Services
The next revenue payrun will be processed on 17 August 2020.
OPEX has written handy guides for Madison users, available through Zen desk and the below links.
CommPay Reporting
Lodging and receipting an invoice.
Invoice Tracking Template
Xplan Navigation
Power BI webinar recording
Setting up referral arrangements in CommPay
CommPay and revenue queries – ATTN: Brokerage
support@opexconsulting.com.au
Adviser Guide to Surviving a Pandemic
CLICK HERE to read through the latest version of our guide to getting through the COVID-19 pandemic.
Discount Codes
FPA – When enrolling in any CFP unit let them know Madison is your licensee for a 10% discount.
Kaplan – PC-RID159
The promotional code for postgraduate study to meet FASEA requirements has been updated to MADFIMFP20. Make sure you enter this code to get the new pricing of $1,600 per subject
Helpful Information
We have updated our contact list to include our new email addresses.
August 14 2020
Welcome to the new look Madison News! With the support of the Clime Marketing team, we’ve redesigned the layout and content of our fortnightly communication. As the Marketing team learn more about our community, you’ll see our communication evolve into a sharper, more professional suite of material and content. It’s the first stage of many to demonstrate the depth of expertise and resources we have in our new home to support you and Madison HQ.
This week we kicked off our Good Governance Summit, starting with the Principals’ briefing. Thank you to everyone who called, messaged or emailed their first impressions about our 100 day plan and the progress we’re making. It’s good to know many of you feel positive about our future with Clime and can see the opportunities ahead of us.
For those who couldn’t attend the Principals’ briefing on Wednesday, it has been recorded and we will share the slides I presented once the Good Governance forum comes to an end later next week. However, in the meantime, here is a short outline of our Top 3 priorities and governing principles for each of them. This is our focus for the next 100 days
1. Service and Pricing model review
-
- Base cost to support AFSL obligations
- Price for value and growth
- Not ‘one size fits all’
- Flat fee & transparent
- Target ROI 30%
2. Investment Solutions
- Compliance with changing regulation
- Provide clear separation of oversight between product issuer and advice provider to enhance governance; and
- Demonstrate an AFSL framework that supports advisers to meet their obligations under the FASEA Code of Ethics and associated standards.
- Research and Approved Product List (APL) management
- Establish a standardised approach to APL management across the Clime Group;
- Maintain a contemporary APL that is regularly reviewed and updated to ensure regulatory and PI insurance obligations are met; and
- Support financial advisers with an ‘Adviser Dashboard’ to undertake suitable enquiries to ensure investment products are ‘fit for purpose’.
- Investment solutions
- Establish consistent, efficient and scalable SMA solutions across the group;
- Access specific expertise in management of managed fund and multi-asset investment solutions; and
Provide increased efficiency and lower costs.
3. Practice Efficiency
- Increase business productivity (more with less)
- Maximise efficiency of advice tools
- Improved client and business experience
- Greater compliance certainty
- Tailored implementation plan
The Service and Pricing model review will include collaboration with an Adviser Panel. Thank you to Brian Lomas, Arrowstone Wealth Planning; Megan Hodge, Your Wealthy Life; John Francis, Halcyon Wealth Advisers; Paul Giordano, Vogue Financial Planning and Naomi Alletson, Achieveit FP for agreeing to participate in the program. In our next newsletter I’ll provide further detail about the project, including timelines and communication plan.
I’ve also received positive feedback about the Professional Year workshop and the Practice Efficiency Masterclass. I’m glad to hear these sessions resonated and provided value. We’re excited to be providing a platform for the next generation of young, passionate advisers who are keen to learn from their peers as well as our experienced advisers. You’ll hear more from Azaria, Sarah and Andrew as the year progresses. For those of us who’ve been around for a while (with a few grey hairs!), please take a moment to reach out and offer assistance or a quick chat if you feel so inclined. ‘It takes a village to raise a child’, and we have one of the best villages in our profession!
Today you’ll receive the Practice Efficiency survey from Megan Thompson (who by all accounts received so far, is going to be very busy!). Please take the time to complete the survey (or give it to the appropriate person/people in our business) so we can commence our review and start developing the Individual Practice Plans and ongoing training. We’re looking forward to delivering the 3 programs over the next 100 days. It’s great to have the support, guidance and leadership of Rod and the broader Clime team to deliver on services and support which help you run a better business.
We hope you and your families are well and safe. Take care in your communities and please call if you have any questions or feedback for us.
PS – Let us know what you think of our new look newsletter.
Sincerely,
Annick
In This Edition
|
|
|
Investment Market Update
Please see this weeks Madison Investment and Insurance Committee update dated 12 August 2020
Induction for new advisers
On Monday 7 & 8 September Madison will be running a virtual induction for new members for the Madison Community. Hosted by Megan Thomson and Kerry Fleming the Induction will cover the advice process, our policies and introduce our team.
Maintaining your registration with Tax Practitioners Board
Click here to access the article
Webinars with Megan
As announced in yesterday’s Masterclass, Megan Thomson our Advice Integrations Manager will be running a series of webinars in the coming months;
Tuesdays at 11.30am
18/08 – Data efficiencies in XPlan
25/08 – Data efficiencies in XPlan
01/09 – Data efficiencies in XPlan
08/09 – Data efficiencies in XPlan
15/09 – Data efficiencies in XPlan
22/09 – Data efficiencies in XPlan
29/09 – Data efficiencies in XPlan
Click on this link to register for the webinar: https://zoom.us/meeting/register/tJMpd-moqT4qHtPCFTagVFnUGUTVqshe6MTl
Thursdays at 11.00am
27/08 – Advice Construction – Risk Only
03/09 – Advice Construction – Super/Invest/Risk
10/09 – Advice Construction – Retirement
17/09 – Review Process
24/09 – Terms of Engagement to SoA
01/10 – CALM Modelling for Client Meeting
Click on this link to register for the webinar: https://zoom.us/meeting/register/tJctdOyspj0oHdTW-Dkg95l3lKbXEuQQOUwA
FASEA Exam
Please remember to email your Statement of Results through to adviserservices@madisonfg.com.au so we can update your records on ASIC.
Kaplan News
Study Period 5 commences on August 31 with the opportunity to complete a bridging course or GDFP subject before year end. We understand that some advisers have been waiting until things return to normal or they are back in the office; however without any certainty around this, why not take this opportunity to commence studies to meet the FASEA Education Standard, or complete another subject in your FASEA education pathway before the end of 2020.
Completion of the FASEA approved FPC002B Ethics and Professionalism in Financial Advice subject is also a great way to prepare for the FASEA exam, covering one of the three examinable areas of the FASEA Code of Ethics, for those who have not already sat the exam.
Kaplan has a number of support offerings in Study Period 5 to assist advisers to continue their Education Pathways whilst in many cases working from home:
- 4 weeks early access for Study period 5 learning resources from August 3
- 2 weeks early access to the first assessment task from August 17
- Live webinars for Bridging courses to support and embed the learning
- One on one tutoring available for students who are seeking more clarification on assessments, to resolve any issues, or discuss certain theories and concepts in more detail
- Study groups to support advisers to foster a stronger sense of community and mutual support when many students are isolated and WFH
- A complimentary Kaplan Adviser Practice exam enrolment for all students who enrol in a FASEA postgraduate pathway subject in Study Period 5 (this can be sat at home using ProctorU supervision)
- Also this is the last study period a supplementary assessment will be made available for those who complete all subject assessments however do not pass the subject (achieving between 30-49% result for the subject), and a complimentary re-enrolment if the adviser is still not successful in passing the subject.
Understanding the Job Keeper Package
CLICK HERE to view an infographic from ADP, to assist you in client conversations about the JobKeeper Package.
Three Month CPD Relief for advisers – FAQ
Further to the announcement from FASEA last month on the 3 month extention for CPD, FASEA have released an FAQ document to assist advisers in understanding the extention. Please CLICK HERE to read.
News & Events from our industry
Netwealth 2020 AdviceTech Report Webinar
Time: 1:00-2:00PM
Date: Wednesday 26 August, 2020
Topics:
• The technologies that can generate the greatest business and client benefits
• Practical tips to successfully plan, choose and deploy AdviceTech in your business
• What your business should consider when developing your own AdviceTech roadmap
• AdviceTech’s role in removing friction and delivering exceptional client experiences
• Other key insights from the 2020 AdviceTech Report
Zurich/OnePath have developed _Zone an online education program, designed to guide you through the professional development you need as an adviser to meet the challenges of today and tomorrow. CLICK HERE to check out what is available.
OnePath Clarity Engage houses tools and white-labelled materials that advisers can use in their discussions with clients about the importance of insurance. This material includes customisable templates for flyers, newsletters and social media posts and the content covers five key areas:
- The value of advice and insurance
- Understanding premiums
- Building confidence in claims
- Reviewing your cover
- Wading through complexity
ASIC Updates
Please CLICK HERE to review the data ASIC is required to be updated on.
Revenue Services
The next revenue payrun will be processed on 17 August 2020.
OPEX has written handy guides for Madison users, available through Zen desk and the below links.
CommPay Reporting
Lodging and receipting an invoice.
Invoice Tracking Template
Xplan Navigation
Power BI webinar recording
Setting up referral arrangements in CommPay
CommPay and revenue queries – ATTN: Brokerage
support@opexconsulting.com.au
Adviser Guide to Surviving a Pandemic
CLICK HERE to read through the latest version of our guide to getting through the COVID-19 pandemic.
Discount Codes
FPA – When enrolling in any CFP unit let them know Madison is your licensee for a 10% discount.
Kaplan – PC-RID159
The promotional code for postgraduate study to meet FASEA requirements has been updated to MADFIMFP20. Make sure you enter this code to get the new pricing of $1,600 per subject
Helpful Information
We have updated our contact list to include our new email addresses.