About 10 per cent of Axa Australia’s 400 practices have gained Certified Quality Advice Practice (CQAP) status.
“We have had some fantastic stories from practices that have really taken this on board very seriously and seen a change in their business, including increased revenue and client confidence. One reported a revenue increase of 20 per cent,” Axa national compliance and advisory services manager Simon Wallace said.
Practices must meet strict business management guidelines and service procedures, according to Wallace. Some practices spend more than six months to prepare for CQAP and at least 80 are preparing applications.
To achieve CQAP around 30 standards must be achieved. They include: more than half of the practitioners must be Certified Financial Planners; planners must exceed the FPA training standards of 30 hours a year; the practice must have thoroughly documented processes and procedures, and have a compliance committee.
Ernst & Young assesses practice and adviser adherence to the programme guidelines.
Axa Australia is a member of the Global Axa Group. Axa Australia has $76.5 billion in funds under management and administration.
