Demand from financial advice licensees has prompted financial services firm Elixir Consulting to devise a Future of Financial Advice (FOFA) audit program.
The FOFA-Ready practice audit program will be released next week as an online questionnaire to help licensees and advisers determine how advanced they are in their reform preparation.
"I've had quite a few [licensees] saying 'we're investing in these programs and we're wanting to help our advisers and yet it's hard to motivate them into action'," Elixir Consulting managing director Sue Viskovic said.
"They fall into two camps: they are either on their way already or they are just saying it's all too hard."
Viskovic said the common issue for a lot of industry participants was that they believed being FOFA ready was just about having a solid fee structure in place.
"A lot of them just think it's just fees, 'I just need to come up with a pricing model', but it's actually a lot more that affects throughout their business. This audit will ask them a whole series of questions," she said.
The online audit would give them a ranking, anything from well prepared to at risk, she said.
"The purpose of the audit is really for advisers to get a handle on their own business and what they need to get ready for FOFA," she said.
