RI Advice Group has upgraded its technology offering and moved to improve adviser skills as part of its ongoing plan to prepare the dealer group for the government’s Future of Financial Advice (FOFA) reforms.
The ANZ-owned dealer group’s key focuses are to increase the skill set of its advisers and develop technology in order to ensure the company is best-placed for the FOFA reforms, RI Advice national manager of practice management Peter Ornsby told InvestorDaily.
“[To] ensure the business is FOFA-proof, you have to consider things such as best interest and opt in. Technology is going to be a driver of this so integrating technology in the delivery of advice is a real priority for us,” Ornsby said.
“We do need to ensure that our businesses are operating as efficiently as they can. That is a core component of our strategy, we do want to differentiate our business and competitive advantage in that space.
“We’re going to continue to invest heavily in technology to ensure that our practices are operating at maximum efficiency.”
Improving the skill set of advisers in delivering holistic advice is also a key priority for RI Advice, he said.
“We want to ensure our planners are armed with all, the skill set, and tools to cater for the clients’ needs. It is a big piece of work ensuring that all your advisers can cater well for a broader market and that is [also] where we are going to continue to focus our attention,” Ornsby said.
In line with improving the skill set, RI Advice has launched a new financial services guide (FSG) for advisers.
The new FSG was devised following a recent business review to move away from conflicted advice and make its FSG and disclosure easier to read.
“We have to ensure that [our advisers] have all the tools to deliver comprehensive advice and in a manner that is easy for clients to understand. The goal is to make the FSG as user friendly as we possibly can and ensure that it really explains what the role of the adviser is,” Ornsby said.
Meanwhile, the Burnie and Devonport RI Advice franchise has merged with risk specialist Coles Financial Group (CFG) to give a new offering under Zenith Wealth in Tasmania, Zenith Wealth managing director Grant Howe said.
Howe said that the merger is not the end of the growth plans for Zenith Wealth.
The company, which operates from B&E personal banking in Launceston, Tasmania, is also looking to expand and find firms to become part of Zenith Wealth.
