Zoom Logo

Financial Advice NZ - Bring in the Experts webinar - Are your record keeping processes compliant for the new regime? - Shared screen with speaker view
Financial Advice New Zealand
10:32
Good morning everyone. Welcome to our 74th Bring in the Expert Webinars. You have all been muted and your videos turned off but feel free to ask questions down the side bar in the chatroom and in questions and answers. Leigh Hodgetts will ask the questions on your behalf.Enjoy the webinar!
Financial Advice New Zealand
10:57
Click here to download the workbook for the webinarhttps://financialadvice.nz/wp-content/uploads/2021/07/FANZ-Record-Keeping-workbook-1_.pdf
Stephen Fitzjohn
16:50
Good morning from sunny Lower Hutt. We can hear you Katrina.
Gary Cavaney
17:08
We can hear you fine from Sunny and Frosty Cambridge
Kathy Wright-St Clair
17:13
yes
David Wilson
17:44
Yep
Gary Cavaney
17:46
Not off memory
Michael King
17:49
Nah
Neil Henderson
17:54
yes
Ramesh Parmar
18:00
yes
Kathy Wright-St Clair
18:03
Yes I think so
alastair gaudin
18:26
3 years
Lany Liang
18:28
Yes, depending upon how they measure it.
Peter Hawes
18:31
2months ago
Paul Surman
18:34
In progress
David Wilson
18:35
Ongoin
Andy Phillipson
18:35
daily
Kathy Wright-St Clair
18:36
We check them 3 monthly
John Schell
18:37
last week
Nigel KERR
18:38
3months
Liz Clark
18:39
always
Nick Green
18:40
last week
Graeme Ryan
18:41
In progress now
John Reason
18:42
1 year ago
Kerstin Bain
18:42
Yes, yearly.
Mark Uden
18:42
6 months ago
Neil Henderson
18:45
march
Sharon Evans
18:55
2 months ago
Mike B
19:05
I just keep everythoing
Theresa Hatton
32:19
Hi could we get a copy of these slides please
Andy Phillipson
34:15
We keep losing you Leigh...
Emily TSAI
36:29
Question regarding Claim related docs.We frequently help client submit the medical insurance claim related documents to insurance company.For this type of documents, should we keep in our file notes?
dannie hawkins
36:49
Are her clients better off now they have lost her as their advisor?
Andy Phillipson
36:54
Where is the balance between keeping notes acceptable to the MA, and actually getting the work done to satisfy the clients?
Caroline Liang
45:32
Very clear presentation. Thank you
J-P Hale
50:47
The code comment said documents held for 7 years after the financial instrument expires/ceases. Yet the process comms was stated as 7 years after client engagement. Which is it?
John Reason
54:37
Where do we find Ready Set Go webinars?
J-P Hale
57:33
Retiring adviser or leaving advise holding records for 7 years goes against the contractual requirements to relinquish all information when they leave… Thinking associate not principal
Bharat Mistry
57:51
Hi
J-P Hale
59:15
The prescribed information in a readable font is an extra 4 pages to my SOS, and I have had no complaints about length. It’s more about positioning for clients.
Martin Jago
59:39
Does full disclosure need to be in the same physical document as the Statement of Advice, or can it be in a separate, generic document, sent with that advice?
J-P Hale
59:45
*SOA… :D
John Reason
01:00:44
Does it matter where in the SOA you put the disclosure on commissions/conflicts of interests etc
Andy Phillipson
01:02:12
No matter what you tell some people, they just won't understand. That is why they have come to us in the first place. They just rely 100% on what we advise and do for them. I know absolutely nothing about heat pumps I just rely on the technician doing the best for me.
J-P Hale
01:02:30
So a scanned wet paper napkin is ok then ;)
Lany Liang
01:02:57
Voip phone calls that are retained
Shula Newland
01:03:25
How do you know client understood though?
leigh Austin
01:03:42
Otter is an app to use
Mary Lewis
01:04:50
Rev.com
Michael King
01:08:04
A ROCA - Record of Client Advice - can pull together all the discussions, disclosures, emails and recommendations in one document when the process has been completed. Is this an acceptable alternative to an SOA?
John Reason
01:10:21
""You have to prove the client understands". If the client signs to say that they understand the SOA why wld that not be enough? The Scope of Service will detail the scope of service and the SOA details the advice. The client signs both. If you make a file note that the client and you discuseed the insurance solutions A B C (which is already in the SOA) and said they understood the SOA advice why would that be any more compliant? Some of my clients have indicated they were uncomfortable about the interview being recorded on Zoom
Peter Hawes
01:10:43
you can save photos to teams to save holding on phone
Andy Phillipson
01:11:48
So the answer is to leave the uneducated people alone. Leave them to sort themselves out
Paul Surman
01:12:05
If you copy drivers licence or say Kiwsaver or investment application and then 3 years later you get an AML audit Becuase they are 3 yr Auduts and they ask you for the copy of Drivers Lisence - it could be problematic to delete straight away??
Robert Herbert
01:12:26
What sort of electic guitar do you have Leigh?
Andy Phillipson
01:12:36
Thanks Leigh - another great session. Makes us realise just how inadequate we really are :)
Moosa Mohammed
01:12:51
Katrina, I need to talk to you about my PI cover that I have with FANZ, when is a good time??
Clarice Parinas
01:12:54
thank you
Sharon Evans
01:13:03
thank you so much :)
Corinne Summit Financial Group Mudge
01:13:15
Thanks very much ladies :-)
Moosa Mohammed
01:13:17
Thanks
Peter Hawes
01:13:21
thanks