Standard 6 of the FASEA Code of Ethics requires advisers to consider the “broad effects” of their advice. Does this impose superhuman qualities on the adviser to predict a client’s future with accuracy and tailor the advice accordingly? What happens to advisers whose predictions prove to be incorrect?
This webinar outlines the course and scope this standard and dispels the hysteria surrounding dire predictions of multiple statements of advice for family members and unpleasant consequences for advisers who fail to predict future outcomes with pinpoint accuracy.
This standard certainly goes beyond Corporations Law and places a heavy onus on advisers to consider the impact of their advice over a time period and to alert clients to the range of persons impacted by the advice. We will explore areas where this standard demands changes in the advice process and documentation. High risk areas for breaches of this standard include insurance and superannuation advice.
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