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Dr. Mark Sinclair
Dr. Mark Sinclair, Mentor Education

Dealer group execs refute FDS complaints.

4 September 2013

In response to the recent wave of dissatisfaction expressed by advisers regarding FOFA fee disclosure statement licensee, executives have responded by claiming advisers are unnecessarily worried about the FOFA’s fee disclosure statement (FDS) requirement and should utilise available technological solutions.

Chris Appleyard Custom Wealth Solutions chief executive

Chris Appleyard Custom Wealth Solutions founder and chief executive has told the 13th annual Wraps, Platforms & Masterfunds conference that there was “no cause for concern”. He argued his point by commenting
“all this noise around FDS is a fallacy, it’s ridiculous.” Mr Appleyard, who also heads financial services software company CleverSuper has highlighted the potential of current technology by suggesting that, “advisers are getting distracted from what they should be doing – which is sitting down with clients and adding value. Now that we have this requirement to have FDS, automate it, outsource it, lean on the technology and go back to what you’re meant to be doing.”

Also speaking at the conference was Renato Mota, IOOF general manager of distribution, who agreed that although there were underlying reasons for the FDS concern, “a lot of the noise around FDS is about symptom, not cause, and “the cause is the lack of value proposition and a lot of advisers are nervous about their value proposition – if they have one.”

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