Compliant and Insightful Product & Super Fund Comparisons
It is now more important than ever to provide detailed and comprehensive product comparison. As a financial adviser, your obligations to illustrate that sufficient research has been completed to satisfy compliance requirements when recommending a product to a client are rapidly increasing.
You must ensure your file notes and research supports your superannuation and other financial product recommendations.
Furthermore, the ability to be able to complete these product comparisons accurately requires sophisticated financial software that can be expensive and time consuming to learn.
Switching Super Funds For Your Financial Advising Clients
One of the most common circumstances for when a product comparison is required is where a financial adviser is recommending a client switch a financial product such as their superfund. This is also referred to as replacement of product advice.
Replacement of super product advice also applies where your recommendation is to transfer a client’s existing super balance or change their contributions to another superfund that the client already has. The replacement product does not have to be a brand new product.
A product comparison report includes ongoing costs of each super product such as administration fees paid to the super provider, management fees from each investment option, member fees and trustee fees.
Why Choose One Degree Paraplanning for Your Product Comparisons
Our product comparison reports will provide you with a complete picture of your client’s current financial product position, their recommended product position and like-for-like alternative comparisons with other products.
By using One Degree Paraplanning for your product comparisons, you will not need your own software licence or spend hours trawling through Product Disclosure Statements (PDS) to determine costs or benefits to be gained or lost.
We charge a small fee for each report we produce for you, however if you have completed your own comparisons, simply submit those with your SOA request and we will complete the product comparisons in your SOA at no extra cost to you.
We can even provide you with product comparison reports prior to you constructing your recommended strategy to help you make a fully informed decision on behalf of your client.
By outsourcing your product comparisons to our paraplanners, you will have peace of mind in knowing that your documents are being delivered by experienced professionals at a fraction of the cost of employing in-house paraplanners.
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