The adviser often becomes cost conscious when it is suggested to them that they should engage Strategi to conduct regular best practice compliance reviews on their business. The adviser usually mentions that they have been in business for over 10 years, has really happy clients, has not had a complaint and knows exactly what the Regulator requires.
A bit of probing often uncovers that the adviser has not worked through the entire client base and taken steps to ensure that ‘retail clients’ have client files akin to that required by Standard Set C, does not define a complaint the same way as their DRS defines it, and their ABS describes processes that are more an optimistic expectation of what will happen in the future rather than an accurate description of how business is transacted and clients are protected today.
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