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(Mar-2005): Mercer raise the bar on compliance
Amid continuing debate about the role of financial advisers in the new choice of funds environment, Mercer Wealth Solutions has sought to lift the bar for its planners with a more rigorous training and compliance regime.
Mercer announced late last month that it had launched five new professional and compliance initiatives for Mercer Wealth Solutions in readiness for the new choice environment.
It said that the five-part program included the introduction of a 37-point product comparison checklist for all financial advisers, tougher requirements with respect to continuing professional development, improvements to Mercer’s risk matching profile, a tougher approach to soft dollar commissions and an upgrading of Mercer’s peer review process.
Mercer Wealth Solutions national practice leader, David Anderson said that the changes were being implemented in circumstances where survival among Australia’s financial advisory businesses from July would depend on the extent to which they trained and supported their financial advisers.
“Training and compliance support impact directly on the quality of and professionalism of finance advice provided to clients,” he said. “In order for financial advisers to remain competitive in the financial services market after July 1, I think it will be compulsory for them to attend training programs and to comply with all relevant standards and regulatory requirements.”
AUTHOR
Mike Taylor
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