Compliance - FOFA: Managing your FOFA Clients - Capturing FOFA Data - Clients

Capturing FOFA Data for Clients Overview

You have the ability to capture each client’s FOFA data in the Client Menu at FOFA (FDS & Opt-In) > FOFA Data.

Important Notes You can periodically conducts Overdue FDS and Opt-in reporting in XPLAN to assist Practices in meeting their FOFA obligations. To ensure your clients are disclosed correctly in this reporting: All clients for whom you have an obligation to provide an FDS and/or Opt-in Renewal Notice must be set up in XPLAN. For each master client (or entity) set up in XPLAN, you are required to indicate if an FDS and/or Opt-in Renewal Notice is required (i.e. Yes or No). For clients with multiple entities (e.g. SMSF, Company or Trust), you must also indicate if an FDS and/or Opt-in Renewal Notice is required for their related entities if they are on a separate service arrangement to the master client. Wealth Axis has best practice policy guidelines in place for managing your clients’ FOFA obligations. Generally, it is suggested you set your clients’ FDS and Opt-in Renewal due dates for the 1st of the month.  If you are unsure as to what FDS and Opt-in start date to use for your clients’ service arrangements, or have any questions regarding BTGL’s best practice policy guidelines, please speak to your BTGL Practice Manager.

What Opt-in Data should I capture for my Clients

For each client set up in XPLAN, you will also need to indicate if an Opt-in Renewal Notice is required for each client’s service arrangement:

1. Yes, for those clients for whom you have an obligation to provide an Opt-in Renewal Notice. Generally, if the clients first received personal advice from the adviser after 1 July 2013, they are Opt-in required.
   
2. No, if the clients first received personal advice from the adviser prior to 1 July 2013 and are therefore Opt-in exempt.
   

For those clients for whom you have an Opt-in Renewal Notice obligation, their Ongoing Advice Service Arrangement Start Date and Next Opt-in Date will need to be set every two (2) years, and is determined by the date the client signed their OASA.

What FDS data should I capture for my Clients

For each client set up in XPLAN, in the Disclosure Statement Required field select:

1. Yes, if you have an obligation to provide the client with an FDS.
   
2. No, for those clients for whom you are not required to provide an FDS.
   

For those clients for whom you have an FDS obligation, their Disclosure Statement Due Date will need to be set annually and is determined by:

1. For new clients, this is the annual (1 year) anniversary date of:
   
1. when the Ongoing Advice Service Arrangement (OASA) was entered into with the client, or
   
2. when they signed the Authority to Proceed (ATP) in their Statement of Advice (SoA).
   
2. For existing clients, this is the annual (1 year) anniversary date of:
   
1. the last FDS that was sent to the client, or
   
2. the date the Authority to Proceed (ATP) was signed by the client, or
   
3. the date the Financial Product was acquired by the client.
   
   

How do I capture my client's Opt-in data

To capture your client’s Opt-in data:

1. Search for and select the master client’s (or entity’s) record.
   
2. Go to FOFA (FDS & Opt-in) > FOFA Data.
   
3. Click Edit.
   
4. In the Opt-in Details panel, select the Details tab.
   
5. If your client is Opt-in Required, enter/select the following:
   
1. Opt-in Required: Ye
   
1. This field should not be left blank to ensure that the client will be disclosed correctly on Wealth Axis’s FOFA reporting
   
2. Opt-in Status: Opt-In
   
3. Next Opt-in Date.
   
1. Wealth Axis has best practice policy guidelines in place for managing your clients’ FOFA obligations. Generally, it is suggested you set your clients’ Opt-in renewal due date for the 1st of the month.
   
2. Clicking the Set Next Opt-in Date button will automatically set the Next Opt- in Date to two (2) years from today’s date. This date can be manually edited if required.
   
4. Opt-in Subject to Grandfathering: No
   
   
   
   
5. In the Ongoing Service Arrangement Start Date panel (below the Opt-in Details panel), enter the Ongoing Advice Service Arrangement Start Date:
   
   
   
   
6. If your client is not Opt-in Required, enter/select the following:
   
1. Opt-in Required: No
   
1. This field should not be left blank to ensure that the client will be disclosed correctly on Wealth Axis’s FOFA reporting
   
2. Opt-in Status: Leave blank
   
3. Next Opt-in Date: Leave blank
   
4. Opt-in Subject to Grandfathering:
   
1. For Pre 1 July 2013 clients, select Yes
   
2. For Post 1 July 2013 clients, select No
   
   
   
   
5. In the Ongoing Service Arrangement Start Date panel (below the Opt-in Details panel), ensure the Ongoing Advice Service Arrangement Start Date is blank:
   
   
   
   
7. Click Save. 
   

How do I capture my client's FDS Data

To capture your client’s service package data:

1. Search for and select the master client’s (or entity’s) record.
   
2. Go to Key Details > Advice Service.
   
3. Click Edit.
   
4. In the Service Level & Category panel, select/enter the following as required:
   
1. Category: Select the client’s service package.
   
2. Entity Status: Client.
   
3. Client Active Date: The date the client changed status from Prospect to Client (if required).
   
   
   
   
5. Click Save 
   

Troubleshooting Tips

I’d like to deliver all of my clients’ FDSs in the same month each year, regardless of their Opt-in status or anniversary date. Do my clients’ FDS and Opt-in Renewal due dates need to be the same?

No. You can set your clients’ FDS dates to suit your current business processes. However, your clients’ Opt-in start dates should remain aligned to the date they signed their ongoing advice service arrangement. Your client’s Opt-in dates should be set as either:

1. The date they signed their ongoing advice service arrangement; or
   
2. The 1st of the month that they signed the ongoing advice service arrangement, so that all FDS and Opt-in obligations for that month fall due at the same time. For example, the client accepted and signed on 15 October, so their Opt-in start date is set at 1 October.
   
   

How do I identify clients with missing/blank FOFA data in XPLAN?

The Wealth Axis FOFA Dashboard Report will assist you in identifying clients with FOFA data not captured in XPLAN, including:

1. FDS information, such as their Next Disclosure Statement Due Date and fees paid (ongoing advice and trail commissions)
   
2. Opt-in information, such as if they are Opt-in Required (Yes or No), their Next Opt-in Date, Renewal Sent Date and Opt-in Status (e.g. Opt-In, Opt-Out - No Client Response)
   
3. Ongoing Advice Service Arrangement (OASA) information, such as their OASA Start Date and Service Package
   
   

How do I minimise or display the FOFA panels in the Review Management page?

To minimise or display the Opt-in/Ongoing Fee Details and/or Opt-in/Ongoing Fee History panels in the Review Management page (at Advice Process > Review > Review Management):

Note: Any FOFA data recorded or updated in the Review Management page will be reflected in the corresponding fields in the FOFA Data page (at FOFA (FDS & Opt-in) > FOFA Data), and vice versa.

 

Only my client’s current FOFA data is displayed in the Opt-in/Ongoing Fee Details panel. Can I view their FOFA data previously recorded in XPLAN?

Yes you can. Historic records of the changes to your client’s FOFA data are displayed in the Opt-in/Ongoing Fee History panels at:

1. FOFA (FDS & Opt-in) > FOFA Data
   
2. Adviser Process > Review > Review Management
   

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