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

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

For clients with multiple related entities, such as self-managed super funds, companies and/or trusts, you will need to consider how you are going to capture their ongoing service information.

You can record your clients’ FDS and Opt-in statuses and dates either:
  1. as a group, where the FOFA data is recorded against the master client (or 'master entity’); or
  2. at an individual level, where different ongoing service information is recorded for each related entity as required, to enable separate FDSs and Renewal Notices to be provided to each related entity.
For clients with related entities, it is recommended their FOFA data is captured as a group where possible, as the overall number of service arrangements for your Practice’s clients will impact on the tracking of the services delivered and the number of FDSs and Renewal Notices that will need to be provided over the course of a year.

Important Notes

If your client’s related entity is on a separate service arrangement, you will need to indicate if an FDS and/or Opt-in Renewal Notice is required for the related entity’s service arrangement. This will ensure all your clients are disclosed correctly on BTGL’s Overdue FDS and Opt-in reporting, which they conduct periodically in XPLAN to assist Practices in meeting their FOFA obligations.

How should i capture FOFA data for clients with multiple entities

There are a number of factors to consider when capturing ongoing service information for clients with multiple related entities. Before recording their FOFA data, it is important to ask the following questions:
  1. Are they on the same service package?
  2. Do they have the same FDS due date?
  3. Are they Opt-in required? If so, do they have the same Opt-in Renewal due date?
  4. Do you wish to provide a combined FDS for the client and their entities?
  5. Do you wish to provide a combined Renewal Notice or Ongoing Advice Service Agreement for the client and their related entities?
  6. How are you currently tracking the services delivered to each entity? Have they all been linked to the master client/entity?
  7. How are you managing the revenues for each entity? Have they all been linked to the master client/entity?
If you have answered ‘Yes’ to each of the questions above, you may decide to capture their ongoing service information as a group.

If you have answered ‘No’ to some or all of the questions above, you may need to capture the related entity’s ongoing service information at an individual level.

How do I capture my clients' FOFA data as a group

To capture your clients’ FOFA data as a group:
  1. Search for and select the master client’s (or entity’s) record.
  2. Go to FOFA (FDS & Opt-in) > FOFA Data.
  3. Record or update the master client’s FOFA data, as required.
  4. Click Save.
  5. Navigate to the FOFA Data page for the related entity (e.g. self-managed super fund, company or trust):
    1. Click on the down arrow icon next to the master client’s name.
    2. Select the required related entity

      Screen_Shot_2018-07-04_at_2.39.20_PM.png

  6. Click Edit.
  7. In the Details tab, click on the down arrow icon for Use Master Entity’s Opt-in Details and select the master client’s name:

    Screen_Shot_2018-07-04_at_2.42.11_PM.png

  8. The FOFA data recorded for the master client in their Details tab and Disclosure Statement tab will now be displayed for the related entity. This data will be “greyed out” for the related entity and cannot be edited:

    Screen_Shot_2018-07-04_at_2.43.52_PM.png

    Screen_Shot_2018-07-04_at_2.44.02_PM.png

  9. Click Save.
  10. Repeat Steps 5 to 9 above for other related entities linked to the master client, as required. 

To capture a related entity’s FOFA data at an individual level:
  1. Search for and select the master client’s (or entity’s) record.
  2. Go to FOFA (FDS & Opt-in) > FOFA Data.
  3. Record or update the master client’s FOFA data, as required.
  4. Click Save.
  5. Navigate to the FOFA Data page for the related entity (e.g. self-managed super fund, company or trust):
    1. Click on the down arrow icon next to the master client’s name.
    2. Select the required related entity.

      Screen_Shot_2018-07-04_at_3.25.52_PM.png
  6. Click Edit.
  7. In the Details tab (in the Opt-in Details panel):
    1. Use Master Entity’s Opt-in Details: Not Selected.
    2. Opt-in Required: Yes or No (as applicable).
      1. This field should not be left blank to ensure that the client will be disclosed correctly on Wealth Axis’s FOFA reporting
    3. Record the related entity’s other Opt-In information as applicable, for example:

      Screen_Shot_2018-07-04_at_3.25.59_PM.png

      Screen_Shot_2018-07-04_at_3.26.09_PM.png

    4. Clicking on Set Next Opt-in Date will automatically set the Next Opt-in Date to two (2) years from today’s date. The date can be changed if required.
    5. Clicking on Set Next Disclosure Statement Date will automatically set the Next Disclosure Statement Date to one (1) year from today’s date. The date can be changed if required.
  8. In the Disclosure Statement tab (in the Opt-in Details panel):
    1. Disclosure Statement Required: Yes or No (as applicable)
      1. This field should not be left blank to ensure that the client will be disclosed correctly on Wealth Axis’s FOFA reporting
    2. If you are obligated to provide the client with an FDS (i.e. you have selected Yes for Step 8a), enter their Next Disclosure Statement Date (FDS due date).
      1. Clicking on Set Next Disclosure Statement Date will automatically set the Next Disclosure Statement Date to one (1) year from today’s date. The date can be changed if required.

        Screen_Shot_2018-07-04_at_3.26.20_PM.png
  9. Click Save.
  10. Repeat Steps 5 to 9 above for the master client’s other related entities, as required.

To capture a related entity’s service package data:
  1. Search for and select the related 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 related entity’s service package.
    2. Entity Status: Client.
    3. Client Active Date: The date the related entity changed status from Prospective to Client (if required).

      Screen_Shot_2018-07-04_at_3.28.07_PM.png

  5. Click Save.
  6. Repeat Steps 1 to 5 above for the master client’s other related entities, as required.

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