This document discusses fee disclosure statement delivery methods and answers frequently asked questions. It provides guidance on how to send fee disclosure statements depending on practice size, such as including them with annual reviews, batch emailing them monthly, or mailing them. It also answers common questions about when statements are due, acceptable delivery methods, handling client terminations, and determining anniversary dates. The document aims to help financial advisors understand and comply with fee disclosure obligations.
2Ring Staffino Feedback Service helps to boost your contact center performance and optimize your approach to Quality Assurance. It has been developed to provide contact center supervisors with authentic feedback on specific staff members in a new, engaging way - your customers will be sent an e-mail or a text message after each call/chat conversation.
Case studies prove that real-time sharing of positive feedback with each agent improves working morale and boosts agents' motivation.
Enriching CX with with Proactive Customer CommunicationsJohn Pisarek
Proactive Customer Communications (PCC) refers to outbound communications like notifications, alerts and messages sent via phone, email, SMS or other channels to provide relevant and personalized customer experiences. PCC is used across industries to improve customer service and experiences through reminders, updates and confirmations. It can help businesses reduce costs while improving satisfaction by decreasing inbound calls and providing valuable service to retain customers. PCC should be applied throughout the customer lifecycle and engage customers through their preferred channels in a seamless, multi-channel approach.
This document contains an analysis of post-chat survey results from AT&T customer service chats between January 1, 2021 and February 28, 2021. Some key findings include:
- 50.1% of customers said they would promote AT&T services, while 33.9% were detractors who would not recommend AT&T.
- The top 10 pain points mentioned by detractors related to issues with billing explanations, profiles/account information, and inability of agents to adjust pricing or correct billing errors.
- Specific feedback examples call out frustrations with the inability of agents to provide billing information to non-authorized users, issues viewing or updating bills online, and unresolved trade-in credit problems.
-
GPiH/Crown College Leadership Development Curriculum PreviewGlobalPartnersinHope
This slideshow briefly explains the four business leadership consulting seminars offered by Global Partners in Hope in China.
The 4 seminars were written by Crown College, a partner of GPiH.
El documento enfatiza la importancia de que los padres conozcan cómo funciona Internet y las nuevas tecnologías para guiar a sus hijos, establecer una relación de confianza, y estar presentes cuando usen dispositivos digitales. También recomienda limitar el uso de pantallas a dos horas máximas, supervisar el contenido visto, y ser conscientes de los posibles riesgos de salud y desarrollo si el uso es excesivo.
2Ring Staffino Feedback Service helps to boost your contact center performance and optimize your approach to Quality Assurance. It has been developed to provide contact center supervisors with authentic feedback on specific staff members in a new, engaging way - your customers will be sent an e-mail or a text message after each call/chat conversation.
Case studies prove that real-time sharing of positive feedback with each agent improves working morale and boosts agents' motivation.
Enriching CX with with Proactive Customer CommunicationsJohn Pisarek
Proactive Customer Communications (PCC) refers to outbound communications like notifications, alerts and messages sent via phone, email, SMS or other channels to provide relevant and personalized customer experiences. PCC is used across industries to improve customer service and experiences through reminders, updates and confirmations. It can help businesses reduce costs while improving satisfaction by decreasing inbound calls and providing valuable service to retain customers. PCC should be applied throughout the customer lifecycle and engage customers through their preferred channels in a seamless, multi-channel approach.
This document contains an analysis of post-chat survey results from AT&T customer service chats between January 1, 2021 and February 28, 2021. Some key findings include:
- 50.1% of customers said they would promote AT&T services, while 33.9% were detractors who would not recommend AT&T.
- The top 10 pain points mentioned by detractors related to issues with billing explanations, profiles/account information, and inability of agents to adjust pricing or correct billing errors.
- Specific feedback examples call out frustrations with the inability of agents to provide billing information to non-authorized users, issues viewing or updating bills online, and unresolved trade-in credit problems.
-
GPiH/Crown College Leadership Development Curriculum PreviewGlobalPartnersinHope
This slideshow briefly explains the four business leadership consulting seminars offered by Global Partners in Hope in China.
The 4 seminars were written by Crown College, a partner of GPiH.
El documento enfatiza la importancia de que los padres conozcan cómo funciona Internet y las nuevas tecnologías para guiar a sus hijos, establecer una relación de confianza, y estar presentes cuando usen dispositivos digitales. También recomienda limitar el uso de pantallas a dos horas máximas, supervisar el contenido visto, y ser conscientes de los posibles riesgos de salud y desarrollo si el uso es excesivo.
The document discusses UBS Tactical Beta Funds, which aim to provide stable returns through diversification and active asset allocation while keeping costs low. The funds use a passive foundation of pooled funds and ETFs for each risk profile benchmark, with an active overlay to tactically allocate between assets. This approach seeks to avoid losses from market downturns and provide superior risk-adjusted returns. Performance data shows the funds have outperformed their benchmarks since inception, with stable returns and lower volatility than the market.
Global Partners in Hope is a non-profit organization that partners with communities around the world to meet tangible needs and provide sustainable hope. They identify areas with significant needs where local leaders are willing to partner. Through cultivating meaningful relationships, they work with leaders to identify impactful projects like digging water wells, building medical clinics, and installing energy systems in rural West Africa. In China, they focus on women's leadership training, community outreach, and business leadership training. They bring together partners in the United States who want to make a difference with influential global leaders who can provide support and access to complete projects.
The intention of FoFA is to remove conflicted payments that could reasonably be expected toinfluence the advice you provide to your client or the choice of product you recommend.
This presentation outlines what you need to know about Conflicted Remuneration.
La evaluación educativa se caracteriza por valorar los niveles de logro de las competencias a través de la observación cualitativa. Tiene como objetivo comprobar los resultados alcanzados en base a los objetivos propuestos de manera continua y constante. Genera información que permite mejorar la calidad educativa y adaptar los programas a cada estudiante.
Build vs. Buy: The business-critical checklistRecurly
There are innumerable things to consider before building your own subscription management and billing platform. We've compiled a comprehensive checklist for your company to understand all the features and capabilities you'll need in a recurring billing solution.
Divided into five distinct areas, this guide includes guidance for every team, including Product & Development, IT & Security, and Finance & Accounting.
This document outlines the benefits of integrating an enterprise's internal and external data sources to create a unified view. Key benefits include:
1) Gaining insights from having a complete view of data related to areas like inventory, customer satisfaction, and finances.
2) Strengthening partnerships and supply chains by enabling real-time communication and responsiveness to needs.
3) Improving customer satisfaction and retention by allowing customers to access services and view order status in real time.
4) Increasing competitiveness by facilitating better, more timely decision making across the organization.
What to ask when buying e-invoicing – the 7 truths to getting it right and wh...sharedserviceslink.com
Whenever we venture into doing something new, we often don’t know what questions to ask to find out more about it. And when we’ve got around to asking the questions, we’re often unsure if the responses we get back are ‘good’ or ‘bad’.
This lack of ‘knowing’ can lead to indecision and great uncertainty. How do we know if we’ve made the right decisions? How can we convey confidence to others if we’re not confident in ourselves?
e-Invoicing is a topic which engenders huge uncertainty. Questions like “Which questions should I ask to tell one provider from the other?” and “How would their solution impact my business case?” come up constantly.
In this insightful presentation you will be shown 7 areas of e-invoicing to get familiar with.
You will be shown:
• Why they are important
• The impact on your business
• How to build them into your search plan for a partner
• What to do with the responses to your questions
Bovill briefing will minor complaints become a major issueBovill
Bovill's October London briefing covered the new rules on complaint handling - which may have a greater impact on your firm than you think. It’s no longer credible to report few or no complaints and your team will need training and support.
Microsoft Dynamics partners can generate additional revenue from existing customers by tapping into special techniques to identify opportunities during regular customer interactions. The document discusses strategies that partners have used successfully, such as focusing on getting multiple customers from each company to attend the Convergence conference in order to uncover new opportunities, using a defined onboarding process to set expectations with new customers and make renewals natural, and leveraging tools like the Unleash Your Potential program to have structured conversations with customers to identify additional needs. The best practices in the document aim to help partners grow their revenue through strategic engagement with current customers.
Infocus' Policy on Fee Disclosure StatementsInfocusWealth
Infocus has implemented a policy to ensure that all fees and commissions paid to clients are disclosed where there is an ongoing service arrangement. Fee Disclosure Statements must contain fees charged to the client in the previous year, the services the client was entitled to for those fees, and the services actually received. They must be issued after July 1, 2013 to clients who have paid ongoing fees for more than 12 months or who have commissions expected to pay for ongoing services. Next week's discussion will focus on methods for delivering Fee Disclosure Statements and answering frequently asked questions.
This document contains three articles related to debt collection and enforcement.
The first article discusses how using alternative communication methods like text messaging and automated phone calls, in addition to letters and visits, can help debt collectors engage with customers earlier and reduce costs from wasted visits.
The second article introduces Vernon Phillips as the new Director General of CIVEA. He discusses some of the challenges facing the enforcement industry in 2015, including an upcoming government review and issues around vulnerability.
The third article argues that while technology has benefits for enforcement agencies, it also enables groups opposing debt collection to organize and confront enforcement agents. It stresses the importance of police being fully informed about enforcement laws to deal with obstructions.
The document provides guidance on how to write an effective request for proposal (RFP) for freight services. It outlines key sections to include such as background on your company, objectives, scope of services required, pricing details, and delivery guarantees. It recommends including accurate historical delivery data and contact information. The process involves defining needs, assembling an RFP document, selecting suppliers, distributing the RFP, and comparing proposal responses. The goal is to obtain transparent proposals to easily evaluate suppliers and ensure standards are met.
If you’re looking for a comprehensive step-by-step process to guide you to an effective and less time-consuming vendor onboarding, you’re in the right place. Process Street has long been managing vendor onboarding processes and developing ways to make them effortless and less stressful. That’s why we know all the challenges firsthand and want to share our knowledge, solutions, best practices, and tips to help you execute efficient vendor onboarding the very first time. And thanks to our free vendor onboarding workflow template below, you’ll soon be on your way to designing the best onboarding experience for your vendors.
The document discusses UBS Tactical Beta Funds, which aim to provide stable returns through diversification and active asset allocation while keeping costs low. The funds use a passive foundation of pooled funds and ETFs for each risk profile benchmark, with an active overlay to tactically allocate between assets. This approach seeks to avoid losses from market downturns and provide superior risk-adjusted returns. Performance data shows the funds have outperformed their benchmarks since inception, with stable returns and lower volatility than the market.
Global Partners in Hope is a non-profit organization that partners with communities around the world to meet tangible needs and provide sustainable hope. They identify areas with significant needs where local leaders are willing to partner. Through cultivating meaningful relationships, they work with leaders to identify impactful projects like digging water wells, building medical clinics, and installing energy systems in rural West Africa. In China, they focus on women's leadership training, community outreach, and business leadership training. They bring together partners in the United States who want to make a difference with influential global leaders who can provide support and access to complete projects.
The intention of FoFA is to remove conflicted payments that could reasonably be expected toinfluence the advice you provide to your client or the choice of product you recommend.
This presentation outlines what you need to know about Conflicted Remuneration.
La evaluación educativa se caracteriza por valorar los niveles de logro de las competencias a través de la observación cualitativa. Tiene como objetivo comprobar los resultados alcanzados en base a los objetivos propuestos de manera continua y constante. Genera información que permite mejorar la calidad educativa y adaptar los programas a cada estudiante.
Build vs. Buy: The business-critical checklistRecurly
There are innumerable things to consider before building your own subscription management and billing platform. We've compiled a comprehensive checklist for your company to understand all the features and capabilities you'll need in a recurring billing solution.
Divided into five distinct areas, this guide includes guidance for every team, including Product & Development, IT & Security, and Finance & Accounting.
This document outlines the benefits of integrating an enterprise's internal and external data sources to create a unified view. Key benefits include:
1) Gaining insights from having a complete view of data related to areas like inventory, customer satisfaction, and finances.
2) Strengthening partnerships and supply chains by enabling real-time communication and responsiveness to needs.
3) Improving customer satisfaction and retention by allowing customers to access services and view order status in real time.
4) Increasing competitiveness by facilitating better, more timely decision making across the organization.
What to ask when buying e-invoicing – the 7 truths to getting it right and wh...sharedserviceslink.com
Whenever we venture into doing something new, we often don’t know what questions to ask to find out more about it. And when we’ve got around to asking the questions, we’re often unsure if the responses we get back are ‘good’ or ‘bad’.
This lack of ‘knowing’ can lead to indecision and great uncertainty. How do we know if we’ve made the right decisions? How can we convey confidence to others if we’re not confident in ourselves?
e-Invoicing is a topic which engenders huge uncertainty. Questions like “Which questions should I ask to tell one provider from the other?” and “How would their solution impact my business case?” come up constantly.
In this insightful presentation you will be shown 7 areas of e-invoicing to get familiar with.
You will be shown:
• Why they are important
• The impact on your business
• How to build them into your search plan for a partner
• What to do with the responses to your questions
Bovill briefing will minor complaints become a major issueBovill
Bovill's October London briefing covered the new rules on complaint handling - which may have a greater impact on your firm than you think. It’s no longer credible to report few or no complaints and your team will need training and support.
Microsoft Dynamics partners can generate additional revenue from existing customers by tapping into special techniques to identify opportunities during regular customer interactions. The document discusses strategies that partners have used successfully, such as focusing on getting multiple customers from each company to attend the Convergence conference in order to uncover new opportunities, using a defined onboarding process to set expectations with new customers and make renewals natural, and leveraging tools like the Unleash Your Potential program to have structured conversations with customers to identify additional needs. The best practices in the document aim to help partners grow their revenue through strategic engagement with current customers.
Infocus' Policy on Fee Disclosure StatementsInfocusWealth
Infocus has implemented a policy to ensure that all fees and commissions paid to clients are disclosed where there is an ongoing service arrangement. Fee Disclosure Statements must contain fees charged to the client in the previous year, the services the client was entitled to for those fees, and the services actually received. They must be issued after July 1, 2013 to clients who have paid ongoing fees for more than 12 months or who have commissions expected to pay for ongoing services. Next week's discussion will focus on methods for delivering Fee Disclosure Statements and answering frequently asked questions.
This document contains three articles related to debt collection and enforcement.
The first article discusses how using alternative communication methods like text messaging and automated phone calls, in addition to letters and visits, can help debt collectors engage with customers earlier and reduce costs from wasted visits.
The second article introduces Vernon Phillips as the new Director General of CIVEA. He discusses some of the challenges facing the enforcement industry in 2015, including an upcoming government review and issues around vulnerability.
The third article argues that while technology has benefits for enforcement agencies, it also enables groups opposing debt collection to organize and confront enforcement agents. It stresses the importance of police being fully informed about enforcement laws to deal with obstructions.
The document provides guidance on how to write an effective request for proposal (RFP) for freight services. It outlines key sections to include such as background on your company, objectives, scope of services required, pricing details, and delivery guarantees. It recommends including accurate historical delivery data and contact information. The process involves defining needs, assembling an RFP document, selecting suppliers, distributing the RFP, and comparing proposal responses. The goal is to obtain transparent proposals to easily evaluate suppliers and ensure standards are met.
If you’re looking for a comprehensive step-by-step process to guide you to an effective and less time-consuming vendor onboarding, you’re in the right place. Process Street has long been managing vendor onboarding processes and developing ways to make them effortless and less stressful. That’s why we know all the challenges firsthand and want to share our knowledge, solutions, best practices, and tips to help you execute efficient vendor onboarding the very first time. And thanks to our free vendor onboarding workflow template below, you’ll soon be on your way to designing the best onboarding experience for your vendors.
MidcoConnectionsChoosing a Call Center PartnerEric Backstrom
This document provides guidance on choosing a call center partner. It discusses knowing when it's time to transition to an outsourced call center by evaluating expenditures, gauging customer satisfaction, and determining service needs. It also covers understanding call center business models by looking at their sizes and capabilities, pricing practices, and quality of reporting. Finally, it discusses doing a deep dive to evaluate contingency plans, measure response times, and understand training programs. The overall document provides a checklist for businesses to thoroughly evaluate potential call center partners.
Taking Commercial Payments to the Next LevelScott Songer
This document discusses how financial institutions can take commercial payments to a higher level by offering electronic accounts payable (EAP) solutions. It notes that EAP solutions are growing at a rate of 13.8% annually as buying organizations seek alternatives to paper checks and ACH payments. The document outlines three critical components for EAP success: technology, expertise/resources (managed services), and minimizing the need for new internal structures. It also discusses considerations for financial institutions in selecting an EAP partner and solution, including available technology features, levels of managed services, and potential fee categories.
Preparing for Canada's Anti-Spam Law - 5 Things Email Marketers Should DoBlueHornet
On July 1st 2014, Canada's New Anti-Spam Law (CASL), which requires an explicit opt-in for any CEM entering or leaving Canada, will go into effect. This impacts any marketer sending email to Canadian addresses.
If you’re wondering how to navigate the new legislation, watch our on-demand webinar: 5 Things Email Marketers Should Do to Prepare for Canada’s New Anti-Spam Law.
Presented by Kara Trivunovic, VP of Strategic Services and Chris Vitulski, Deliverability Management Specialist at BlueHornet, this webinar covers the steps you should take to accommodate the new CASL requirements.
Seven Key Things to Consider When Outsourcing Customs ProcessingJonathan Robinson
The document discusses 7 key things to consider when outsourcing customs entry processing:
1. Cost and pricing models - how outsourcing can reduce labor costs by 40-60% and the importance of establishing pricing models.
2. Business benefits beyond cost savings - benefits like increased flexibility, customer service, and improved cash flow.
3. Identifying opportunities for outsourcing - functions like courier processing, complex entries, and after-hours work that are good candidates while customer service should be kept in-house.
4. Service levels for speed and accuracy - setting targets for completion times and auditing to ensure quality from outsourcers.
5. Effective transition and implementation - planning
10 Questions To Ask When Evaluating IT Service ProvidersInsight
More organizations are leveraging strategic IT partnerships to increase agility and flexibility in the workplace. However, getting the best return on an outsourced IT relationship depends on finding the right partner. What’s the best way to compare and vet potential IT partners? Consult our list of 10 questions to help you pick the right IT service provider.
Learn more here: http://ms.spr.ly/6000TW1kA
Adapting a Consumer Payment Program to Fit Commercial RequirementsMichel van Bommel
1) Adapting consumer payment programs for commercial use requires understanding commercial needs like purchase controls, billing options, and incentives to draw customers away from payment cards.
2) Commercial customers have different requirements than consumers like separate invoice processing and collections tailored to their needs. Dispute rates above 2% may suggest missing purchase details.
3) Large corporate accounts require specialized billing like separate office invoices and electronic formats for their accounting systems.
Adapting a Consumer Payment Program to Fit Commercial RequirementsElizabeth Benditt
In a billing and payment program, the mystery of how to maximize B2B profitability is often a simple question of functionality. This paper addresses the common pitfalls of a consumer payment program that hinder commercial growth and goes on to identify value opportunities that can make B2B relationships more profitable.
Adapting a Consumer Payment Program to Fit Commercial RequirementsJoe San Nicolas
In a billing and payment program, the mystery of how to maximize B2B profitability is often a simple question of functionality. This paper addresses the common pitfalls of a consumer payment program that hinder commercial growth and goes on to identify value opportunities that can make B2B relationships more profitable.
Adapting a Consumer Payment Program to Fit Commercial RequirementsKit Acree
1) Adapting consumer payment programs for commercial use requires understanding commercial needs like purchase controls, billing options, and incentives to draw customers away from payment cards.
2) Commercial customers often have unique data requirements for invoice processing like purchase order numbers that can cause delays, so payment programs need separate collections practices for commercial and consumer customers.
3) Large corporate accounts may need specialized billing options like separate billing for multiple offices or electronic formats to interface with their accounting systems.
Adapting a Consumer Payment Program to Fit Commercial Customer RequirementsPatricia Waguespack
In a billing and payment program, the mystery of how to maximize B2B profitability is often a simple question of functionality. This paper addresses the common pitfalls of a consumer payment program that hinder commercial growth and goes on to identify value opportunities that can make B2B relationships more profitable.
This document discusses factors to consider when drafting a letter of engagement for legal clients. It emphasizes the importance of clearly outlining payment policies, including retainer amounts, billing schedules, credit card fees, and consequences for non-payment. The letter should also specify who is responsible for fees, payment timelines, and the use of electronic billing platforms. Defining work-in-progress and unbilled time policies can help law firms improve their realization rates and reduce write-offs. Selecting appropriate key performance indicators to measure utilization, realization, and other metrics can enhance a firm's profitability.
Similar to Fee Disclosure Statement Delivery Methods (20)
2. Fee Disclosure Statement Delivery Method and FAQs
In last week‟s communication we discussed the Infocus Fee Disclosure Statement Policy on disclosing
fees and commissions and we also provided you with a decision tree that illustrates which clients must
receive a FDS.
This week we will expand on the FDS and the delivery method as well as covering some Frequently
Asked Questions (FAQs).
2
3. FDS Delivery Method
Depending on the size and composition of your practice, there are a number of
options you can consider when deciding how to send your FDS;
If you run a smaller practice and provide holistic advice to a number of fee-paying clients and see the
majority of your clients at least once a year, it may suit your business processes to provide Fee
Disclosure Statements to your clients as part of your annual review process. The delivery method
could include:
• Mail or email, send to the client inviting them to their annual review
• Given face to face during the review or
• Provided as part of your advice presentation documents
Consideration
As the FDS has specific deadlines, you will need to ensure where it is not possible to coordinate your
review within the 30 day “window” in which the FDS needs to be delivered, you have a process to
issue these FDS‟s to relevant clients.
3
4. FDS Delivery Method
If you run a medium-sized practice and are set up to use the latest technology, have email details for
most of your clients (if not all your clients) and have consent to regularly communicate with your
clients by email, it may be easier to deliver your FDS by email.
You could consider „batching‟ them i.e. determine which FDS are due within the month (as per
previous guidance) and send these out at the beginning of the month. Where possible, it may be
preferable for you to include the FDS as part of your annual review process, so any questions or
concerns can be addressed face-to-face.
Consideration
You will likely need to set up an alternate process for distribution of FDS where you do not have a
client‟s email address or where the client has specifically asked not to be contacted electronically. For
instance, you may need to mail a physical copy of the FDS.
When communicating with clients, you may consider including marketing material with the FDS to
offer clients more information about your practice and the services you provide.
4
5. FDS Delivery Method
Depending on the size and composition of your practice, there are a number of
options you can consider when deciding how to send your FDS;
If a significant portion of your clients do not take up the offer of an annual review and you don‟t have
an email address for your clients, you will need to send your FDS by post.
You can consider „batching‟ these i.e. determine which FDS are due within the month. You may prefer
to include the FDS distribution as part of your annual review process so any questions or concerns
can be addressed face-to-face.
Consideration
You may consider including marketing material with the FDS itself, to offer clients more information
about your practice and the services you provide.
5
6. FDS Delivery Method
What do you need to know now?
Decide on the process you will use to send the FDS and set your business up to manage this.
This will include;
• Choosing a delivery method for your clients;
• Putting in place a second process for clients you might inadvertently miss. This option is more
relevant where you intend to deliver FDS face to face so that you can ensure you send them a
copy of their FDS within the required timeframe; Make sure you have the information you need in
Platformplus to make that delivery method successful;
• If you intend to send the FDS by email, do you have a valid email address for your clients? i.e. is
an email an appropriate form of communication having regard to your clients technological „know
how‟;
6
7. FDS Delivery Method
What do you need to know now? (cont.)
Decide on the process you will use to send the FDS and set your business up to manage this.
This will include;
• If you intend to send by post, do you have a valid postal address and method to deal with „return
to sender‟ mail?;
• Consider the additional workload and allocate responsibility for this process to someone in your
office. Make sure you have budgeted to manage any additional cost (printing, postage, etc); and
• Consider whether you want to attach additional marketing material to the FDS, to further articulate
your value to clients.
7
8. Frequently Asked Questions
Q: How will I know when to produce annual Fee Disclosure Statements
(FDS) for my clients?
A: Platformplus will have traffic lights for each client that will change colour as the
Anniversary Date approaches. You can also run a report that will tell you month-by-month
which clients are due to receive FDS notices.
Q: Does the FDS need to go out by mail?
A: No, the FDS can go out via mail or email (noting you need up-to-date client details).
Infocus will also be providing FDS via a secure login via the Client Portal of the Infocus
website.
8
9. Frequently Asked Questions
Q: What happens if my client chooses to terminate my service part-way
through the year?
A: As soon as the agreement is terminated there is no ongoing service arrangement in place
at the FDS date, there is no obligation to provide a FDS. As for any refund of fees, this
depends on how the client is paying you.
If the client is paying up-front, you will need to refund the amount to be pro-rated to the
end of the term. If the client is paying you on an ongoing basis, the client fees will need to
be ceased at the end of the current billing cycle.
Q: I understand I need to do this for new clients, but what about existing?
A: The FDS obligation applies to ALL clients who have an ongoing fee arrangement in place.
You‟ll need to send a FDS to your client within 30 days of the fee disclosure day (the
anniversary of the date the Client Service Agreement was entered into).
Platformplus will have traffic lights that will warn you when this date is approaching.
9
10. Frequently Asked Questions
Q: What happens if I don’t issue a FDS in accordance with the FoFA
legislation?
A: It is your responsibility to ensure that these notices are issued. If they are not, the client
will need to cease paying fees to you and Infocus will withhold any amounts received from
clients in a preservation account against future potential client claims. You may also be
subject to a civil penalty.
Q: What if I don’t know the Anniversary Date?
A: You need to make reasonable efforts to determine this date and our FDS Decision Tree
will set out the priority you can use to determine this date. However, if you cannot,
determine the anniversary date you could use the last scheduled review date as a proxy;
or alternatively you could default to 1 July 2013 as the anniversary date.
10
11. Frequently Asked Questions
Q: Our office has developed customised workflows for use with
Platformplus. Will these be able to be customised workflows
for the FDS tasks?
A: No, FDS workflows are hardcoded to comply with obligations and improve system
integration. There are no plans at this stage to open this functionality.
Q: What will be disclosed in the FDS?
A: Where a client has an ongoing fee arrangement in place, the FDS should disclose all fees
and commissions for products and services delivered by you. It will should include the
services that were offered as part of the service arrangement and the services provided.
There will be provision for you to add text to help the client understand what they have
paid for where relevant.
11