My Licensee

Compliance Consultancy and Contracting services for Australian Financial Service Licensees

14/12/2022

Out of all the changes we’re seeing in the advice space, this has to be one of the most exciting: a move towards a digital-first advice offering.

We know that offering digital services is a powerful way to improve access to advice and enable more Australians to work with trained professionals.

Plus, we know that everyday Australians are using tech in many aspects of their lives, particularly since the pandemic. It’s great to see the financial services industry keep pace with the needs of their clients to help improve access to financial advice.

16/11/2022

For many advisers, compliance is synonymous with checklists and completing forms in order to meet your ‘best interest duty’ to your clients.

However, one of the best ways to meet your obligations is to work with a compliance expert to bring compliance into every step of your advice process.

It’s a lot easier than you might think, and your compliance partner will be able to guide you through the entire process to make sure there’s no extra burden on your or your advice team.

If you’re ready to weave compliance into your entire advice journey, we’re here to help you develop a tailored plan for your clients. Get in touch with our team today.

09/11/2022

While more women are entering the financial services industry, we still have a long way to go to achieve gender parity in our profession.

We’re always looking for solutions and want to play our part in offering better pathways for women to enter (and succeed) in financial services.

In our opinion, the responsibility lies with licensees to do more to offer meaningful career progression opportunities tailored to the needs of women.

In practical terms, that could look like:

👉 Harnessing tech to allow team members to work seamlessly both on-site and remotely.

👉 Offering flexible working conditions (such as flexible start and finish times).

👉 Supporting career breaks that allow women to take time off to start a family.

What do you think needs to change for women to succeed in our industry? We’d love to hear your thoughts.

03/11/2022

We know that you’ve got a lot on your plate as a financial adviser. So, we’ve designed our Compliance Hub to streamline your compliance task management.

And here’s how.

Within the My Licensee Compliance Hub, we’re able to create and assign tasks related to any aspect of your business’s compliance. When we finish up a meeting, we’ll assign tasks to you or your team within the hub to ensure everyone knows their actions and next steps.

Not only do these task management features keep everyone accountable but it keeps the momentum going to ensure you’re getting the most out of your partnership with us.

Book in a time with us to find out more, link in bio.

18/10/2022

Are you providing general advice online?

It’s important to understand your obligations and ensure you’re educating your audience in a compliant way.

Broadly speaking, financial services businesses in Australia that are giving general advice must hold an AFSL with an authorisation to give general advice (or be an authorised representative of a licensee).

So, what do you need to keep in mind if you’re providing general advice?

💡 Are you licensed to give general advice?

💡 Have you warned the client that the advice has been prepared without taking into account their objectives, financial situation or needs?

💡 When chatting about specific financial products, have you told the client they should obtain and consider the Product Disclosure Statement (PDS) before making a decision?

💡 Is the advice you’re giving actually general?

💡 Does the client understand they are receiving general advice only?

There’s a lot to unpack when it comes to general advice. But you don’t have to go it alone.

Our team of compliance experts are here to help you navigate your obligations with confidence (and can help you figure out if an AFSL is right for you).

Get in touch with us: link in bio

12/10/2022

Want to keep your entire advice team in the loop with all things compliance? We do too!

That’s why we offer discussion threads and groups within the My Licensee Compliance Hub (the platform we use to collaborate and communicate with all our clients).

Rather than getting your advisers to ask questions to our consultants 1:1, our discussion threads allow all your advisers (or certain team members) to see our answers in one consolidated thread.

Not only does this keep your entire team up-to-date but it helps new starters get up to speed sooner, with all the compliance insights they need saved in one place. Think of this as an evergrowing FAQs page for your internal team.

19/09/2022

Hiring an in-house compliance expert can be a big investment, especially if you’re just starting out in business.

But bringing on a new team member isn’t your only option. If you’re looking for scalable support, an on-demand compliance consultant from My Licensee might be the right fit for you.

We offer month-to-month engagements and no lock-in contracts, giving you total control over how much you invest each month.

Plus, our on-demand help desk service means your advisers and team can get real-time answers to questions or queries that pop up (rather than waiting until your next scheduled meeting).

Find out more about how we can help your team on the My Licensee website: link in bio.

12/09/2022

Are you unsure if you need an AFSL?

First up, you need to figure out if you provide a ‘financial service’. This generally means you:
👉 Provide financial product advice
👉 Deal in a financial product
👉 Make a market for a financial product
👉 Operate in a registered scheme
👉 Provide a custodial depository service
👉 Provide traditional trustee company services, or
👉 Engage in conduct of a kind prescribed in the Corporations Regulations 2001

As you can tell, it can be complex and confusing to understand if these categories apply to your business.

Take this example: the definition of ‘what is financial product advice’? in the Corporations Act (under 766B) offers the general rule for how this service is defined. But, there are exemptions that can apply too.

If you’re feeling overwhelmed, we’re here to help. Book a virtual catch up with us and we can help figure out if an AFSL is right for your business - and even help to get your application sorted.

Get in touch with us, link in bio.

08/09/2022

We believe that the future of work is flexible. That’s why we’ve built My Licensee as a virtual consultancy, allowing us to collaborate with clients all across Australia.

We’re not limited to one physical location or time zone. Instead, we’re able to seamlessly provide specialist compliance support to financial services businesses across every state and territory.

From the beginning, we’ve leveraged tech (such as the My Licensee Compliance Hub) that allows us to easily work with clients virtually. From answering questions via direct messages to scheduling virtual meetings, we operate online to ensure we’re more accessible to our clients.

We believe every business should be able to access specialist compliance support, regardless of where they are based or how close they are to a big capital city. Our virtual operating model makes this possible.

06/09/2022

As a financial service business, regulatory changes are a key part of running your business.

But you don’t need to face these updates alone. Instead, our team of compliance consultants offer AFSL reviews to help you keep your policies and procedures compliant with ASIC’s latest changes.

We have our finger on the pulse of the industry and know exactly how to apply the latest regulatory changes to your specific business.

Want to learn more about how we can help your advice business with AFSL reviews? Learn more - link in our bio.

21/08/2022

The language we use with clients and within our businesses is so important, especially in the financial services industry.

The examples we give, the questions we ask and the terminology we use can either put people at ease or make them feel out of place.

Using inclusive language is a powerful step advisers can take to improve access to financial advice.

When is the last time you reviewed the language used in your templates, promotional material, website content and policies? Are we inadvertently excluding potential clients and future employees/advisers by the language and terminology used?

By recognising and welcoming a diverse range of clients and using language that accurately reflects their needs and lifestyle, we can help more Australians feel empowered to seek professional advice.

10/08/2022

Tech has transformed the way we live and work. And it offers so many opportunities for advisers, too.

→ Advisers can now meet with clients anywhere in Australia thanks to virtual conferencing.

→ Advisers can share documents through secure online portals and purpose-built client apps.

→ Advisers can implement changes and recommendations sooner with digital signing technology.

We’re so excited to see the innovations and advances happening in the advice industry and look forward to more advice businesses finding new ways to serve their clients.

Address

Melbourne, VIC
3000

Website

https://mylicensee.com.au/

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