Are you a financial adviser worried about FoFA? ASIC’s Future of Financial Advice requirements and extended powers came into force in July 2013. While ASIC is taking a “facilitative approach” during the first 12 months, now is a good time to get on top of your FoFA obligations.
FoFA requires financial advisers to transform their entire approach to their clients and their business. This mirrors the transformation happening across other industries where businesses are reorganising to focus on customers first.
The shift to social and mobile cloud computing has empowered companies to connect with customers in entirely new ways and become customer companies. Customer companies listen to every customer, engage on every channel and deliver great customer service everywhere and at any time.
By connecting everything – customers, employees, partners and products – customer companies revolutionise the way they sell, service, market and innovate.
Financial advisers have the opportunity to create deeper connections with their customers and unlock greater levels of growth, innovation and success by managing those relationships with a CRM (customer relationship management database). With a better understanding of who their customers are, financial advisers can more effectively meet their needs and deliver advice in accordance with the intent of FoFA.
The FoFA regulations will help accounting firms compete in an underserved market, where only one in five Australians seeking financial advice. Look at FoFA as an opportunity to put in place a platform that will not just keep your company compliant but will strengthen and grow your business.
Take a look at how Salesforce.com helps businesses in the financial services industry better serve their clients in the video below.
A version of this post was first published on the Salesforce.com/au blog and was written by Dana Feldman, a former sales manager at Salesforce.com. It is part of the Future of Work series sponsored by Salesforce.com.