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New advice compliance solution launches

MyNextAdvice will develop additional solutions to help the financial advice and mortgage broking industries with compliance obligations.

Using client feedback, MyNextAdvice says it will be able to mitigate complaints. It is a cloud-based service that enables advice businesses to understand client experiences.

Ray McHale, chief executive of MyNextAdvice, said the consumer aspect of compliance should not be forgotten.

"All of the new compliance obligations have a single focus. To ensure better consumer outcomes and to help lift trust and confidence in the financial services sector," McHale said.

"That being the case, it follows that clients deserve to have a say about whether their adviser/broker has complied with the new obligations. They should be asked about their experience of working with their advice provider because the feedback, when combined with other evidence, can authentically validate if compliance obligations have been adhered to and expected outcomes achieved."

Understanding the individual strength of each client relationshipis critical in an increasingly competitive and changing environment, McHale added.

"Both financial planning and mortgage broking were once very transactional industries driven by the sale of product, but that has now changed and they recognise the value of ongoing client relationships," he said.

Further, MyNextAdvice does not monetise the data it collects, he said, with all client feedback remaining confidential to the user.

Brokers and advisers should not see feedback as a business opportunity in itself, McHale said.

The system does create benchmarks though, so users can identify the improvements that need to be made in order to achieve best practice and improve not only client relationships but compliance obligations too.

Read more: MyNextAdviceRay McHale
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