A challenge Australian Financial Services Licensees often struggle with is reviewing financial advice to identify trends and habits that occur across multiple client interactions.
Normally done by experts in hindsight audits and reviews, it relies on a sharp and experienced eye to detect issues every time.
The latest stage of TIQK’s evolution combines robust audit datasets with Artificial Intelligence technologies to assess the quality of advice across all Statement of Advice (SoA) files produced by an adviser.
Now and for the first time there’s a truly automated solution to detect so-called “cookie-cutter” financial advice in SoAs.
“Cookie-cutter” advice is where an adviser repeats the subject matter of their advice to many different clients over time, and it is identified as one of the strongest Key Risk Indicators for Australian Financial Services Licensees in ASIC’s Report 515.
This provides compliance experts with immediate feedback on trends and behaviours, so that they can be addressed before becoming real and expensive issues.