In our previous update on Ongoing Fee Arrangements we advised that we would continue making enhancements to our Service Fee Disclosure module.
We are now releasing Stage 2 of AdviserLogic's Ongoing Fee Arrangements. This release includes:
- Ability to view, update and track various Fee Disclosure stages such as:
- Details of services provided and cost in the previous year
- Details of services provided and estimated cost for the current year
- Whether the client has agreed to proceed with the service
- Whether the client has provided consent forms for debiting of fees
- Termination date of consent forms.
- Ability to maintain an audit trail by attaching documents at each stage.
How to Access
Once you have selected your client, you can access the New Compliance Module by clicking the [Compliance] button in our top navigation and selecting [Service Fee Disclosure]
Setting the Date
On this screen you will be able set the Application Date
Upon clicking save, you will directed to this screen
Note: If the dates have been previously added in our previous Ongoing Service Arrangement module (known as FOFA Compliance) the data will auto populate into this section.
To enter / change the Application Date and/or Anniversary Date, click the [Pencil] icon next to the dates.
Notes:
Changing the Application Date will change the other related dates as well in accordance with the legislative requirements.
Any changes made will also be recorded in the File Notes as well for compliance reasons.
Relevance of the Dates:
To ensure these obligations are met in a timely manner, specific dates now must be adhered to.
|
Start Date of Ongoing Fee Arrangement Period |
The date the Ongoing Fee Arrangement Period commences |
|
End Date of Ongoing Fee Arrangement Period |
The date the Ongoing Fee Arrangement Period ends |
|
Anniversary Date |
End of the Ongoing Fee Arrangement Period + 1 day. |
|
Enhanced FDS Due Date |
This is the latest date the enhanced FDS must be sent. |
|
Ongoing Fee Arrangement - Renewal Date |
This is the latest date the Enhanced FDS must be signed by the client |
|
Consent Termination Date |
This is the date the consent for the current Ongoing Fee Arrangement expires |
|
Consent Notification to Provider for Termination |
This is the latest date the adviser can notify the Provider to terminate the current consent. The adviser has 10 business days to notify the provider upon receiving confirmation from the client that they no longer wish to continue the Ongoing Fee Agreement. |
Service Fee Statement
The Service Fee Statement will help us record the Services the Client is entitled to, have received and the actual fees paid for it.
We also have the option to record the Services and Fees for the next year
Generating the Enhanced Fee Disclosure Statement (FDS) – Digital Format
Once all the information has been entered, you can generate the Enhanced FDS by clicking [Generate FDS]
This will download the AdviserLogic Enhanced FDS (populated with the client details and data) as a PDF or Microsoft Word document.
Note:
- If you have a Custom Enhanced FDS template coded up in our Digital Format, clicking [Generate FDS] will download your Custom Enhanced FDS.
- If you have a Custom Enhanced FDS Template in our Docx Format, please follow the instructions below to download your Custom Enhanced FDS.
- If you wish to have your own Custom Enhanced FDS template, please contact our Support Team AdviserLogicSupport@morningstar.com who will organise for an Implementation Consultant to discuss your requirements.
Generating the Enhanced Fee Disclosure Statement (FDS) – Docx Format
Once all the information has been entered, you can generate your Custom Enhanced FDS (Docx Format), by Navigating to the [Reports] on the top navigation and selecting the option [Templates] and selecting your existing custom FDS template.
Frequently Asked Questions
Will I be able to use the existing FOFA Compliance section
No, the updated Compliance Module will replace the previous FOFA Compliance section. The previous Compliance Section is still viewable in a Read Only state.
How do I change my Custom Enhanced FDS in Docx Format to Digital Format
Please contact the support team who will organise for a Implementation Consultant to discuss your requirements.
Do I need change my Custom Enhanced FDS in Docx Format to Digital Format
You can continue to use your Custom Enhanced FDS in Docx Format. Should this change, we will notify you prior to switching off access.
Why are you updating the Compliance Module
We have updated the AdviserLogic Compliance module to ensure it is inline with the July 2021 legislative changes. For a summary of changes in Ongoing Fee Arrangements From 1 July 2021, please refer to https://adviserlogic.zendesk.com/hc/en-us/articles/4402376456591-Ongoing-Fee-Arrangements-From-1-July-2021.