Record of Advice implemented on 12 August 2022 (for Sanlam Financial Advisers only)
12 August 2022
Until now, our financial intermediaries have used the standalone tool (ICE) to help create a record of the advice given to clients. This meant that there was no standard format, and that the actual records could vary considerably not only in their layout, but more importantly, in their content as well.
We have previously added a function to the Glacier Investment Hub to create a compliance questionnaire as the core of the Record of Advice, and on the back of this it was subsequently decided to add similar capability to the Intermediary Web. This work was split into phases, with Phase 1 adding the ability to upload FAIS documents created externally, to a switch or a rebalance transaction.
Phase 2 now live
The current feature addresses Phase 2 of the work, which adds the ability to capture a client’s answers to a compliance questionnaire and attach it to the switch or rebalance transaction in order to form a part of the Record of Advice.
Effective 12 August, when either a switch or a rebalance transaction is initiated, the capability for adding either externally generated FAIS documents (Phase 1), or the Record of Advice document based on the compliance questionnaire (Phase 2), is available to our financial intermediaries.
