5 Ways a Virtual Assistant Can Help Financial Planners with AFSL Compliance

5 Ways a Virtual Assistant Can Help Financial Planners with AFSL Compliance

Every financial planner must obtain an AFS licence in order to provide services such as investment advice, superannuation and insurance. This is a requirement of the Australian Securities and Investments Commission (ASIC). While obtaining an AFS licence is essential, it can be time-consuming and complicated. That's where you can reach out with a virtual assistant.

Here are 5 ways that a virtual assistant can help financial planners with their AFS licensing compliance.

1. Keeping Up With Regulatory Requirements

A virtual assistant can help keep financial planners up to date on regulatory requirements and changes in the industry by monitoring ASIC announcements and other relevant news sources. They can then provide the latest updates so that financial planners will always be aware of any new requirements or regulations that may impact their business.

2. Preparing Documents

Preparing documents for an AFS licence application can be a tedious task, but a virtual assistant can take care of it quickly and efficiently. They will be able to research the necessary documents for each application, create templates for documents that need to be filled out every time, and ensure all relevant information is included in each document submitted.

3. Completing Applications

Applying for an AFS licence requires extensive paperwork and documentation, including statements of advice, customer agreements, risk disclosure statements, annual reviews, etc., which must all be completed correctly or the application could be rejected.

A virtual assistant can handle this process from start to finish by completing applications accurately and submitting them in a timely manner so that they are not delayed due to errors or omissions.

4. Tracking Deadlines

The process of obtaining an AFS licence involves multiple deadlines ranging from filing applications to submitting documentation to renewing licences when they expire every two or three years depending on the type of licence requested. Staying on top of these deadlines is critical if you want your business to remain compliant with ASIC regulations but it’s easy to overlook something or miss important details in the process.

That’s why having a virtual assistant who is experienced in this field will come in handy since they will be able to track all deadlines for you and alert you when one is approaching so you don’t miss any important dates or suffer any consequences due to non-compliance with ASIC regulations.

5. Managing Compliance Records

Once your business has obtained its AFS licence(s), it is important that you keep track of all related records such as customer agreements, statements of advice, risk disclosure statements, etc., as well as any changes made over time due to regulatory changes or other external factors affecting your business operations.

Having a virtual assistant manage these records allows your staff members more freedom to focus on other aspects of the business while ensuring everything remains compliant with ASIC regulations at all times without having too much administrative burden placed on them during busy periods when there may not be enough staff members available to manage compliance tasks efficiently.

Final Words

Obtaining an AFS licence is essential for any financial planner who wants to offer services such as investment advice or superannuation services but it’s also a time-consuming process filled with paperwork and legal jargon that most people don’t have experience navigating through successfully without assistance from someone knowledgeable about this field like a virtual assistant who has experience helping businesses obtain licences from ASIC quickly and accurately without errors or delays due to missed deadlines or incorrect paperwork being submitted resulting in costly fines down the road if not avoided altogether with proper planning ahead of time.

If you are running a financial services company, then you know how important it is to stay compliant with AFSL. But that can be a full-time job in and of itself. That's where Vision Outsourcing comes in. We have virtual assistants who are experts in AFSL compliance and can help take some of the load off of your plate. So if you're looking for someone to help with AFSL compliance, contact us today. We'll be happy to help you out.

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