7 things we learnt from the DOD Bookkeeping case

7 things we learnt from the DOD Bookkeeping case 

1. That ASIC is absolutely focused on ensuring that financial advice is tailored to individual client needs and that remuneration structures do not compromise the quality of advice.
2. That remuneration structures should not create conflicts of interest particularly where you are providing advice to retail clients.
3. That related entity arrangements must be carefully reviewed to identify potential conflicts.
4. That client outcomes need to be prioritised in all recommendations.
5. That maintenance of comprehensive records to support the rationale for advice provided is critical.
6. That advisers need to remember that all advice to clients about setting up a SMSF must be treated as retail client advice and can only be provided if you have an authorisation under your AFSL to provide financial product advice on superannuation to retail clients.
7. That failure to adequately consider the individual circumstances and objectives of clients when providing personal advice can be very costly!

If you would like to discuss the findings and how they potentially relate to your business please reach out.