Under the FASEA Code of Ethics, two standards emphasise the importance of maintaining complete and up-to-date client data for financial advisers and planners.

Standard 5 mandates that all advice and recommendations provided to clients must be in their best interests and suited to their individual circumstances. This underscores the necessity for advisers to have access to accurate and comprehensive client information to ensure that their advice aligns with the client’s current financial situation and goals.

Standard 8 requires that records of clients, including those no longer active, be kept in a manner that is both complete and accurate. This standard places a clear legal obligation on financial advisers to diligently collect, store, and manage client data.

iFactFind is designed to meet these stringent requirements efficiently, catering to both prospective and existing clients. For new clients, adding them to the system is a swift process, taking less than 30 seconds. This enables support staff, paraplanners, or advisers to populate initial details quickly. During client meetings, advisers can demonstrate how data is inputted into iFactFind, enhancing transparency and trust.

The platform allows clients themselves to update their information at any time—be it personal details, employment changes, or new financial statements. This feature not only empowers clients but also aids advisers in ensuring that they are working with the most current data. By regularly reviewing this information during client meetings and confirming updates through iFactFind, advisers can efficiently maintain the accuracy of client records and demonstrate compliance with the ethical standards set forth by FASEA.

iFactFind thus serves as a vital tool in the management of client data, ensuring that financial advisers can fulfill their ethical obligations and provide the highest level of service.