ETF Trends
ETF Trends

If there is one area that continues to bug me about advice process it is the “Scope of Service” documents that are used by so many advisers.  Too often they are just rubbish.

If I was a consumer I wouldn’t engage the adviser either on the basis of the menu of “services” offered a lot of the time.

At this point many advisers will be thinking “yes – compliance has a lot to answer for!”

Compliance isn’t the problem here: The advisers fear of being non-compliant is the problem.

It makes absolute sense to have a Scope Of Service document from the compliance, best practice and clear client communications perspectives, so I am all for having the client consent to engage documented as part of our advice process. But why do so many advisers insist on listing products or services in industry jargon on their “menu” for clients to choose from?