As of March 15th 2021, the requirements of disclosing information to your clients in the advice process changed. Trail has great features to support presenting your disclosures during your advice process - read on to find out how these features work and how to set this up before you plunge into giving advice using Trail! 👍
There are 4 stages of disclosure:
Publicly available disclosure - to be on your website or upon request
When the nature/ scope of financial advice is known
When financial advice is given
When there is a complaint
Trail has made it easy to manage the following disclosures:
Stage 2: Nature & Scope of Advice disclosure
Stage 3: Advice/ Recommendations disclosure
Stage 4: Complaints disclosure
Disclosures in Trail are tied to adviser accounts, as they will appear available under Personal Settings. However, those with assistant accounts can help the advisers in their organisation set this up, click here to learn more about this!
In this article you will learn:
Get relevant Organisation Settings sorted
How to Edit Your Adviser Disclosures
Where do Disclosures link up in other parts of Trail?
Get relevant Organisation Settings sorted
This will impact the way that your disclosures appear to clients and are downloaded from Trail. Please click here for further information on how your Organisation Settings affects how your Disclosures appear.
How to Edit Your Adviser Disclosures
Important Note 💡
You need to have an adviser account to edit your own personal disclosures.
For assistants who are helping advisers to setup their disclosures, click here to learn more about how to do this.
Step 1: Go to your Settings - Disclosure Settings to edit your personal disclosures
Step 2: Selecting the disclosure you want to edit
There will be a drop-down box at the top of the page for you to select the relevant disclosure you want to work on:
These will show only the advice areas that you have access to on Trail (e.g. Mortgage / Insurance / Kiwisaver).
You will always have access to the Complaints disclosure.
Step 3: Tweak the default wording for the disclosure you have selected
Once you've selected the relevant disclosure you want to edit the wording for - you'll see that it prepopulates with Trail's suggest wording but will have bolded fields for you to input specific information for your business.
You may choose to tweak and edit Trail's suggested wording that is available already OR - you're welcome to input your own wording from scratch in these text box sections.
NOTE: Any edits you make should save instantaneously, there is no need to click 'save'.
For each section, there is a 'Reset Disclosure' button to revert that disclosure back to Trail's suggested wording template if you do ever want to use this instead of your own edits.
Step 4: Have your FAP's compliance officer check the wording after your edits
Contact your FAP's compliance officer to read over the wording of these disclosures after you make edits to ensure this is covering all the information you need to and you haven't left anything out.
For Trail users who are also with KAN
You can email compliance@kiwiadvisernetwork.co.nz and ask for this kind of assistance.
Where do these link up with other parts of Trail?
Stage 2: Nature and Scope of Advice Disclosure
These are only editable within the settings page. They are static and do not contain any information specific to individual opportunities, which means the wording displayed to your client will be exactly what you have in your Disclosure Settings for this.
1.) The Nature & Scope disclosure will appear at the END of any Fact Find and be part of the completed Fact Find PDF.
This is displayed before your client submits their completed Fact Find.
And within the email notice you get about your clients completing an online Fact Find, your Nature & Scope disclosure is included in the PDF attachment. This is to evidence that your client has viewed your N&S Disclosure at this point in the process.
2.) The Nature & Scope disclosure is collated into a Nature & Scope Disclosure PDF that you can download within each Advice Opportunity.
Once you fill out the "Nature & Scope of Advice" page for any open Advice Opportunity, then the information you've filled out in here will be collated into a PDF document WITH your Stage 2: Nature & Scope Disclosure, upon clicking the buttons pointed out here:
Note: The green cloud button is for downloading the PDF and then the blue email button to send out a copy of the PDF via email to the client.
Stage 3: Statement of Advice / Recommendation Disclosure
These are dynamic disclosures and your Disclosure Settings wording works like a base 'template' in which you can make FURTHER edits once you're within certain places in an open Advice Opportunity.
For Insurance Advice Opportunities, this is where your Insurance Statement of Advice Disclosure (the template based on your Disclosure Settings) appears:
Within an Insurance Advice Opportunity
In the Statement of Advice page, and when you go into View & Edit SOA
It will be in the Important Disclosures page
From here, you're able to make tweaks to the wording of this disclosure to suit this particular client and the advice given to them.
For Mortgage Advice Opportunities, this is where your Mortgage Recommendation Disclosure (the template based on your Disclosure Settings) appears:
Within a Mortgage Advice Opportunity
In the "Mortgage Recommendation" page, you'll just have to scroll down
From here, you're able to make tweaks to the wording of this disclosure to suit this particular client and the advice given to them.
For Stage 4: Complaints Disclosure
We have a full guide on this disclosure including the complaints process 😄