We have been granted approval from the Australian Securities Investment Commission (ASIC) to establish our own Australian Financial Services License (AFSL).
What does this mean?
Instead of using a 3rd party (Synchronised “Synchron” Business Services) to provide our authorisation for Financial Advice will be directly authorised under our own AFSL with ASIC.
What are the benefits?
Given our size, skills, and experience, many of the services that are provided by Synchron, we are either doing already or have the capability within Financial Framework.
This gives us the ability to remove the double up of licensing services and allows us to operate in a more efficient manner, whilst remaining in ASIC’s ecosystem.
How does this affect you as a client?
Nil, business as usual. From your perspective you will not notice any changes apart from FF Financial Services replacing Synchronised Business Services on our official documentation.
Do clients need to do anything?
No, you will receiving official notification in the coming weeks about the new license. The notification will include an opt out option in the event you wish to cease your relationship with Financial Framework and provide authority to Synchron to act on your behalf. It is important to note, to keep your existing relationship with Financial Framework and your adviser, you are not required to act.
This is a step forward we’re really enthusiastic about and we are grateful to have you as we establish this benchmark in our story.
Thank you for being part of our journey.
Fortunately, understanding these psychological biases can empower individuals to make more rational financial decisions. Recognizing the influence of anchoring, for instance, can prompt individuals to seek multiple sources of information before making certain decisions. Furthermore, cultivating financial mindfulness – being present and consciously spending – can help individuals resist impulsive spending and align their actions with their long-term financial goals. Also, it always helps to speak to your financial adviser about your current situation, any long term goals and life changes.
