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Tell me how it will help me
The outcomes from the Royal Commission, together with stronger oversight of existing laws by ASIC, have created—and will continue to create—significant challenges for the financial advice industry. With regulators showing lower tolerance to inappropriate and non-compliant advice practices, financial advice licensees are required to focus on re-engineering their compliance and advice processes to mitigate breaches that may result in financial loss and business risk.
Lumen integrates directly with your Xplan software to interrogate your data and provide you with powerful analytics and business intelligence.
Tell me what it actually does
Lumen provides you with datadriven analytics for compliance and key risk indicator (KRI) monitoring, together with interactive dashboards, automated alerts and reporting. With this in-depth view of the operational and compliance performance of your license—and your authorised representatives and overall network— you can identify and manage potential risks.
Unlike other systems that simply store and retrieve data, Lumen provides insights and outputs so you don’t need to assemble information and draw your own conclusions. In addition to over 30 KRIs available, Lumen can also alert you if:
- the same strategy has been recommended to more than 50% of clients
- there is a spike in revenue
- elderly clients are 100% invested in growth assets
- a client doesn’t receive a timely FDS or if they’re paying ongoing service fees and there is no record of the service being provided
To find out more, click here
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