_edited.png)
Advice Reviews Aren't About Finding Fault
- Eloise Somerford
- 6 days ago
- 1 min read
One of the biggest misconceptions about advice reviews is that they're designed to catch advisers out.
In reality, a quality review isn't about looking for a "gotcha" moment. Its purpose is to identify patterns, recurring gaps and opportunities for improvement that may not be obvious when reviewing an individual advice file in isolation.
Many of the findings identified during an advice review are relatively minor.
On their own, they may represent nothing more than a small documentation gap, an inconsistency in the evidence or an opportunity to strengthen the rationale supporting a recommendation. The real risk arises when those same issues are repeated across multiple advice files, advisers or client journeys.
The earlier these patterns are identified, the easier they are to address. Unfortunately, they are often only discovered months later when advice is reviewed retrospectively, by which time the same issue may have already been replicated many times over.
After reviewing thousands of advice files over the years, one thing has become clear: it's rarely the headline compliance issues that create the greatest workload. More often, it's the accumulation of small gaps in process, documentation and supporting evidence that lead to unnecessary rework, inconsistent advice quality and increased compliance risk.
Below are some of the most common findings we continue to see across advice reviews and why identifying them early can make a meaningful difference.
Not sure if your SoAs are compliant?
RegiReview assesses your advice documents against current requirements and gives you a clear picture of where the gaps are and what to do about them.
No obligation. Results in under 30 minutes.
