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To Witness or Not to Witness?

Posted: 20 February 2018

Financial advisers and their staff have long been signing as witnesses on superannuation documents for their clients. But as of January 19th, 2018, the industry has been put on notice by the ASIC that this practice represents a breach of the law and wrongly witnessed death nominations could be rendered invalid and rejected by superannuation fund trustees.

What not to do

Financial advisers nor their staff should witness client signatures without being in the presence of the signatory. Financial advisers were also warned against back-dating forms and taking short cuts that could possibly jeopardize the account holder’s wishes.

What you should do

Financial advisers who currently use VideoSign can rest assured their businesses are fully compliant with the law. VideoSign is a digital workspace where professionals can host secure video meetings with a host of collaboration tools such as screen sharing, digital signature and the first of its kind VideoSign Proof of Signature™ where advisers can prove that a document was signed by a participant in their video meetings.

VideoSign allows up to four people to access meetings via desktop, smartphone or tablet facilitating opportunities for participants to sign and bear witness to the signing of superannuation documents.

All VideoSign meetings are recorded, time stamped and archived in our secure cloud storage platform so they are available at any time for review or audit purposes. This means that all advice given to clients will also be documented and advisers can also prove their clients were informed when their business will profit from a recommended product. This recorded documentation also offers you valuable compliance proof that all forms were presented, acknowledged (verbally and visually), and signed by the client complete with a time stamp.

VideoSign helps financial advisers meet their professional and legal obligation to comply with the law and meet the minimum advice and conduct standards expected by the ASIC all at a very affordable price!

Get Started Today!

 VideoSign offers two business models for the financial adviser:

Individual Adviser Subscription

For the small business owner interested in maximizing relationships by engaging a more agile approach to booking and documenting more client meetings.

Investment Firm Enterprise Subscription

For medium to large businesses that require multiple subscriptions within a single license with a branded white label subscription to manage a higher volume of meeting engagements.

 Please call our Sales Team for more details at 1-800-626-657 or email us at sales@suitebox.com

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