The financial advice sector plays a key role in supporting New Zealanders to build financial resilience, and achieve long-term goals. The Mosaic team brings deep practical experience in supporting the provision of financial advice and wealth management services. Our expertise includes providing support for financial advice providers and wealth managers to meet regulatory requirements, operating model reviews, oversight of advice intermediaries, and the evaluation, selection, procurement and, where appropriate, implementation of platform solutions.
Operating Model Design and Implementation
As firms seek to grow their client base and broaden their advice offering, a firm's operating model must also evolve to ensure that that the right combination of people, technology and processes is in place to support its strategic objectives.
Mosaic can support financial advice providers and wealth managers to define their strategy, distill the capabilities required to execute that strategy, develop a enabling operating model and support implementation of that model via a thoughtfully designed pathway.
Client Work Examples
Wealth Platform Selection & Implementation
Mosaic was engaged to provide a market survey, evaluation framework, and implementation project management services to a leading wealth management client. Their existing platform was reaching the limits of its extensibility and scalability and they needed a rigorous evaluation process to identify potential solutions which met their unique requirements. The application of the Mosaic evaluation and selection process ensured the client had sufficient insights and knowledge to cost-effectively select the right solution.
Wealth Platform Selection & Implementation
Mosaic was engaged to lead an evaluation and selection process for a large fund and wealth manager seeking to migrate a very complex legacy wealth management offering from an inhouse proprietary platform to a third party, contemporary offering. The timeline for this engagement was very tight as the migration represented a critical milestone forming part of a broader post merger integration programme.
Mosaic led a process that was able to focus in on the most critical decision factors and enable the client to reach a timely, “no regrets” decision. A successful migration to the selected provider was subsequently achieved.
Licencing Readiness and Reviews
Mosaic has been engaged by wide range of firms spanning insurance and wealth management to support efforts to prepare their business and advisers to operate in the new financial advice regime and to undertake Day-2 assessments.
These reviews have covered Financial Advice Provider (“FAP”) licencing and Discretionary Investment Management Service (“DIMS” ) licencing arrangements.
The outputs of the engagements provided insights and recommendations that were pragmatic and “right sized” for each business, enabling them to position themselves appropriately to meet regulatory expectations.
Advice Process Design
Mosaic was engaged by a large general insurer to assist it to prepare for FAP licencing. The firm was committed to providing a high quality, value added experience to its customers via its contact centre team.
As part of the FAP readiness engagement Mosaic worked with customer service, product and compliance stakeholders to design a client-centric, compliant advice journey for each of its product offers. These client journeys we subsequently deployed successfully into the contact centre environment.
Advice Process Quality Assurance
Mosaic was engaged by a large wealth management firm to audit the advice provided via one of its services to determine whether the advice provided under its FAP licence complied with the Code of Professional Conduct for financial advice services and if its financial advisers were meeting their duties under the Financial Markets Conduct Act 2013 and the Code of Professional Conduct.
Mosaic undertook a review of client advice files and provided a report on each including any remediation suggestions. Mosaic also reviewed the QA teams advice monitoring processes including a spot check of client file audits undertaken by that team.
A report outlining key findings and recommendations was provided which supported a subsequent uplift advice assurance processes.
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