Media Release

Akambo Financial Group appoints Fourth Line as its Tech-Compliance Partner

By David Travers 28 January 2020

Fourth Line, a leading RegTech risk management and compliance system for financial advice, today announced that it has been appointed by Akambo Financial Group Pty Ltd to help streamline its compliance regime and improve the quality of advice through enhanced advice audit processes.

Akambo’s co-founder and CEO, Anthony Kapetanovic, said, “Fourth Line provides a level of sophistication and almost real-time oversight of the type and quality of advice being provider by our Adviser network.   If any one particular piece of advice could be improved, it is quickly identified by the Fourth Line system and a solution provided to our Compliance Manager for action.”

Fourth Line will provide a range of services including pre and post advice reviews for existing and new advisers, providing a range of analytics and benchmark reporting to assist Akambo FG in continuous improvement of quality in its advice processes.

“Licensees need access to timely, data driven insights,” said Anthony Kapetanovic.  “Akambo is ultimately responsible for the conduct of its Advisers.  Fourth Line provides us with the peace of mind that every Statement of Advice provided by Advisers in our network is compliant, each and every time.   Gone are the days of randomly choosing one client file per adviser per quarter for audit review.  With Fourth Line, we can review every piece of advice, all the time.”

Fourth Line empowers licensees, such as Akambo, to investigate and interrogate individual SOAs and supporting documents to ensure Advisers are dealing adequately with ASIC ‘hot topics’, such as appropriately scaled advice, inclusion of genuine alternative strategies and products, and ensuring strategy is formulated prior to recommending the client acquire a financial product.

Fourth Line CEO, David Travers commented “We are very excited to be working with Akambo to review advice quicker and improve their insight into advice quality. Our system incorporates world leading technology and a rigorous comprehensive financial advice review process to enable improvements in both the quality, timeliness and the cost of financial advice”.

About Fourth Line

Fourth Line is a rigorous RegTech risk management and compliance system for advice practices, dealer groups and other wealth management participants. Fourth Line uses algorithmic approaches to simplify the complexity in advice reviews whilst maintaining critical human oversight. Fourth Line empowers compliance teams to coach and develop strong advice behaviors through data driven insights from analytics for adviser, practice/dealer group and industry benchmark comparison providing  a centralised document storage and access portal to meet regulatory requirements.

About Akambo Financial Group

Akambo Pty Ltd holds Australian Financial Services Licensees No. 322056.

Akambo was established in 2007 when three colleagues embarked on a mission to create a different kind of wealth management business: a business that managed client investments and advice with ‘best of breed’ products and service.  Since opening our door, Akambo has developed into a thriving and highly successful integrated financial services business comprised of a team of exceptionally experienced professionals with broad industry expertise.

For information email: info@fourth-line.com.au