A final word on the importance of documenting the review. You will need this for future reference and to demonstrate and provide evidence for due diligence to sound business processes. It is important that, as a minimum, your documents include:

  • Data on the state of the investments;
  • Details of the client’s situation; and
  • Details of any decisions made during the review and any changes that should be explained in detail.

All copies of documents provided by the client and relating to taxation, insurance and estate planning should be kept on file.