Caruso lets you record financial advisers and the organisations they operate under, so advisers can be identified, verified, and linked to investing entities. This article explains the adviser model and how to manage each part of it in the Admin App.
Important: Adviser management is available to all clients. Registration details, including the localised licence labels (for example, AFSL Number and ABN) and ASIC verification, are currently tailored for Australian clients only.
How the adviser model works
The adviser model has three levels:
Licensee: The licensed entity at the top of the hierarchy, such as an AFSL holder in Australia. Every adviser firm must belong to a licensee.
Adviser Firm: The advisory practice or firm. Each firm is linked to one licensee and groups the individual advisers who work there.
Adviser Profile: An adviser profile added to an existing account. The presence of an adviser profile is what marks an account as an adviser. An account can be both an investor and an adviser at the same time.
Licensees and Adviser Firms are managed from the Navigation Pane section. Individual advisers are managed through the existing Accounts section, using the new Adviser Profile tab.
Managing Licensees
A licensee is the licensed entity that advisers operate under.
Create a licensee
In the navigation pane, select Licensees
Click Create at the top right of the list view
Complete the Details section, including Name and Country (both required), License Number, Business Number,Code, Contact Name and Phone Number
Complete the Address section with a single registered address
Click Save
On save, the licensee is created with an Active status.
Note: Country drives the field labels shown on the detail page. For Australia, License Number displays as AFSL Number and Business Number displays as ABN.
View and manage a licensee
Open a licensee to see a summary header and the following tabs:
Adviser Firms: The adviser firms linked to this licensee, with click-through to each firm.
Details: Editable details and the registered address. Field labels are localised based on the licensee's country.
Managing Adviser Firms
An adviser firm is the advisory practice that sits between a licensee and the individual advisers.
Create an adviser firm
In the navigation pane, select Adviser Firms
Click Create at the top right of the list view
Complete the Details section:
Name
Entity Type
Licensee (required)
Corporation
Partnership
Sole Trader
Other
Country
Company Code
Business Number
Contact Details
Click Save
Important: Every adviser firm must be linked to a licensee. You cannot create an adviser firm without selecting one.
To link the firm, use the Licensee search dropdown and select from the existing licensees.
View and manage an adviser firm
Open an adviser firm to see a summary header and the following tabs:
Advisers: The adviser accounts linked to this firm, with click-through to each account.
Details: Editable details and the registered address. Field labels are localised based on the firm's country.
You can change the firm's linked licensee from the Details tab.
Managing Adviser Profiles on accounts
An adviser profile is added to an existing account to mark that account as an adviser.
Enable an adviser profile
Note: A prospect must be converted to an account before an adviser profile can be created.
In the navigation pane, select Accounts
Select the account you want to make an adviser
Click the three-dot menu (⋯), then select Assign as Adviser.
Complete the adviser details, including Country (required), AFS Representative Number, and Adviser Code
Save the profile
This account will now have an Adviser Profile tab
Link an adviser to a firm
In the Adviser Firm section of the Adviser tab, use the search dropdown to select an adviser firm. The selected firm name, business number, and linked licensee are shown.
When you link an adviser to a firm, the system records the date the link was established and displays it on the tab. Use the Change or Remove actions to update the link. Previous firm associations and their date ranges are kept in the audit log.
The Verify Adviser Registration task
When an adviser signs up through the investor portal, Caruso creates a Verify Adviser Registration task on the services team queue so the adviser's registration can be checked.
Completing the task
Open the task to see the adviser's name, email, AFS Representative Number, sign-up time, and a link to the account
Run the ASIC check on the AFS Representative Number, confirm the representative is current, and identify the licensee and adviser firm
Reconcile the ASIC record against the sign-up details
Link the correct adviser firm to the adviser profile using the steps above
The task completes automatically the first time an adviser firm is linked to the profile. An audit log entry is added on the account naming the firm attached. You do not need to mark the task done separately.
Note: If the adviser cannot be verified, disable the adviser profile and close the task manually with a note.
Search and indicators
Global search returns licensees and adviser firms using their generic field names, such as License Number, Business Number, and Code.
The Accounts table includes an Adviser indicator showing which accounts have an adviser profile. You can filter accounts by adviser status.
Things to keep in mind
A licensee with linked adviser firms cannot be deleted. Reassign the firms first.
An adviser firm with linked advisers cannot be deleted. Unlink the adviser accounts first.
All create, update, status change, and relationship change actions are recorded in the audit log, with before and after values.
List views and global search always use generic field names. Localised labels appear on detail pages only, based on the entity's country.
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If you have any questions or need help at any stage, please contact our Caruso Support team either by email or live chat.