A Statement of Advice (SoA) is a document that must be provided to clients whenever they are offered personal advice about their financial situation. It details the advice given, and provides information about any fees charged for the service.

A SoA must be prepared by a licensed financial advisor to ensure that it meets legal requirements and complies with relevant industry regulations. The SoA should also contain information about the client’s objectives, financial situation and needs, as well as an explanation of any recommendations made by the advisor.

It is important to remember that Financial Advisors must always provide a Statement of Advice when offering personal advice on matters relating to investments, superannuation or retirement planning strategies. Without an appropriate SoA in place, the advice the client has received may not be legally binding.

SoAs are also an essential part of providing ongoing service to a client. Whenever there is a change in circumstances or new recommendations need to be discussed, a SoA must be prepared and provided to the client for review. It is important that clients keep their Statements of Advice up to date, as this will help them understand and make informed decisions about their financial situation.

It’s important to note, however, that Statements of Advice are not always necessary in other contexts such as general advice about products or services. In these scenarios, it is up to the advisor’s discretion whether they provide a Statement of Advice or not. Ultimately, if you have any questions or concerns about whether a Statement of Advice is required, it’s always best to ask your financial advisor for clarification.

The process of preparing and issuing a statement of advice can be complex and time-consuming. Therefore, it is important that financial advisors are familiar with the relevant regulations and have access to the necessary resources to ensure they provide accurate and legally compliant documents for their clients. This ensures that all parties involved benefit from the advice given, as well as ensuring that any potential risks or losses are minimized.

At One Degree Paraplanning, we understand the complexities and demands of financial advice. That’s why we provide comprehensive outsourced paraplanning services to support you with research, strategy development, implementation and ongoing management of client portfolios.

Our team is dedicated to ensuring that your Statement of Advice (SoA) is up-to-date and compliant with all relevant industry regulations so that you can focus on providing the best possible outcome for your clients. We are committed to delivering exceptional service standards and maintaining a quality assurance process based on systematic review and feedback. Get in touch today to discuss how we can help you.

When it comes to seeking financial advice, you want to ensure that your money is in the hands of someone who has experience and expertise. That’s where we come in. Our team of dedicated advisors is highly trained and knowledgeable in all areas of finance and investment.

We offer tailored advice that takes into account your individual needs, allowing us to create a strategy that best suits your goals and objectives. With our comprehensive range of services, you can trust us to help you make informed decisions about your financial future. Let us help you secure the security and prosperity you deserve — contact us today!