Statement of Advice: Statement of Advice Example

Following the release of the ASIC Statement of Advice example, many financial planning groups have been seeking to make their Statement of Advice templates more concise, easy-to-read & compliant.

Before I start, let me answer the following question:

What is a SoA?

SoA is an abbreviation for a Statement of Advice document, often in a Word document format, delivered to a financial planning client to document to advice that has been given to the client.

Example include:

Statement of Advice Insurance
Limited Statement of Advice
Superannuation Statement of Advice

A Statement of Advice is prepared by a paraplanner following them receiving information from the adviser on strategies and costs.

Paraplanners undertake specialised training to ensure that they are able to complete the documents in a concise way, that also suits the compliance requirements of their licensee.

Over the coming months, I will look to provide additional information on how Statements of Advice are constructed and used in Australia.