Preparation of a Statement of Advice

Question 1

A document that sets out the client’s situation, goals, the planner’s financial recommendations and the specific products to support this. It will also include details on fees and charges that will apply to the client’s financial plan

Answer 1

Statement of Advice (SoA)

Question 2

Section of SoA: It contains the advice provided after considering the client’s personal and financial circumstances to help them achieve their goal

Answer 2

Recommended Strategy

Question 3

Section of SoA: It contains the product providers for the recommended strategy and details of investment options

Answer 3

Recommended Products/Summary of Your Products

Question 4

Section of SoA: This is the formal confirmation that the client understands and accepts the recommendation

Answer 4

Authority to Proceed (ATP)

Question 5

Section of SoA: It contains the list of PDS and other relevant documents that should be read in conjunction with the advice

Answer 5

Appendix: Where to find more information

Question 6

Section of SoA:It contains the client’s current personal and financial info which they provided and on which the advice is based

Answer 6

Appendix: About You

Question 7

Section of SoA: It contains the advice costs, amounts payable and commissions received in relation to the products recommended

Answer 7

Appendix: Details of Product costs and advice fees/cost of our advice