Documenting your advice - the SOA

David Maida | financialalert | 14 May 2012

Statements of advice are one of the more onerous requirements for financial advisers under the new regulatory regime. Code Standards 9 and 12 now mandate advisers must provide written information to clients regarding personalised services. With very little guidance from the regulator on how to go about this, financialalert asked some advisers what they're doing to comply and how they're going about writing financial plans.

The term "Statement of Advice" (SoA) does not actually...