FPA slashes SOA size
The Financial Planning Association (FPA) has developed an eight-page simplified Statement of Advice (SOA) that reduces the cost and time usually associated with producing the document by 50 per cent.
In unveiling the new document at the FPA 2007 National Conference, the association’s chief executive, Jo-Anne Bloch, said a team of planners were involved in its development.
“The FPA’s simplified SOA is written in plain language and clearly outlines advice strategies, risks and costs to help consumers make informed decisions on how to achieve their financial goals,” she said.
“Not only will it reduce costs but also, importantly, it will increase levels of understanding.”
The FPA plans to consumer-test the new SOA and will be seeking support from the Australian Securities and Investments Commission and industry while speaking to the new Labor Government about short form disclosure.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.