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
A former Northern Territory financial adviser has received a seven-year ban from ASIC, having been convicted of supplying dangerous drugs and receiving or possessing the proceeds of their sale.
Both Bain Capital and CC Capital have made revised bids for Insignia Financial after completing a period of due diligence.
The advice industry has reached triple-digit gains for the calendar year to date, with two licensees seeing gains of five during the week.
Targeting market leadership in digital advice, Bravura’s digital solutions are now available to over 6 million superannuation fund members.
