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 financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
