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
While returns and fees are the top priority for older Australians when it comes to their superannuation, more than one in 10 are calling for access to tailored financial advice.
Determinations by the FSCP since the start of 2025 are almost double the number in the same period of 2024, with non-concessional contribution cap errors and incorrect advice among the issues.
Whether received via human or digital means, financial advice is reportedly leading to lower stress and more confidence, according to Vanguard.
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
