MLC remakes SOAs
Greg Miller
MLC has reduced the length of its Statement of Advice templates by up to 68 per cent in response to recent legislation that allows information previously included in an SOA to be referenced in separate documentation.
The new SOA template equates to a 20-25 per cent reduction in preparation time for financial planners, according to general manager of advice solutions Greg Miller.
“It will enable advisers to provide clearer, simpler and more efficient advice to their clients whilst maintaining the highest standards of quality.”
In addition, it will also “provide clearer disclosure to clients, reduce costs to adviser businesses and minimise repetitive information”, he said.
The new template will be accompanied by new reference material to enable clients to more easily make an informed choice based on an adviser’s key recommendations.
The “Understanding Series” reference material has been created by MLC to ensure clients receive both individual advice and generic and educational material relevant to their situation.
It comprises nine separate documents that clients can view online, providing detailed information on financial strategies, Miller said.
AUTHOR
Recommended for you
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
WIth only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
