dealer group compliance might not be required but by god and thank god they make us do so much extra work as you are dealing with an incompetent regulator and an ombudsman who doesn't have to follow the law or rules of evidence or precedent or anything else. they just have to look at the case in front of them and decide whether it was fair and reasonable. it's never going to be in favour of a financial planner. EVER.
I am happy for the long SoA's, I would not want to be in a situation with short and concise SoA's, make them longer, and use every disclaimer possible allowed within the law that doesn't contravene the law to protect yourself.
a lot of advisers are calling for to do away with SoA's, that will be the day I quit as it means more scumbag lawyers trying to suck our blood.
at least right now there are virtually no complaints that can stand up to financial planners.
we need to get even more and longer SoA's. they cannot say we gave too many warnings and covered every potential scenario.
make SoA's double the length to at least 500 pages.
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