ASIC’s example SOA: page by page breakdown
* Page 1: Title and contact details of financial planners, plus a pointer to ASIC’s Fido web site.
* Page 2: Summary of the advice, for example: “I recommend Joe gets $800,000 of life and TPD
[total and permanent disability insurance] cover from his super fund.”
* Page 3-4: Client’s personal details (goals and objectives, financial information, risk profile).
* Page 5-6: Actual advice (where the money is going), and why it is appropriate for the client.
* Page 7: Does the advice have disadvantages? What are they?
* Page 8: What the advice does not deal with (eg, tax issues, superannuation).
* Page 9-10: How the adviser gets paid, including a break down of fees, commissions, dial ups, rebates.
* Page 11: Ownership arrangements: Is the financial planning practice associated with the recommended products?
* Page 12: Authority to proceed: Client ticks-off brief checklist confirming that the adviser has informed
them adequately.
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