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RI Adelaide Pty Ltd t 08 8111 2222 f 08 8111 3333 4 Big Ave, Adelaide SA 5000 PO Box 12 Adelaide SA 5001 20 November 2010 Mr Jon Pierre Smith 222 Ferguson Street Adelaide SA 5000 This sample was prepared

How to fill out statement of advice

How to fill out a statement of advice:

1. Gather all necessary information: Before filling out a statement of advice, gather all relevant information about the client's financial situation, goals, and risk tolerance. This may include details about their income, expenses, assets, liabilities, and investment preferences.
2. Conduct a thorough assessment: Based on the gathered information, conduct a comprehensive assessment of the client's financial needs and objectives. Consider their short-term and long-term goals, risk appetite, and any specific requirements they may have.
3. Determine suitable recommendations: With a clear understanding of the client's financial situation and goals, develop suitable recommendations that align with their objectives. This may involve determining an appropriate asset allocation, investment options, and risk management strategies.
4. Document the advice: Prepare the statement of advice by clearly outlining the recommendations, the reasons behind each recommendation, and any risks associated with the proposed strategies. Make sure to provide comprehensive and easy-to-understand information to the client.
5. Include necessary disclosures: Ensure that all necessary disclosures, such as conflicts of interest, fees, and commissions, are clearly stated in the statement of advice. This promotes transparency and helps the client make informed decisions.
6. Seek client consent: After completing the statement of advice, present it to the client for their review. Allow them sufficient time to read and understand the document. Address any questions or concerns they may have and obtain their consent to proceed with the recommendations.

Who needs a statement of advice:

1. Individuals seeking professional financial guidance: Anyone who is looking for professional advice and guidance on their financial matters can benefit from a statement of advice. It helps them make informed decisions and develop an effective financial strategy.
2. Investors with complex financial situations: Individuals with complex financial situations, such as high net worth individuals, business owners, or those with multiple investment holdings, may require a statement of advice to better understand their options and optimize their portfolio.
3. People undergoing major life changes: Individuals going through significant life events like marriage, divorce, retirement, or inheritance should consider seeking a statement of advice. It can help them navigate these transitions and ensure their financial plans are aligned with their new circumstances.

In conclusion, filling out a statement of advice requires gathering relevant information, conducting a thorough assessment, determining suitable recommendations, documenting the advice with necessary disclosures, and seeking client consent. This document is beneficial for individuals seeking professional financial guidance, those with complex financial situations, and people undergoing major life changes.

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What is statement of advice?

Statement of Advice is a written document prepared by a financial adviser that outlines the recommendations provided to a client regarding their financial situation.

Who is required to file statement of advice?

Financial advisers are required to file statement of advice when providing financial advice to clients.

How to fill out statement of advice?

Statement of advice should be filled out by including detailed information about the client's financial goals, current situation, and the advice being provided.

What is the purpose of statement of advice?

The purpose of statement of advice is to document the recommendations given by the financial adviser and ensure that the client understands the advice provided.

What information must be reported on statement of advice?

Statement of advice must include information about the client's financial goals, current financial situation, and the recommended actions or products.