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3 April 2013 Client name Client address Client suburb Dear Client, Statement of Advice Please find enclosed your Statement of Advice and related documentation, which we have prepared as a result of

How to fill out statement of advice

How to fill out a statement of advice?

1. Begin by gathering all relevant information about the client, including their personal details, financial situation, goals, and risk tolerance.
2. Assess the client's needs and objectives to determine the appropriate investment or financial advice to provide. Consider factors such as their age, income, expenses, and future financial plans.
3. Conduct a thorough analysis of the client's existing financial products or investments, if any, and evaluate whether they align with the client's goals and risk profile.
4. Based on the information gathered and analysis conducted, develop a suitable investment strategy or financial plan that addresses the client's specific needs and objectives.
5. Provide a detailed description of the recommended products, investments, or strategies, explaining how they align with the client's goals and risk tolerance. Include information about potential risks, costs, and benefits.
6. Clearly document any limitations or potential conflicts of interest that might affect the advice provided. Ensure transparency and disclose any commissions, fees, or affiliations.
7. Review the statement of advice for accuracy, completeness, and compliance with relevant regulations and industry standards.
8. Have the client review and understand the statement of advice. Address any questions or concerns they may have, and obtain their consent to proceed.
9. Keep a copy of the signed statement of advice, along with any supporting documents, for record-keeping and compliance purposes.

Who needs a statement of advice?

1. Individuals seeking professional financial advice to achieve their financial goals.
2. Investors looking for guidance on investment options, strategies, or portfolios.
3. People planning for retirement and wanting assistance in managing their superannuation or pension funds.
4. Individuals seeking advice on budgeting, debt management, or financial planning.
5. Clients uncertain about their insurance needs or wanting advice on insurance products.
6. Entrepreneurs or business owners looking for financial advice to manage their finances, investments, or business-related matters.
7. Anyone wanting to ensure their financial decisions align with their personal circumstances, risk profile, and long-term objectives.

Note: It is always recommended to consult with a qualified financial advisor or planner when considering complex financial matters or making significant investment decisions.

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What is statement of advice?

Statement of advice is a document prepared by a financial advisor that outlines recommendations made to a client regarding their financial situation.

Who is required to file statement of advice?

Financial advisors and planners are required to file a statement of advice when providing financial recommendations to clients.

How to fill out statement of advice?

To fill out a statement of advice, a financial advisor should include details of the client's financial situation, goals, and recommended strategies.

What is the purpose of statement of advice?

The purpose of a statement of advice is to provide clients with clear and transparent recommendations regarding their financial affairs.

What information must be reported on statement of advice?

A statement of advice must include information on the client's financial goals, current situation, recommended strategies, risks involved, and any fees or commissions.