FPA launches guide on the future SOA

The Financial Planning Association of Australia has released a new digital interactive guide on the future of the statement of advice following the findings reached by its working group.

The guide comes as the FPA presented the research findings of its Future of the Statement of Advice Working Group at its annual congress in Melbourne last month.

The interactive guide on the future of the SOA includes topics such as:

  • The evolution of SOA;
  • How can we help our clients digest information from an SOA?;
  • What are the next stages in our evolution?;
  • What happens when the technology evolves?; and
  • Aims of the example interactive SOA.

FPA chief executive Dante De Gori said that the guide represents a starting point for the next decade of financial planning.

"We must start to ‘break paper’ and utilise the full breadth of digital, tech and communication modes available to allow advice delivery to be more accessible, personalised and meaningful for clients," Mr De Gori said.

“The audience for the SOA must be the client, not the compliance manager of our licensee. Research shows only 8 per cent of consumers have a preference for the written paper-based documents we produce today. The other 92 per cent of clients learn best by watching, listening, engaging and testing to come to their understanding of their financial plan.”

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FPA launches guide on the future SOA
FPA
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Adrian Flores

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

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