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S4E17 'Fixing' SoAs
Manage episode 475030085 series 3591847
Aren't SoAs just the worst?
Clients hate them. Regulators hate them. We hate them.
If only the DBFO changes had have swept them away and saved us. Instead, we get stuck with that throwback to the 80s - the CAR. Nothing's changed, what're they doing, come on.
Well. Yes and no, is our argument in this week's episode.
You're right - nothings really changed.
But also - there's nothing in the current rules that says SoAs need to be the dogs breakfast of templated text, disclaimers and pointless pages they've become.
You could 'fix' your SoA today, using today's rules.
Which we explore in excruciating detail in this weeks episode; reading legislation, regulatory guides and sample SoAs to help us retain the self-imposed title of Australian's Nichest Podcast.
So instead of bemoaning the lack of a fix from on high, maybe it's time we took a look at the real reason SoAs are (still) so bad.
It's us, we're the reason...
References
Regulatory Guide (RG) 90 - Example Statement of Advice: Scaled advice for a new client
RG 175 - AFS licensing: Financial product advisers—Conduct and disclosure
RG 244 - Giving information, general advice and scaled advice
REP 515 - Financial advice: Review of how large institutions oversee their advisers
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Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn
The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.
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