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Efficiency
1 MIN READ

The myth of the mammoth SOA

nathan.fradley's avatar
nathan.fradley
Icon for Advisely Contributor rankAdvisely Contributor
14 days ago

If you asked every adviser to name one thing they could fix about the advice process, the vast majority would point to the length of the SOA. They're too long, too dense and the vast majority of clients don't even read them. 

Why is this, though? The gargantuan SOA is often treated as an inevitability, but what does the law actually prescribe? 

If you've ever wondered whether there's a better way, this video is for you. 

Updated 14 days ago
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SOA

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  • courtney.youngblutt's avatar
    courtney.youngblutt
    Icon for Iress Contributor rankIress Contributor
    14 days ago

    Hear! hear! I could not agree more! 💯 Here's hoping that being reminded of what the legislation actually requires already will be a light bulb moment for advisers, and licensees in particular, around what good advice can look like. I'm cautiously optimistic, that regardless of what occurs next with DBFO, we will see a change in the way advice is provided and documented. 🤞

    • bill.bicopoulos's avatar
      bill.bicopoulos
      Network Navigator
      14 days ago

      You are correct and the big but is !!!!

      Dealer groups want to control and cover themselves and ultimately it’s dictating what happens to the view and content of the SOA…

      But it’s not just the SOA itself at all that the problem.. it’s the additional 300 plus pages that make up the document as attachments in pdf form for a client and then seeing if the even open up the attachments!! 
      Let alone going through them with the clients..

      As no company produces a pds it’s all via pdf… 

      For example the HUB24 Investment only pds not the platform pds is over 150 pages !!!!