primrose.foster
Advisely Team
Advisely TeamStreamlining the production of SOAs
I really enjoyed reading this piece on "Is the SOA worth the piece of paper it is written on" - and would love to know what tools & tactics other advisers use to help streamline the production of SOA...
Tangelo
Advisely Partner
Advisely PartnerTo further add to jessica.lamb avoiding duplication is not only key to streamlining the SOA but also a means to mitigate compliance issues. All too often we see information being replicated (e.g. disclosure of fees), this not only adds unnecessary length to the document, but there's also a risk (especially if manually included) that information is inconsistent.
Businesses should also be mindlful of stripping out any "educational content" from the SOA and providing these as information sheets/flyers. Sometimes less is more so it's important to distinguish between what "must" be in the SOA vs what is "nice to have".
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According to the latest Advisely Index figures, Advisely members are nearly twice as fast at producing complex client SOAs compared to our 2023 industry benchmark. How do you match up?
If the length of your SOA often puts ASIC's own guidance to shame, maybe regulation isn't the issue here.
