Financial Planning Step 3 – The Statement of Advice
The Statement of Advice is the official record of the results of our investigations and of any recommendations that may flow from that work.
The Statement of Advice will:
- Outline your personal details and contact information
- List your goals and objectives
- List the financial objectives that are being addressed
- Set out the Scope of Advice – any limitation to the advice
- Set out the strategies and/or products being recommended
- Discuss why these strategies or product are appropriate to you, your financial position, goals and objectives
- Set out the fees and charges associated with any strategies or products recommended
- Set out the fees associated with the advice being provided, and other important information.
The Statement of Advice is a formal document. It is an important document, as personal financial advice in Australia must be delivered according to strict benchmarks. The Statement of Advice will be discussed with your financial adviser, and there will be an opportunity to alter the assumptions or strategies or recommendations. If this is required then a further time will be made to review and update the Statement of Advice.
There will be a fee for the preparation of a Statement of Advice, unless you are operating on a retainer basis, in which case your fee be calculated to include appropriate advice documents.
- The Initial Consultation
- Research and Investigation
- The Statement of Advice – You are currently on this page
- Implementation Service
- Ongoing Advice & Service Plans
- Fees and Costs Overview