A working group on LinkedIn, named ‘Advice Documentation Working Group Brainstorm,’ aims to revolutionize the creation of Statement of Advice (SOA) documents in the financial planning industry. Led by Katherine Hunt, a former financial planning lecturer turned managing director, the group seeks to address the inefficiencies and challenges faced by financial planners in producing SOAs.

Industry experts, including Ben Neilson from Neilson & Co, emphasize the importance of simplifying complex financial information into concise sentences to enhance consumer understanding and satisfaction. The goal is to streamline the documentation process and improve communication between advisers, clients, and support staff.

The initiative comes ahead of anticipated consultations by the government on the future standards for SOAs, a response to the Quality of Advice Review. The working group aims to present a comprehensive blueprint for an ideal SOA structure to the government for potential adoption as a mandatory industry standard.

The group’s focus on developing shorter, more focused SOAs aligns with feedback from advisers who emphasize the need for documents that prioritize recommendations, risks, and fees. By involving practicing financial planners in the creation process, the group aims to minimize resistance to change within the industry.

Despite early-stage development, the working group has already made strides in redefining key elements of SOAs, such as risk profiling, by condensing complex information into easily digestible sentences. The collaborative effort seeks to enhance the overall quality and relevance of SOAs while addressing consumer and adviser concerns.

Neilson stresses the importance of active participation from advisers in shaping the future of SOAs, highlighting the need for industry professionals to contribute their insights and expertise to drive meaningful change. Consumer dissatisfaction with existing SOAs underscores the urgency for industry-wide collaboration in redefining documentation practices.

As the working group continues to refine its recommendations and template for SOAs, the call for greater adviser involvement remains crucial. By encouraging industry stakeholders to actively engage in the process, the group aims to foster a culture of innovation and improvement within the financial planning sector.

Ultimately, the collaborative efforts of the working group signal a positive shift towards redefining industry standards for SOAs and enhancing the overall client-adviser experience. By harnessing the collective expertise of industry professionals, the group aspires to set a new benchmark for efficient, consumer-centric advice documentation in the financial planning landscape.

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