Guide · Advice documents
What is a Statement of Advice?
A Statement of Advice (SOA) is the written document an adviser must give you when they provide personal financial advice. It sets out what they recommend, why, and what it costs.
What’s inside
What an SOA must cover.
- The advice: what to do, in what order
- The basis for it: your situation, goals and the reasons the strategy suits you
- Fees, commissions and other benefits the adviser or licensee receives
- Any conflicts of interest
- Risks, and where relevant the products recommended with their costs
How to read it
Questions to ask yourself.
- Does the “your situation” section get the facts right?
- Do I understand why each step is recommended?
- What happens if I do nothing?
- What does it cost in dollars, now and ongoing?
Ask your adviser to walk you through it. You don’t have to act until you are comfortable. See our advice process.
General information only. It does not take into account your objectives, financial situation or needs. Consider the relevant PDS and our Financial Services Guide, and get personal advice before acting.
Common questions
Do I always get an SOA?
You should get one when personal advice is given to you as a retail client. Further advice on the same matters may be recorded in a Record of Advice.
How long is an SOA?
It depends on the advice. Good SOAs are as short as they can be while covering what the law requires.
Next step
Talk to our team on Edward Street.
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