Statement of Advice (SoA)

The formal document an Australian financial adviser must provide to a retail client when giving personal financial product advice for the first time, or following a significant change in their advice.

A Statement of Advice (SoA) is a written document required under the Corporations Act 2001 (Cth) that sets out the personal financial advice given to a retail client. It must include the advice itself, the basis on which the advice was given, information about the providing entity, and details of any remuneration, associations or other interests that could reasonably be expected to influence the adviser. The SoA is typically prepared after a fact-find and is delivered before or at the time the advice is implemented.