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The Documents Part 11 – SoA (Safe Harbour Port 7)

Safe Harbour Step 7 – Adviser needs to take ‘any other step that, at the time the advice is provided, would reasonably be regarded as being in the best interests of the client, given the client’s relevant circumstances.

 What you need to do to satisfy this step varies depending on the circumstances. You may need to undertake the following steps, if you have not already done so:

  1. explain clearly to the client the advice service that is and is not being provided;
  2. if the advice includes an SMSF recommendation, provide related strategic recommendations that benefit the client;
  3. specify in the advice that the client should review any decision made about financial products on the basis of the advice provided:
  • a. once after a period of time
  • b. regularly (e.g. every one or two years; or if the client’s circumstances change

Conclusion of Know your Product  

By now it is obvious that the requirements for accountants to provide advice is no simple matter. When finance wise audits individual files there are at least 32 steps that are assessed.  As most accountants will have no experience in completing a Statement of Advice it is vital that your licensee has a standard template to reduce the administrative time taken to prepare the document, the have para planning capacity in order for you outsource the responsibility, experienced advisers to provide real time assistance and a help desk.

The FWGS template compiles the Needs analysis data directly into the file allowing the adviser time to complete the switching advice and make their recommendations.

Education Guides 

Education Guides are templates on specific subjects that must be included in the appendix of all SoA’s where an SMSF is recommended.

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