{"id":674,"date":"2015-08-24T11:11:58","date_gmt":"2015-08-24T01:41:58","guid":{"rendered":"https:\/\/fwgs.net.au\/?p=674"},"modified":"2015-08-24T11:11:58","modified_gmt":"2015-08-24T01:41:58","slug":"the-documents-part-11-soa-safe-harbour-port-7","status":"publish","type":"post","link":"https:\/\/fwgs.net.au\/the-documents-part-11-soa-safe-harbour-port-7\/","title":{"rendered":"The Documents Part 11 &#8211; SoA (Safe Harbour Port 7)"},"content":{"rendered":"<h3><strong>Safe Harbour Step 7 &#8211; Adviser needs to take \u2018any 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\u2019s relevant circumstances<\/strong><em>.<\/em><\/h3>\n<p><em>\u00a0<\/em>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:<\/p>\n<ol>\n<li>explain clearly to the client the advice service that is and is not being provided;<\/li>\n<li>if the advice includes an SMSF recommendation, provide related strategic recommendations that benefit the client;<\/li>\n<li>specify in the advice that the client should review any decision made about financial products on the basis of the advice provided:<\/li>\n<\/ol>\n<ul>\n<li>a. once after a period of time<\/li>\n<li>b. regularly (e.g. every one or two years; or if the client&#8217;s circumstances change<\/li>\n<\/ul>\n<h3><strong>Conclusion of Know your Product\u00a0<\/strong><strong>\u00a0<\/strong><\/h3>\n<p>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. \u00a0As 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.<\/p>\n<p>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.<\/p>\n<h3><strong>Education Guides<\/strong><strong>\u00a0<\/strong><\/h3>\n<p>Education Guides are templates on specific subjects that must be included in the appendix of all SoA\u2019s where an SMSF is recommended.<\/p>\n<h5>Other articles in this series:<\/h5>\n<ul>\n<li><a href=\"https:\/\/fwgs.net.au\/the-documents-part-1-introduction\/\">The Documents Part 1 &#8211; Introduction<\/a><\/li>\n<li><a href=\"https:\/\/fwgs.net.au\/the-documents-part-2-financial-services-guide-fsg\/\">The Documents Part 2 &#8211; Financial Services Guide (FSG<\/a>)<\/li>\n<li><a href=\"https:\/\/fwgs.net.au\/the-documents-part-3-needs-analysis-introduction\/\">The Documents Part 3 &#8211; Needs Analysis (Introduction)<\/a><\/li>\n<li><a href=\"https:\/\/fwgs.net.au\/the-documents-part-4-needs-analysis-safe-harbour-port-1\/\">The Documents Part 4 &#8211; Needs Analysis (Safe Harbour Port 1)<\/a><\/li>\n<li><a href=\"https:\/\/fwgs.net.au\/the-documents-part-5-needs-analysis-safe-harbour-port-2\/\">The Documents Part 5 &#8211; Needs Analysis (Safe Harbour Port 2)<\/a><\/li>\n<li><a href=\"https:\/\/fwgs.net.au\/the-documents-part-6-needs-analysis-safe-harbour-port-3\/\">The Documents Part 6 &#8211; Needs Analysis (Safe Harbour Port 3)<\/a><\/li>\n<li><a href=\"https:\/\/fwgs.net.au\/the-documents-part-7-needs-analysis-conclusion\/\">The Documents Part 7 &#8211; Needs Analysis (Conclusion)<\/a><\/li>\n<li><a href=\"https:\/\/fwgs.net.au\/the-documents-part-8-statement-of-advice-soa\/\">The Documents Part 8 &#8211; Statement of Advice (SoA)<\/a><\/li>\n<li><a href=\"https:\/\/fwgs.net.au\/the-documents-part-9-soa-safe-harbour-port-5\/\">The Documents Part 9 &#8211; SoA (Safe Harbour Port 5)<\/a><\/li>\n<li><a href=\"https:\/\/fwgs.net.au\/the-documents-part-10-soa-safe-harbour-port-6\/\">The Documents Part 10 &#8211; SoA (Safe Harbour Port 6)<\/a><\/li>\n<\/ul>\n<p><a href=\"https:\/\/fwgs.net.au\/register-your-interest\/\">Register your interest <\/a>in becoming a finance wise Limited Authorised Representative.<\/p>\n<h5><strong>If you\u00a0found this article interesting, why not<\/strong><\/h5>\n<ul>\n<li>SEND it to a friend from the sidebar<\/li>\n<li>LEAVE A COMMENT by clicking on the icon at the top of the article<\/li>\n<li>Send\u00a0FEEDBACK directly\u00a0to\u00a0us at info@wordpress-784484-2675404.cloudwaysapps.com<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Safe Harbour Step 7 &#8211; Adviser needs to take \u2018any 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\u2019s relevant circumstances. \u00a0What you need to do to satisfy this step varies depending on the circumstances. You may need [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":777,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,14],"tags":[12],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Documents - SoA Safe Harbour Port 7<\/title>\n<meta name=\"description\" content=\"finance wise. 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