Financial Planning Process

Step 3 Advice Preparation

Preparation of Your ‘Statement of Advice’

Your Statement of Advice (SoA) contains an explanation of the financial strategies your Banksia Advisor is recommending you consider, together with any supporting material such as income projections, product disclosure documents, investment research, etc.

The SoA should also contain specific information such as:

  • The scope of our advice and any limitation to that advice you should be aware of.
  • Any assumptions upon which our advice is based.
  • A summary of your financial needs and objectives.
  • Our understanding of your investment ‘Risk Profile’.
  • The basis for our recommendations and the anticipated outcomes of implementing our recommendations.
  • Ongoing services provided.
  • Fees and/or commissions payable to Banksia Partners.
  • Our ‘client identification’ processes.
  • The process for implementing our recommendations.

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