What is the Record of Advice?

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The record of advice is a vital document that should be used by financial planners to ensure their clients are receiving the best quality financial advice possible. It should be simple, clear and easy to understand and should include every detail in a way that’s relevant to the client’s circumstances.

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The current record of advice is often seen as a lengthy, complex and incomprehensible document, but it should actually be very simple to understand. It should include all of the important aspects of a financial product and also those important and material things that the client should know about so that their expectations are in line with how the product will perform and they clearly understand their obligations under the policy – for example, where cover is dependent on installing a tracking device or having it tested annually or where it is important to inform the insurer of a change in occupation.

In fact, the record of advice should be quite comprehensive as it will give you evidence that you discussed all of the important and material aspects of a financial product with your client. This will help you defend a FAIS Ombud determination if the ombud is asked to investigate why you recommended a particular financial product to your client.

How can I use the record of advice?

If you are an adviser, you can use the record of advice to streamline your ongoing advice process where neither the’relevant circumstances’ nor the basis of the advice are significantly different from those recorded in the SOA you used for the previous advice.


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