As part of the personal advice process means gathering a variety of personal details from you to work out what you may need in terms of financial advice. Financial Advisers are required by law to issue you with a variety of disclosure and advice documents, depending on the type of advice you are receiving.
Jarickson are specialised life insurance brokers, so you will only receive advice on products relating to this from us. We have a range of other professionals we have worked with over the years and trust in various professions. If we identify areas that you would benefit from, we can introduce you to them if it suits you.
Statement of Advice
A Statement of Advice, or S.O.A as it’s more commonly known, is a summary of the details you have given your broker and outlines the needs and objectives you spoke with that particular broker about.
If you think of it as a story of what you are looking to get out of the advice you are receiving, you will be spot on.
Once all this has been summarised, a series of recommendations of different insurances will be listed. This may or may not be something that decide to proceed with, but it will be a starting point of your discussions in how to get you and your family protected adequately.
Basically, the SOA is summarised in a few points:
1. Your details
2. Summary of your discussions
3. Your Needs and Objectives
4. Recommendations of products
5. Advice these products suit
6. Your acknowledgement
The result of this document is that you can see that the adviser has understood what you spoke about, can describe what you are looking for and outlines advice around how to achieve it.
Other disclosures such as how the adviser is paid will also be included for your reference.
After you have read through the document, it is your decision on the next steps. You can either agree to the recommendations or request further information or quotes.
This may be if the premiums are more than you think you can pay and need a lower version, or simply other choices that may be available from your discussions with the adviser. Either way, you can choose how to proceed from there.
If you are not receiving an SOA, it is NOT PERSONAL ADVICE. This means you are dealing with a salesman and they are not taking YOUR needs into account, simply flogging a product. So be careful.
If you want to ask more questions about it, please call us on 1800 674 435 or contact us below.
As always, any advice is general in nature only and has been prepared without considering your needs, objectives or financial situation. Before acting on it you should consider its appropriateness for you, having regard to those factors.
If you are unsure, or have questions about your existing policies, please feel free to contact us on 1800 674 435 or by completing our online form HERE
Jarickson’s mission is to help everyday people understand complex insurance advice. We explore the possibilities and help you find the most suitable coverage for you.