How many SOAs does a typical adviser write per month? How long do they typically take to write? Who reviews the SOAs to make sure they are appropriate/compliant? How long does the review process take before the adviser is happy to send it to the client?
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Thanks for the question Angus.
The number of Statements of Advice (SoAs) a particular financial planner completes each month depends on the size of their business. It could be between five and ten SoAs for new clients and possibly more if the financial planner’s client base is growing. A financial planner will also be writing additional SoAs and providing further advice to current clients.
From the first meeting with the client to presenting the final SoA to the client, the timeframe is about three to six weeks. If the advice is urgent it can be done in one or two weeks. It often comes down to how quickly the required information is collected from the client and the level of collaboration needed with the client. Everyone is different.
Some financial planning companies, including Bridges Financial Services, require SoAs to be checked by another financial planner. This ensures the advice is appropriate for the client’s situation and all compliance standards are met.
Once the SoA has been approved internally, the financial planner will meet face-to-face with the client to go through the SoA. It is common for the client to take the SoA home and review it, then come back for another appointment to discuss any questions and implement the recommendations.