Clear, concise, effective short & affordable SOAs

Most SOAs are too long, take too much time to write and cost too much.

In ASIC Report 224 Access to financial advice in Australia, published in 2010, ASIC reports that AFSLs report that the cost of providing comprehensive financial advice lies between $2,500 and $3,500.

Allowing for inflation this figure is probably now at least $3,000, and this $3,000 is usually not tax deductible. The average Australian worker, male, aged 50, earns about $60,000 a year. This means your average client cannot afford to pay a non-deductible $3,000 fee note for comprehensive financial advice, and most won’t pay it.

They are of course, illogical. A competent comprehensive SOA will save the client more than it costs. But is the reality of dealing with real world clients .The answer is short, quick and cheap SOAs. You have to be able to produce a quality and competent SOA efficiently and effectively in an economical period of time. It’s all about scaling your advice to suit the client sitting in front of you. And creating efficient systems and processes that suit your clients’ needs.

ASIC supports short SOAs. For example, in the 2012 AIOFP conference ASIC representatives presented the case for short SOAs, saying that SOAs should be literally clear, concise and effective, probably no more than about five pages and possibly as short as two pages, and ASIC is not in favour of compliance driven 80 page SOAs.

You can read a first-hand account this here: Why your SOA can be as short as 2 pages.

Independently, Dover has pioneered short scaled SOAs of no more than three or four pages (plus links) that take less than one hour to complete, that clients love and which radically improve the quality of advice and the profitability of the practice.

Advice becomes affordable when you understand what a SOA is supposed to look like.

The remainder of this manual helps explain how you can make your risk insurance practice better than ever, and able to survive and prospect in a post Trowbridge environment.

The Dover Group