MLC has taken heed of recent legislation regarding the length of statement of advice (SOA), with the group slicing its advice template by up to 68 per cent.
Claiming the move as an industry first, MLC advice solutions general manager Greg Miller said the newly-compact SOA will reduce adviser preparation time by around 20 to 25 per cent.
“This new SOA template will enable advisers to provide clearer, simpler and more efficient advice to their clients whilst maintaining the highest standards of quality,” Miller said.
MLC’s decision to cut back its SOA comes on the back of the new incorporation by reference legislation which allows information previously included in the SOA to be referenced in separate documentation.
As part of its advice changes, MLC has created the ‘Understanding Series’ to accompany the SOA.
The series comprises nine separate documents clients can view online, providing detailed information on financial strategies. Advisers select only those appropriate for each client.
“These changes will provide clearer disclosure to clients, reduce costs to adviser businesses and minimise repetitive information,” Miller said.
“It is a far superior outcome for the client if they receive simple, easy to understand, quality advice that is relevant to their circumstances.”
The new SOA and ‘Understanding Series’ will be available for advisers in November.
