The Financial Planning Association of Australia The Financial Planning Association of Australia

FPA launches Future of the SOA digital interactive guide


The Financial Planning Association of Australia (FPA) today launched the Future of the Statement of Advice (SOA) digital interactive guide to help financial planners develop more accessible, personalised and meaningful client experiences during the advice process.

Advancements in technology allow for the more efficient production of SOAs, as well as a more effective communication tool by using icons, symbols, graphics, expandable and linked text, audio and video to better engage and inform clients.

Dante De Gori CFP®, CEO of the FPA, said: “Earlier this year the FPA invited a wide and diverse group of financial planning professionals – including members, regulators, compliance experts, lawyers, licensees, content and digital media specialists, and advice technology specialists – to form a Future of the SOA working group, and set the challenge to create a vision of what the future SOA could look and feel like.

“We are delighted to see the successful culmination of those efforts with the launch of the Future of the SOA digital interactive guide. The guide includes a series of videos that cover topics relating to digital SOA production and delivery, as well as six sample digital SOAs created by fintech providers which financial planners can begin to implement in their practices today.”

In addition to video, the guide can be accessed in audio or text format.

“As we approach 2020, this guide really represents a starting point for the next decade of financial planning. We must start to ‘break paper’ and utilise the full breadth of digital, tech and communication modes available to allow advice delivery to be more accessible, personalised and meaningful for clients.”

“The audience for the SOA must be the client, not the compliance manager of our licensee. Research shows only 8% of consumers have a preference for the written paper-based documents we produce today. The other 92% of clients learn best by watching, listening, engaging and testing to come to their understanding of their financial plan.”

The interactive guide on the Future of the SOA include the topics:

  • The evolution of SOA
  • How can we help our clients digest information from an SOA?
  • What are the next stages in our evolution?
  • What happens when the technology evolves?
  • Aims of the example interactive SOA
  • Design and layout of the interactive SOA
  • Will my compliance team come on board?

For the full list of topics, examples of digital SOAs and access to the Future of the SOA digital interactive guide visit fpa.com.au/the-future-of-the-soa/