The key objectives agreed to by the working group were as follows:
Improve and ensure client understanding of advice, not just disclosure of information.
With 70% of consumers learning visually, there had to be a better way to communicate to clients in a way they understand.
Build prototypes of the future SOA based on RG90. Rewording the SOA was considered but for the purpose of this prototype, the wording was outside the scope.
Provide planners with a clear picture of the evolution of the SOA.
Keep in mind the purpose of the SOA as defined in RG90. To communicate to the client important and relevant information about the advice being provided to enable the client to make an informed decision about whether to act on the advice.
As the Corporations Act is neutral about technology, the objective of this report is to highlight how new and evolving technologies can enhance the clients’ experience. Improving the effectiveness of the client’s understanding of the advice is crucial so they can make better-understood decisions about their financial future.
Test with consumers, planners and compliance teams.