Statement of Advice Preparation
When a formal financial advice recommendation is made, a Statement of Advice is the document that captures it. It records the strategy, the reasoning, and the recommendations in a way that is compliant with Australian financial services law, clear enough for you to act on with confidence, and transparent about every aspect of the advice you are receiving.
A Statement of Advice Is More Than a Compliance Document. It Is the Blueprint for Your SMSF Strategy.
Most people who have received a Statement of Advice from a financial adviser describe the experience the same way. A thick document arrived, they flipped to the recommendations page, signed the authority to proceed, and filed the rest without reading it. The SOA became a compliance exercise rather than a strategic tool.
At New Wave SMSF, we write Statements of Advice differently. Every SOA we prepare is written in plain English, structured around your specific circumstances, and designed to give you a genuine understanding of the strategy being recommended and why it is right for you. We do not produce templated documents that could belong to anyone. We produce advice documents that belong to you.
Under the Corporations Act 2001, a licensed financial adviser is required to provide a Statement of Advice whenever personal financial advice is given to a retail client. The SOA must disclose the advice, the basis for the advice, the adviser’s remuneration, and any conflicts of interest. These are not optional elements. They are legal requirements that exist to protect you as a client and to ensure the advice you receive is genuinely in your best interests.
At New Wave SMSF, every SOA we prepare meets these requirements completely, reflects the full depth of the strategic work that went into the advice, and gives you a clear, actionable document you can refer back to as your circumstances evolve.
This information is general in nature and does not constitute personal financial advice. Before acting on any information on this page, please seek advice from a qualified financial adviser.
What Our Statement of Advice Service Covers
We prepare Statements of Advice across the full range of SMSF financial planning services, from initial strategy recommendations through to ongoing advice updates.
Initial SMSF Strategy SOA
Where we recommend establishing an SMSF or make a formal recommendation about the structure, investment strategy, or contribution approach for your fund, we prepare a comprehensive Statement of Advice documenting the full strategic recommendation. This is the foundation document for your SMSF advisory relationship and sets out the complete rationale for every recommendation made.
Ongoing Advice and Record of Advice
Where subsequent advice builds on an existing SOA without materially changing the original strategy, we prepare a Record of Advice rather than a full new SOA. This keeps your advice documentation current without unnecessary duplication and ensures every strategic recommendation made throughout your advisory relationship is formally documented and accessible.
Investment Strategy SOA
Where a formal recommendation is made about your fund’s investment strategy, including asset allocation, specific investment selection, or changes to your existing strategy in response to changed circumstances, we document the recommendation in a compliant SOA that clearly explains the rationale and connects it to your risk profile, time horizon, and retirement objectives.
Contribution Strategy SOA
Where we recommend a specific contribution strategy for your fund, including the use of the bring-forward rule, salary sacrifice arrangements, or personal deductible contributions, we prepare an SOA documenting the strategy, the cap calculations, the tax implications, and the expected outcomes. You receive a clear record of the strategy and the reasoning behind it.
Pension and Retirement SOA
Where we recommend a pension commencement, a transition to retirement strategy, or a retirement income plan for your fund, we prepare a comprehensive SOA covering the pension structure, the transfer balance cap implications, the tax treatment, and the projected income outcomes. This is among the most consequential advice documents your fund will ever receive and we treat it accordingly.
Insurance and Estate Planning SOA
Where we make formal recommendations about insurance held inside your SMSF or estate planning arrangements including binding death benefit nominations, we document the recommendations in a compliant SOA that clearly explains the cover recommended, the basis for the recommendation, and how it integrates with your broader estate and retirement plan.
What a Quality Statement of Advice Actually Contains
A well-prepared Statement of Advice is not just a compliance document. It is a strategic record of the advice you have received and the reasoning behind every recommendation. Understanding what a quality SOA contains helps you assess whether the advice you are receiving meets the standard you should expect.
A compliant and well-prepared SMSF Statement of Advice should contain the following:
Your Personal Circumstances and Goals
A quality SOA begins with a thorough summary of your personal circumstances, including your financial position, your superannuation balance, your investment objectives, your risk profile, your time horizon, and your specific retirement goals. The advice that follows must be demonstrably connected to these circumstances. If the circumstances section of your SOA is generic or sparse, the advice that follows is unlikely to be genuinely tailored.
The Strategic Recommendations
The core of the SOA sets out the specific recommendations being made, the strategy proposed, and the expected outcomes. Each recommendation must be clearly explained and directly connected to your circumstances and goals. Vague or templated recommendations that could apply to any client are a red flag.
The Basis for the Advice
The SOA must explain why each recommendation is appropriate for your circumstances. This includes the reasoning behind the strategy, the alternatives considered, and why the recommended approach is preferred. This section is what distinguishes genuine personal advice from generic guidance dressed up as personal advice.
Fees, Remuneration, and Conflicts of Interest
The SOA must fully disclose the fees you will pay for the advice, any ongoing advice fees, and any conflicts of interest that may affect the advice. At New Wave SMSF, our fee structure is transparent and disclosed fully in every SOA we prepare.
Your Authority to Proceed
The SOA includes your authority to proceed with the recommended strategy. This is your formal confirmation that you have read, understood, and accepted the advice. We take the time to walk through the SOA with every client before they sign, ensuring the advice is genuinely understood and not just filed away.
What Sets a New Wave SMSF Statement of Advice Apart
Not all Statements of Advice are created equal. Here is what distinguishes the advice documents we prepare from the industry standard.
Written in
Plain
English
Every SOA we prepare is written to be read and understood, not filed and forgotten. We avoid unnecessary jargon, explain technical concepts clearly, and structure the document so the recommendations and their rationale are immediately accessible. If you cannot understand your SOA, it has not done its job.
Genuinely Tailored to Your Circumstances
We do not produce templated SOAs with your name inserted at the top. Every document we prepare reflects the specific circumstances, goals, and strategy that are unique to you. The advice section of your SOA should read like it could only have been written for you, because it was.
Integrated Across Accounting, Planning, and Law
Where your advice involves tax implications, legal structuring, or estate planning considerations, your SOA reflects the input of your accountant and legal adviser within the same firm. The integrated advice model at New Wave SMSF produces SOAs that account for your complete financial picture, not just the superannuation component in isolation.
A Living Document, Not a One-Time Event
Your SOA is the starting point of an ongoing advisory relationship, not a one-time transaction. As your circumstances change, we update your advice documentation to reflect the current strategy. Your advisory history is maintained and accessible, giving you a complete record of every recommendation made and the reasoning behind it.
Who This Service Is For
- Trustees Receiving Formal Financial Advice for the First Time
You are engaging a financial adviser for the first time in relation to your SMSF and you want to understand what a Statement of Advice is, what it should contain, and what to expect from the process. You want an adviser who will explain the document clearly and ensure you genuinely understand the advice before you proceed.
- Trustees Who Have Received SOAs They Did Not Understand
You have received Statements of Advice in the past that were too complex, too generic, or too templated to be genuinely useful. You want an adviser who takes the time to prepare advice documentation that is clear, specific, and actually reflects the strategic work that went into it.
- Business Owners Requiring Comprehensive SMSF Strategy Advice
You are a business owner with a complex financial position and you need a comprehensive Statement of Advice that covers your SMSF strategy, your contribution approach, your investment strategy, and the integration of your fund with your business and personal tax position. You want a document that reflects the full complexity of your situation and the full depth of the advice you are receiving.
- Trustees Updating Their Strategy After a Life Event
Your circumstances have changed significantly, through a business exit, a divorce, an inheritance, or an approaching retirement, and you need a new or updated Statement of Advice that reflects your current position and the revised strategy being recommended. You want the advice documented clearly and completely so you have a reliable reference point going forward.
The New Wave SMSF Difference
Advice That Is Actually Personal
Every Statement of Advice we prepare is built on a thorough understanding of your specific circumstances, goals, and financial position. We do not start with a template and work backwards. We start with you and build the advice document around what we find.
Fully Compliant With Australian Financial Services Law
Every SOA we prepare meets the requirements of the Corporations Act 2001 and the obligations of our AFS licence. Our clients never need to worry about whether their advice documentation is compliant. That is our responsibility, not theirs.
Integrated With Your Complete Financial Picture
At New Wave SMSF, the advice in your SOA does not exist in isolation from your accounting, your tax position, and your legal arrangements. Your accountant, financial planner, and legal adviser work within the same firm, which means every SOA we prepare reflects the full picture of your financial life, not just the superannuation component.
Ready to Receive SMSF Advice That Is Clear, Strategic, and Built Around You?
Our licensed financial advisers prepare Statements of Advice that are compliant, genuinely tailored, and written to be understood. Get in touch today to discuss your circumstances and find out how we can help.
What Our Clients Say
We are proud to support SMSF trustees and individuals with professional accounting and financial services.
Disclaimer
This information is general in nature and does not constitute personal financial advice. New Wave Financial Planning Pty Ltd is an Authorised Representative of NWG Financial Services Pty Ltd, AFS Licence No. 538619. The information on this page does not take into account your personal objectives, financial situation, or needs. Before acting on any information on this page, you should consider its appropriateness to your circumstances and seek advice from a qualified financial adviser.