The successful implementation of Statements of Advice (SOA) is critical for businesses in the financial services industry. However, one of the most challenging aspects for firms is managing the administrative tasks associated with SOA implementation—specifically, ensuring the smooth lodgement of all advice documentation and adhering to compliance requirements.Â
Through our experience working with a diverse range of clients and licensees, we’ve gained valuable insights into best practices that deliver optimal outcomes and minimise errors in SOA implementation tasks. Our commitment to continuous learning and the promotion of industry best practices enables us to help clients achieve success and improve their service delivery.Â
A key insight shared by many of our clients is the high value of utilising VBP team members to support onshore Advisers. Collaborating with your VBP team offers a significant time management advantage, enabling your firm to outsource administrative tasks and focus more on nurturing client relationships and providing high-quality advice.Â
From my experience as Head of Client Engagement, I have observed that the most effective approach is built on teamwork, a structured process within your CRM, and clear handover procedures combined with ongoing checks.Â
Here’s a step-by-step breakdown of the recommended process once the client has signed the authority to proceed and provided the necessary documentation related to the advice recommendations:Â
1) Review and Compliance Check
After the SOA authority is signed, the Adviser, Associate, or onshore Client Service Manager should review the signed documents to ensure compliance and check for any discrepancies or changes. Any modifications to the authority should be carefully noted.Â
2) Handover to your FPA Team
The implementation documents should be handed over to the FPA team, accompanied by a brief 5-minute meeting to discuss the implementation, highlight any changes, and identify potential risks related to lodgement. A checklist for advice implementation should be followed, with post-advice presentation tasks also outlined. (Contact us for a copy of this checklist.)Â
3) Documenting and Updating CRM
The FPA should document each step of the process and record any client interactions in the CRM, ensuring the Adviser or onshore Point of Contact (POC) is tagged for implementation tracking. This ensures all parties remain informed of progress and are able to address any issues promptly, such as client queries or follow-ups.Â
4) Ongoing Monitoring and Communication
All actions and updates should be logged in the CRM, with the Adviser and onshore team members tagged according to internal practices. For instance, if a Super Application is submitted, a follow-up should be scheduled within 48 hours.Â
For higher-risk implementations—such as those involving insurance, SMSF creation, or investment transfers—regular updates should be shared with the onshore team, and daily huddles are highly recommended to keep everyone aligned.Â
5) Client Communication
All client communications regarding the implementation process should be documented in the CRM and readily accessible for the onshore team. It is essential that clients are kept informed through the appropriate platforms when applications are opened or verification is required, ensuring quick responses to any client queries.Â
7) Final Compliance and Implementation Checks
The onshore Client Service Manager, Adviser, or Associate should perform a final compliance check before closing the implementation file. This ensures that all necessary steps have been followed and that the file is audit-ready if required.Â
By following these best practices, firms can significantly enhance their workflow efficiency, reduce errors, and ensure smoother client interactions during the SOA implementation process.Â
If you’re looking to streamline your SOA implementation process or would like guidance on improving your current workflow, we invite you to reach out for a consultation. Our team is here to help you optimize your operations and ensure the best possible outcomes for your clients.
Contact us today to learn more about how we can support your business.Â
