Comprehensive Scope of Advice Reports are generated and forwarded to the client providing a compliant file note basis for a letter of engagement.
ASIC’s RG244 and other linked RGs are very onerous.
First, we determine across each of the six areas of advice what will be In-Scope or Out-of-Scope. This is determined by the client’s self-rated 5 Minute Financial Health Check score, any relevant goals from the Goals Tool (both are auto linked to the wizard), and discussion.
The Scale of Advice is then agreed with the client and any matters not addressed are discussed with the client to confirm they understand the implications of their decisions.
The Scope and Scale of Advice Tool is used in discussion so that the adviser:
Drop down options and adviser notes are used to simplify this process and personalise for the client.
A comprehensive Scope of Advice Report is then generated and signed by the client, this provides a compliant file note as required by ASIC and becomes the basis for a letter of engagement.