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Financial Advice Report: What is the key Financial Planning Deliverable?

Updated: May 6

When receiving Financial Planning Advice in Australia you will be provided with what is legally called a 'Statement of Advice' but often informally called a Financial Plan, which is a Financial Advice Report containing:

  • The recommendations

  • The pros and cons of each recommendation

  • Disclosures of any fees, risks and costs

  • In most cases, detailed modelling and projections to forecast the likely long term benefits the strategies

These documents ensure clients can make an informed decision. Click the picture below to download your free sample Financial Plan!

A Financial Plan is typically the culmination of multiple Adviser/client appointments and tens of hours of research and preparation. Therefore, they are highly tailored to each individual.

The cover page of a sample financial plan

A Statement of Advice is provided during client onboarding and then only when significant advice areas needs to change. During other periods, a much shorter Record of Advice is provided. This is part of the reason why Advisers often have an upfront onboarding fee when clients initially sign up, whilst future advice documents are often covered in the ongoing fee.

Whilst these Statements of Advice are great resources, much of the value of working with an Adviser occurs in the ongoing conversations around family circumstances, goals, progress, accountability and much more!

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