Understanding Advice Documents for Businesses and How They Work

Published:Nov 29, 202307:31
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What are advice documents for businesses? How do they work? Well, it starts with services that offer advice to clients. If you don’t offer this type of business, you normally don’t need to worry about advice documents. However, the same can’t be said for financial planners and similar professionals. 

For example, let’s say that you offer financial planning advice to clients. It’s rewarding to transform the financial lives of clients; although financial planners are sometimes a victim of their own success, some clients stick with their financial planners even after digging themselves out of a hole. Even after becoming financially comfortable, they seek investment advice, for example. 

Despite all the positives, one of the biggest problems with industries like this is that you need to formalise your advice in a Statement of Advice. 

What’s a Statement of Advice?

Essentially, a statement of advice officially details all the advice given by a business to a client. Common in the world of financial advisors and planners, it lists all high-quality advice so that clients can make informed, accurate decisions. 

While other countries have similar systems, the Statement of Advice is native to Australia. In particular, financial planners and advisors need to produce this document whether licensed by Australian Financial or running a self-licensed practice. 

Paraplanners

Unfortunately, this poses somewhat of an issue for small businesses. You love helping people and providing advice, but you may not have the expertise or qualifications to produce a Statement of Advice. Does this mean that you need to hire a paraplanner? 

On the one hand, this means that you’ll have the right skills in the business. Whenever necessary, you can go to them for SOAs while also asking questions. Meanwhile, clients get the best possible experience. 

On the other hand, this means hiring a professional into the business and all the costs this involves. For example, it starts with ads on social media and other professional platforms. While these may be free, you’re still spending time creating a job description and other documents. Then, you need to interview a handful of candidates. After this, you pass the lucky candidate through the induction process and get them up to speed with the rest of the business. 

What if this employee leaves after two weeks? Not only do you lose a professional, but you also need to start the recruitment process again. This costs even more time, even more money, and could lead to even more frustration. 

Thankfully, you have two options to overcome this problem. Firstly, you’ll find templates for SOAs and other advice documents online. Download the template, insert your own data, and send it off to clients. Normally, the providers of such templates have been through the testing process so have perfected the design and layout. 

Secondly, external paraplanning services now exist to make your life infinitely easier. In other words, all you need to worry about is the fun part of the job while this third-party service creates the advice documents on your behalf. These services have experience, all the right software and tools, and they always follow your guidelines. 

Can you justify hiring a specialist in this field? Even if you did hire somebody, would they have enough work to get through the day, or would they sit for long periods with nothing to do? With an outsourced paraplanner, you get expertise, software, and scalability; with this last point, you scale up or down whenever you need. 

With this, you now understand advice documents for businesses and how they work! 


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