One of the biggest misconceptions about advice reviews is that they're designed to catch advisers out.

Under the Corporations Act 2001, the obligation to provide a Statement of Advice is triggered when two conditions are both met: the advice must be personal advice, and the client must be a retail client. This article explains the legal trigger under s946A and what it means in practice for Australian financial advisers.

An SoA and a Record of Advice are not interchangeable. Each has a distinct purpose, a distinct legal trigger, and distinct content requirements under the Corporations Act. This article explains the key differences and when each document is required.

Section 946B of the Corporations Act sets out three conditions that must all be satisfied before a Record of Advice can be given instead of a full Statement of Advice. This article explains each condition, what they mean in practice, and what happens when any one of them is not met.

The SoA obligation only arises where personal advice is given. Understanding when advice crosses from general to personal is one of the most consequential distinctions in financial services law. This article explains the s766B definition, the reasonable person test, and what it means in practice.

The SoA obligation applies only to personal advice given to retail clients. Understanding who qualifies as a retail client under s761G, and what the wholesale client and sophisticated investor exemptions actually require, is essential for every advice practice in Australia.

Of all the elements in a Statement of Advice, the documentation of client objectives is one of the most frequently criticised in compliance reviews. This article explains what the law requires when evidencing client objectives and how to capture them in a way that supports your advice.

Having a reasonable basis for advice is a fundamental requirement of the best interests duty. But the obligation does not end there. The SoA must also document that basis in a way that makes it visible to a reviewer. This article explains what good documentation looks like in practice.

Meeting the minimum content requirements of the Corporations Act is not the same as meeting ASIC's expectations. ASIC's approach to SoA compliance, set out in Regulatory Guide 175, consistently applies a higher bar. This article explains what ASIC actually expects and where it focuses its scrutiny.

One of the most common questions advisers ask about SoAs is whether theirs are long enough. It is rarely the right question. ASIC's standard is not about length, it is about completeness. This article explains what the law requires in terms of SoA detail and how ASIC interprets the clear, concise and effective standard.

An SoA must do more than state a recommendation. It must show the reader that the recommendation rests on a genuine analytical process. This article explains what evidence is required to support advice recommendations in an SoA and the forms that evidence typically takes.

Demonstrating the basis for advice is one of the most technically demanding aspects of SoA compliance. This article explains how advisers can satisfy s961B and s961G by making the analytical process visible within the SoA and avoiding the documentation gaps most commonly identified in reviews.