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.