The right document for the advice, checked before it is written.
Pick the pathway, and BackPro checks the client’s file and your answers before a word is drafted.
Three pathways, each with its own test.
For further advice, BackPro reads the client’s file for a completed SoA. For the other two, your answers decide.
RoA pathway
Further advice is open for this client. Your attestation is stored with the RoA.
Pick the prior SoA, confirm nothing significant has changed, and BackPro checks the client’s file for that completed SoA.
Illustrations using the specimen client. Strings in quotes are the app’s own.
If a Record of Advice is not allowed, it says so and stops.
The check runs when you start, again when you generate, and once more before anything is written.
What BackPro found
No completed SoA for this client
Further advice needs a completed Statement of Advice with client data on file. A Record of Advice does not count.
“A Record of Advice is not permitted in this scenario. A full Statement of Advice is required.”
“Use SoA Automation to prepare a full Statement of Advice for this client instead.”
Where it needs a second look, your confirmation is recorded.
A warning does not stop you, but you tick to go on, and BackPro stores your name and the time.
“Check before proceeding”
- !Switch not soldA switch where the product being replaced is not shown as sold.
- !Prior SoA over 24 months oldBackPro’s own reminder to look again. It is not a legal limit.
Illustration using the specimen client.
New product
Further advice that buys something the client does not already hold.
Switch not sold
A switch where the product being replaced is not shown as sold.
Switch particulars missing
A switch without the particulars s947D asks for.
No prior SoA linked
A small investment or no buy or sell RoA with no prior SoA linked.
New product class
Strategies the prior SoA did not cover, raised when you generate.
Prior SoA over 24 months old
BackPro’s own reminder to look again. It is not a legal limit.
The prior SoA comes with it, nothing typed twice.
Prior SoA · Donnelly
- The client’s data
- A snapshot of the prior SoA
- The licensee
- The prior SoA’s documents
New Record of Advice
Donnelly · further advice
- ✓Client data in place
- ✓Prior SoA snapshot kept
- ✓Licensee carried forward
- ✓Prior documents read
The client’s data
Copied from the prior SoA, so you go straight to review.
A snapshot of the prior SoA
Its date and strategies, kept with the RoA even if that SoA is later deleted.
The licensee
The licensee on the prior SoA carries forward.
The prior SoA’s documents
Read as context for the new advice.
One to three pages, in your own template.
Record of Advice · in your template
up to 900 words
Parties & Date
60 wordsScope & Subject
80 wordsYour Circumstances: Confirmation
80 wordsOur Advice & Recommendations
250 wordsReasons, Basis & Risks
250 wordsCosts, Remuneration & Other Benefits
120 wordsYour Right to a Copy & Acknowledgement
60 words
Section names as the generator writes them. Word counts are each section’s limit, about 900 in all.
Seven sections, one to three pages
Each section has a word limit, so the record stays short, as a Record of Advice should.
In your own template
Build the template from 2 to 8 of your finished RoAs, upload one, or start from our sample.
Then yours to finish
Open it in the AI editor, download Word or PDF, or send it to the client portal.
Checked, reviewed and held before it reaches the client.
Step 1 of 4
Content checked
BackPro checks the core sections are there and each trade names the product, the amount and what it replaces. It checks they are present, not how well they are written.
Illustrations using the specimen client.
One model portfolio, many clients, each one checked.
Model portfolio
- Australian shares35%
- International shares30%
- Fixed interest25%
- Cash10%
- DonnellyReady
- WhitfordReady
- OkaforWarnings
- AshworthBlocked · no SoA on file
- NguyenReady
- PatelBlocked · no balance sheet
Illustration. Each client’s trades are worked out from their latest balance sheet.
Further advice only
Every client in the batch is on the further-advice pathway, with the same blocks as a single RoA.
Worked out from the balance sheet
A client with no balance sheet on file is blocked, not guessed.
Warnings confirmed first
You confirm the batch’s warnings before anything is generated, and the server holds you to it.
Up to 5,000 clients at a time
Generated one client per minute for your firm, so a large batch runs over hours.
Records of Advice come with BackPro Digital and BackPro Practice.
The free trial includes 2 Records of Advice.
Templates, tools and notes on this, no sign-up needed.
Questions, answered.
Further advice (s946B), small investment (s946AA) and no buy or sell (reg 7.7.10AAA). You pick one when you start.
When there is no completed SoA for further advice, when you cannot confirm the client’s circumstances and the basis of the advice are unchanged, when a small investment is over $15,000 or cannot be worked out, or when a trade is entered on the no buy or sell pathway.
No. You confirm it, and your confirmation is stored with the Record of Advice. BackPro checks that a completed SoA is on file.
Its core sections and each trade are checked to be present, and an advice review opens for a person to complete. The full SoA compliance check does not run on a Record of Advice.
BackPro Digital and BackPro Practice. The free trial includes 2 Records of Advice.
Run your next SoA through BackPro.
Start free and check your first SoA today. Not ready? Run the check on our sample SoA first, no sign-up needed.