Client Advice Record
The proposed replacement for the Statement of Advice under the Delivering Better Financial Outcomes reforms. As at October 2026 it is in an exposure draft, not law.
The Client Advice Record is the document the government has proposed in place of the Statement of Advice. Treasury’s March 2025 exposure draft would require that a retail client given personal advice “be given a clear, concise and effective Client Advice Record” including a summary of the advice and other relevant information, starting 12 months after the law receives Royal Assent.
As at 3 October 2026 no bill had been passed, the Corporations Act still required Statements of Advice, and in August 2026 the Assistant Treasurer described the measure as “streamlined statements of advice”. The name, the content and the start date can all still change.
Nothing changes for an advice file until a bill passes and commences, and the draft proposed a year’s lead time after Royal Assent. What practices can do now is keep the advice record separate from the way it is presented: a file that captures the client’s circumstances, the basis of the advice and the disclosures can be rendered as an SoA today and as whatever replaces it later.
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