SoA pre-submission checklist: what a Statement of Advice must contain before it goes out
A Statement of Advice has to contain particular things, be titled and presented a particular way, and reach the client at the right time. This checklist puts every requirement in one place, with the section of the law each one comes from.
Checked against the sources listed on this page on 7 October 2026. General information, not legal advice: your licensee’s own requirements come first.
What the Statement of Advice must contain
Section 947B sets the content when the advice is given by a licensee, and section 947C when it is given by an authorised representative. The two lists match, with the extra items for an authorised representative shown below.
- 1
The title “Statement of Advice” on the cover, or at or near the front. It may be shortened to “SoA” elsewhere in the document.
Where this comes from: s947A.
- 2
A statement setting out the advice.
Where this comes from: s947B(2)(a); s947C(2)(a).
- 3
Information about the basis on which the advice is or was given.
Where this comes from: s947B(2)(b); s947C(2)(b).
- 4
The name and contact details of whoever is giving the advice.
Where this comes from: s947B(2)(c); s947C(2)(c).
- 5
For an authorised representative: the name and contact details of the authorising licensee, a statement that you are its authorised representative, and the licensee’s licence number.
Where this comes from: s947C(2)(d); reg 7.7.11A.
- 6
Remuneration, including commission, and other benefits that might reasonably be expected to be capable of influencing the advice, for each person the section lists.
Where this comes from: s947B(2)(d); s947C(2)(e).
- 7
Remuneration and other benefits anyone has received, or is to receive, for referring the client.
Where this comes from: reg 7.7.11(1); reg 7.7.12(1).
- 8
Other interests, and associations or relationships with product issuers, that might reasonably be expected to be capable of influencing the advice.
Where this comes from: s947B(2)(e); s947C(2)(f).
- 9
The amounts in items 6 and 8 stated in dollars, unless the regulations and an ASIC determination allow a percentage or a method of calculation.
Where this comes from: s947B(2)(h) and s947C(2)(i), as modified by reg 7.7.10A; regs 7.7.11, 7.7.11B and 7.7.12.
- 10
If the advice is or may be based on incomplete or inaccurate information about the client, the warning section 961H requires, set out or recorded in the document.
Where this comes from: s947B(2)(f); s947C(2)(g); s961H.
- 11
If the advice recommends replacing one product with another, the switching information section 947D requires.
Where this comes from: s947B(5)(a); s947C(5)(a); s947D.
How it must be presented
- 12
The level of detail a person would reasonably need to decide, as a retail client, whether to act on the advice.
Where this comes from: s947B(3); s947C(3).
- 13
Worded and presented in a clear, concise and effective manner.
Where this comes from: s947B(6); s947C(6).
- 14
Not combined in one document with a Financial Services Guide or a Product Disclosure Statement.
Where this comes from: s947E.
When it must reach the client
If the Statement of Advice is not itself how the advice is given, it must be given when, or as soon as practicable after, the advice is provided, and before any further financial service connected with the advice (s946C(1)). If it is not given when the advice is provided, the client must be given the remuneration, interests and switching information at that time (s946C(2)). Where the client instructs that a connected service be provided immediately and it is not reasonably practicable to give the SoA first, it must be given within 5 business days after that service, or sooner if practicable, unless a cooling-off period applies, in which case it must be given before that period starts (s946C(3)).
Behind the document: the best interests duty
The document is the output. The file behind it has to show that you acted in the client’s best interests (s961B), that the advice is appropriate to the client (s961G) and that any conflict was resolved in the client’s favour (s961J). The Best Interests Duty checklist covers the seven s961B(2) steps one by one.
A Statement of Advice, and any document or part of a document mentioned in it, must be kept for 7 years after the day the SoA is given to the client (reg 7.7.09C).
Questions advisers ask
What must a Statement of Advice contain?
Under s947B (licensee) or s947C (authorised representative): the advice; the basis for it; your name and contact details; remuneration and other benefits, and interests and associations, that might influence the advice, in dollars; any warning s961H requires; and the switching information under s947D where you recommend replacing a product. An authorised representative must also name the licensee, say they are its representative and give its licence number (reg 7.7.11A).
Do fees in an SoA have to be shown in dollars?
Yes. The remuneration, benefits and interests information must be stated in dollars unless the regulations and an ASIC determination allow a percentage or a method of calculation (s947B(2)(h) and s947C(2)(i), as modified by reg 7.7.10A).
Can an SoA be combined with an FSG or a PDS?
No. Section 947E says a Statement of Advice must not be combined in a single document with a Financial Services Guide or a Product Disclosure Statement.
How long must an SoA be kept?
For 7 years after the day it is given to the client, together with any document or part of a document mentioned in it (reg 7.7.09C).
When must the client receive the SoA?
When, or as soon as practicable after, the advice is given, and before any further connected financial service (s946C(1)). In time-critical cases where the client wants a connected service immediately, within 5 business days after that service unless a cooling-off period applies (s946C(3)).