How to Check Your Own SOA Online

Why You Should Check Your SOA

Your Statement of Advice is one of the most important documents you will receive from a financial adviser. It explains their recommendations and must meet strict legal standards under Australian law. Checking it yourself helps you understand what you are agreeing to and whether anything important is missing.

Step 1: Start With the Personal Details

Check that your name, date of birth, and contact details are correct. Verify that your financial situation and goals described in the document match what you discussed with your adviser. Errors here can lead to recommendations that are not suitable for your circumstances.

Step 2: Review the Recommendations

Look at each recommendation your adviser has made. For each one, the SOA should explain why that product or strategy was chosen, what alternatives were considered, and why the recommended option is better suited to your needs. If the reasoning is vague or missing, that is a red flag.

Step 3: Check the Fees and Costs

The SOA must clearly disclose all fees, commissions, and ongoing costs. Look for a fee table that breaks down what you will pay upfront and over time. If the fees are hard to find or difficult to understand, ask your adviser for a clearer explanation before signing.

Step 4: Look for Clear Language

Your SOA should be written in plain language that you can understand. If it is full of jargon, boilerplate text, or overly complex explanations, that is a sign the document may not meet regulatory standards for clear communication.

Step 5: Get an Independent Check

Your adviser's firm has its own compliance processes, but you deserve an independent second opinion. Online tools like AdviserCheck can analyse your SOA against Australian regulations and highlight anything that needs a closer look.

What to Check First

Start by checking the basics. Is your name spelled correctly? Is the date correct? Does the SOA state whether the advice is general or personal? Are your objectives and financial situation accurately recorded? Errors in basic information suggest the document may not be carefully prepared.

Check the recommendations section. Are the recommendations clear and specific? Do you understand what each recommendation involves? If the language is unclear or overly technical, ask for clarification.

Online Resources for SOA Checking

Several online resources can help you assess your SOA. ASIC's Moneysmart website provides guidance on what to expect from financial advice and what your SOA should contain. Consumer advocacy organisations also provide SOA checklists.

The Financial Advice Association Australia (FAAA) has consumer resources explaining what good advice looks like. These resources can help you understand whether your SOA meets industry standards.

When to Seek Help

If your SOA has significant issues — missing disclosures, unclear recommendations, inadequate fee disclosure — seek help. Start by discussing with your adviser. If unsatisfied, contact the licensee's compliance team or lodge a complaint.

You can also seek a second opinion from another adviser. Many advisers offer a free initial consultation where they can review your existing SOA and provide their assessment.

Frequently Asked Questions

Is there an official checklist for SOAs?
ASIC provides guidance on what SOAs should contain, but there is no single official checklist. Consumer organisations and industry bodies provide useful checklists.

Can I find example SOAs online?
Some industry bodies publish example or template SOAs. Be cautious — these are examples, not guarantees of compliance. Your SOA must be tailored to your specific circumstances.

What if I find errors in my SOA?
Contact your adviser immediately. Errors should be corrected. If the errors are significant, you may need an amended SOA or a new SOA.

Can I use online tools to check my SOA?
Some commercial services offer SOA checking. These can provide a useful assessment but should not replace professional advice. An independent adviser or compliance consultant can provide a more thorough review.

Advice Fees at a Glance

Adviser fees vary widely, but benchmarks help you judge whether a quote is reasonable. Median ongoing advice fees run near $4,700–$4,800 per year (up 67% in five years; growth now ~4% annually), initial SOA preparation generally falls between $2,000 and $3,500, and top-end hourly rates hit $300–$600. Commission-based billing has largely given way to fee-for-service since the FOFA reforms.