James Dickson Advocates for Enhanced SOA Peer Review to Improve Client Understanding
James Dickson, Managing Director of Oceanic Consulting Group (OCG), recently emphasised the importance of peer reviewing Statements of Advice (SOAs) to ensure clarity and compliance. Speaking at the Stockbrokers and Investment Advisers Association conference in Sydney, James highlighted that incorporating a workflow process for external or compliance team reviews of high-risk files is crucial. He noted that while this may add time initially, it helps prevent client confusion by ensuring the advice is communicated in understandable language.
James also pointed out the risks associated with changing insurance policies, especially concerning mental health provisions. He stressed the need for advisers to document the implications of policy changes clearly, ensuring clients are fully informed about potential losses of benefits.
These insights align with OCG's commitment to delivering clear, compliant, and client-focused financial advice. For a more in-depth discussion on this topic, refer to the original article on Professional Planner
