Reshaping Financial Content: Enhancing Consumer Appreciation in Australian Professional Practice
Chinese Academy of SciencesThe by-product of financial advice, known as a Statement of Advice (SOA), serves as a written documentation of financial guidance provided to consumers. Its primary purpose is to ensure accountability for regulatory compliance and consumer protection, as outlined in the Corporations Act (2001) of Australia. However, due to the intricate nature of mandatory disclosure requirements, SOA documents tend to be extensive and pose challenges in both their creation and comprehension by consumers. Indeed, recent studies have indicated a decline in the recording of consumer relationships within the Australian financial practice.