As part of our commitment to improving our Digital Advice module, we have listened to your feedback and made some updates to our Base SoA:
- Automated Insurance Product Replacement
- Fixes made in the Income / Expenses Tables
- Fixes made in the Existing Insurance tables
- Added New Product Cost summary Tables for Superannuation and Non Superannuation Investments
Information on Updates
Automated Insurance Product Replacement
We have automated our Insurance Product Replacement Section to make it even easier to provide Insurance Advice fulfill Best Interest Duty obligations.
The Insurance Product Replacement now shows:
- Details of the Existing vs Recommended Insurance Policies (Product Details / Cover Type / Cost)
- Features Loss/Gained as a result of implementing the replacement insurance
- Reasons / Benefits / Consequences / Disadvantages
For more information on how to complete this, please refer to https://adviserlogic.zendesk.com/hc/en-us/articles/4407644375055-Personal-Insurance-Automated-Product-Replacement
Fixes made in the Income / Expenses Tables
There were some instances where the Tax Calculation table was not generating in the SoA and Net Cashflow was not being reported correctly.
Fixes made in the Existing Insurance tables
There were some instances in which not all insurance details were populating in the SoA
Non Superannuation Investment Product Cost Summary
This table shows a high level summary of Administration Fee / Ongoing Fee / Investments Costs of your investments.
In the example below, no recommendations have been made on Non Superannuation products, however as part of disclosure, these fees will generate into the SoA.
Superannuation Investment Product Cost Summary
This table shows a high level summary of Administration Fee / Ongoing Fee / Investments Costs of your superannuation investments.
In the example below, recommendations have been made on Superannuation products. As such Current Product Costs and Proposed Product Costs will be shown.