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What it said about our demo SoA:

BPMust fixs 961B(2)(e)

The alternatives are described, but nothing shows in dollar terms why the SMSF beats Platform A or Platform B.

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PDFDemo SoA - Harbour Lane.pdf

Read against the law, section by section.

s 961BMust fixAlternatives are described, but nothing shows in dollar terms why the SMSF beats them.
s 961GShould fixA $118,400 tax cost is stated, with no word on whether a slower move was considered.
s 947DShould fixBoth industry funds are replaced, but not what the clients lose on rollover.
s 947CShould fixThe cover names the adviser but not the licensee’s phone or address.
RG 181Should fixThe conflicts register needs a record, or a note that there are none.

Advisers using it

Our reporting quality improved while our turnaround time dropped. Clients notice the difference, and our advisers are finally doing what we hired them for: client relationships, not document formatting.

More4Life Financial ServicesJames Walker PowellFounder and Financial Adviser, More4Life

90%less time per SoA, reported by More4Life

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Based on More4Life’s reported 90%, the higher of our two client results.

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Specimen SoA, with compliance comments.docx2 comments

05 · Recommendation A

Superannuation: establish an SMSF

What we recommend

Establish a self-managed superannuation fund (SMSF) with a corporate trustee (Donnelly Family Super Pty Ltd) of which you will both be directors and members. Roll over Andrew’s Industry Fund A balance of approximately $742,000 and Claire’s Industry Fund B balance of approximately $215,000 into the new SMSF.

Alternatives we considered

We considered (i) retaining your existing industry funds, with Claire’s contributions made to her existing fund; (ii) consolidating both balances into a single retail wrap platform (Platform A or Platform B); and (iii) the SMSF recommended above. … Option (ii) provides good investment flexibility but at higher percentage costs at your balance level once full platform fees are included, and without the same level of structural control.

BPBackPro
Should fixs 947D(2)(b)

This replaces both industry funds but does not say what the clients lose on rollover: insurance, low-cost options, exit fees.

What to do: Add a section, “What you will lose on rollover”.

BPBackPro
Must fixs 961B(2)(e)

The alternatives are described, but nothing shows in dollar terms why the SMSF beats Platform A or Platform B.

What to do: Add a table of annual costs for each option at the $957k balance.

less time per SoA, reported by More4Life
90%More4Life Financial Servicesless time per SoA, reported by More4Life
to an adviser‑ready SoA draft
About 10 minto an adviser‑ready SoA draft
combined client AUM across BackPro clients
$4.5bncombined client AUM across BackPro clients

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Compliance screenScore –

Unformatted SoA

5. recommendation a – SUPERANNUATION : Establish an SMSF

What we recommend:

    Establish a self-managed superannuation fund (SMSF) with a corporate trustee (Donnelly Family Super Pty Ltd) of which you will both be directors and members.

•    Roll over Andrew’s Industry Fund A balance of approximately $742,000 and Claire’s Industry Fund B balance of approximately $215,000 into the new SMSF.

Alternatives we considered

We considered (i) retaining your existing industry funds, with Claire’s contributions made to her existing fund; (ii) consolidating both balances into a single retail wrap platform (Platform A or Platform B); and (iii) the SMSF recommended above.

SMSF establishment (incl. corporate trustee company)........$2,950.....Nil

SoA CheckAdvice, not admin.
PDFSpecimen SoA - Harbour Lane.pdfUnformatted SoA
FormatCompliance

ComplianceCorporations Act, ASIC

  1. Reading your document
  2. Searching for the obligations that apply
  3. Finding the gaps and flagging each section
  4. Saving the compliance report

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What it checks against

Your SoA, read against the law, section by section.

Corporations Act 2001 (Cth)

  • s 961BThe best interests duty steps, such as looking into the alternatives.Must fixAlternatives are described, but nothing shows in dollar terms why the SMSF beats them.
  • s 961GAdvice that is appropriate to the client.Should fixA $118,400 tax cost is stated, with no word on whether a slower move was considered.
  • s 947DWhat the client must be told when a product is replaced.Should fixBoth industry funds are replaced, but not what the clients lose on rollover.
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Drop PDF, DOCX, Excel or CSV files, or click to browse

  • PDFDonnelly fact find.pdf✓ Fact find
  • PDFIndustry Fund A statement.pdf✓ Current super statement (with fees)
  • PDFPlatform PDS.pdf✓ Recommended product PDS (fee schedule)
Everything BackPro does for advisers

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Each year you could get back

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1,296 hours, about 171 working days

Based on More4Life’s reported 90%, the higher of our two client results.

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