DASH backs QAR SOA reforms, opens door for innovation and client centricity

DASH Technology Group has welcomed the final tranche of reforms brought forward by Minister Stephen Jones on Thursday 7 December 2023, addressing the delivery of advice via the removal of a Statement of Advice (SOA).

“It is very well documented how much an SOA is disliked by advisers and their clients. It hasn’t been fit for purpose for some time, so this move is a long-awaited breath of fresh air,” said Tim Rogers, Head of Distribution at DASH.

Advisers have long been burdened with legislative requirements, lifting this means for the first time in 10 years advisers can focus solely on client centric records of advice.

“We have been anticipating this shift for some time. It is the only logical way to minimise the administration burden created by a lengthy compliance document that has been masquerading as an advice document,” added Rogers.

“Starting from the drawing board lets advice practices take heed and see what is really going to work for them, their clients, and their business. This will allow creativity and innovation to come back into the advice process, and result in a more engaging and scalable approach to advice.”

DASH already has a digital advice delivery tool in the market, aimed at taking away the compliance burden and making advice more accessible. In some cases, by eliminating the need to physically present the advice, advice becomes more accessible by providing clients the option to review the recommendations in their own time.

Technology allows these digital documents to be time stamped when read, have inform consent, incorporate adviser videos throughout, or digital avatars for those utilising AI in their business.

Rogers says “This is a win for record keeping and compliance. What’s also exciting about this tool is the fact it goes one step further – it then executes the advice recommendations upon the client signing.”

Further to this, DASH is part of a consultation committee with the Financial Services Council, assisting in how to practically move forward as an industry to provide advice to the majority of Australians.