What should a broker do if it is not practical to provide the SoA at the time of advice?

When a broker finds that it is not practical to provide the Statement of Advice (SoA) at the time of giving advice, the most appropriate action is to provide it within 5 days of delivering that advice. This approach ensures timely disclosure and aligns with the regulatory requirements aimed at protecting the interests of clients. The SoA is crucial because it outlines the advice given, the basis for that advice, and any relevant fees or commissions, enabling clients to make informed decisions about their financial matters.

Providing the SoA within a 5-day timeframe also helps maintain transparency and trust between the broker and the client. It fosters an environment where clients feel valued and informed about the recommendations they receive. In contrast, not providing it at all or only providing it upon request diminishes the accountability of the broker and doesn’t meet the regulatory expectations to uphold client rights to receive comprehensive advice documentation. Additionally, mailing it after 10 days would unnecessarily delay important information that the client should have in a timely manner. Therefore, delivering the SoA within 5 days is the best practice in this scenario.