Expiring Statement Of Advice: What This Means For Advisers

Expiring statement of advice: What this means for advisers
  1. As required by ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968 advisers must maintain current SOAs with accounts as this forms part of the accounts Managed Discretionary Account (MDA) contract with Mason Stevens.

    If a client’s SOA has expired, the MDA contract is deemed to be terminated and discretion can no longer be exercised on the client’s MDA to re-balance the underlying holdings. 

    Termination of the MDA contract requires Mason Stevens to transfer investment holdings from the managed portfolio(s) to the client’s Self Directed Portfolio (SDP). 

    We must receive attestations or renewed SOA documents before the date of expiry to keep your client(s) invested in the managed portfolios.

How do I renew my client's SOA?

If your client’s SOA is up for renewal, and their personal circumstances have not changed therefore the existing SOA is still applicable, you can attest to this via the platform. Please follow the steps below:

  1. Under Adviser home, select Bulk SOA renewal.
  2. Here you will see all clients due for renewal, with the ability to filter by account name, account ID, account type, expiry date and status. When selecting which SOAs to renew, you have the option to individually select accounts or select all.
  3. You will need to export the list of clients to a CSV file by navigating to the button on the top of the page ‘Export to CSV’. You will only need to include the clients you are attesting to with this submission.
  4. Make your selection by ticking individual accounts or ‘Select all’. 
  5. Once selected, click Next.
  6. Next, download the Statement of advice attestation form. You will need to sign and date this form.
  7. Upload the signed attestation form with the list of clients from the CSV file, enter the date you signed the form and select submit.

To view previous SOA Renewal submissions, navigate to Adviser home > Bulk SOA Renewal and select ‘Previous submissions’. Alternatively, search a specific account and go to Account Details > Investor Status.


Have any questions for us?

If you cannot find the answer you are looking for, you can submit a request and we will be in touch as soon as possible. Alternatively you can contact us on 1300 988 878, or email us at wealth@masonstevens.com.au