Finc19019 t2 2023 Insurance Soa Template Final v3-2

By submitting this SOA, you acknowledge the work contained within the document is your own
original work.
<Student name and ID>
FINC19019
SoA
Template
< This SOA contains instructions for completing and submitting this assessment. Type your
answers in the spaces provided and save your work regularly. There are examples of previous
SOAs completed by students on Moodle>
DR ANGELIQUE MCINNES AND MR ANDREW LANE

BCom BCom(Hon) [RSA] PDipMmt MCom&Mmt [NZ] AdvDipFS(FP) DipFS(FP) PhD [Aus]
LECTURER, FINANCIAL PLANNING
School of Business and Law

Higher Education Division | Central Queensland University Australia
17 July 2023
Mr. Bunji Dalman Jackson (Wiradjuri)

and Mrs. Mani Rose Williams
123 Streets Road,
Leneva VIC 3691
Dear Bunji and Mani,
Thank you for coming to see me regarding your financial planning requirements. This Statement of
Advice (SoA) is your personal financial plan.
Financial success is achieved by having a long-term plan that analyses your current situation, clearly
defines your goals and needs and helps you to understand the strategies that are necessary to
achieve them. We have explained our recommendations in a way that will help you to understand how
each recommendation is designed to meet your specific goals and needs.
Your financial plan will help you to take control of your financial future through a structured and
disciplined approach. This is a long-term commitment and should be reviewed regularly to measure
your progress over time towards achieving your goals.
Please call me if you would like to discuss any aspect of your financial plan.
Yours sincerely,
<Adviser name>
Authorised Representative
Statement of Advice (SoA)
Dated: 17 July 2023
Prepared for:
Mr. Bunji Dalman Jackson (Wiradjuri) and Ms. Mani Rose Williams
Advice Prepared by:

<Student Adviser name>
Authorised Representative No. 001298123
Credit Representative No. 364442
A: Headoffice:160 Ann Street, Brisbane, QLD 4000

,
P: 07 3391 5055
F 07 3391 1711
E: Adviser@CQUwealth.com.au
Website: https://cquwealth.com
Authorised Representative of: CQUWealth Pty Ltd
AFSL: Made-up Australian Financial Services Licensee

AFSL number: 227164
ABN: 22 7164 600 82
This is an important document!
Please read this document carefully. If there is anything you disagree with or do not understand, please contact your Adviser.
If you change your mind about the financial products you decide to buy or any other action you decide to take, contact your
Adviser immediately. You have a statutory 14-day cooling-off period in which you may be allowed to cancel certain types of
financial products. Details of the cooling-off period are detailed within the Product Disclosure Statements.
The recommendations contained in this document are current for a period of 30 days. Please consult your Adviser if you wish
to proceed after this time as your needs or circumstances may have changed.
©CQUniversity and ©IRESS

Table of Contents <Please ensure you update the table with correct page numbers>
Details About You Page 4
Your Goals and Objectives Page 8
Scope of our Advice Page 9
Your Insurance Needs Page 10
Page Error:
Reference
Strategy map
source not
found
Our Insurance Product Recommendations Page 20
Replacement of Product Page 26
Financial Outcomes of our Recommended Strategies Page 27
Our Ongoing Services Page 28
Our Disclaimers Page 28
The Cost of our Advice Page 30
Authority to Proceed with our Advice Page 33
How to Implement our Advice Page 35
Supporting Information and Annexures Page 36
Insurance Plan for <Client 1 and Client 2> Statement of Advice (SoA) Page | 3
©CQUniversity
©CQUniversity
Details About You
This section contains key information about your current circumstances and forms an
important part of our advice to you.
<This section has already been completed, but where your modelling figures differ because you are
using Midwinter and the data changes as it is more up to date and live, please do so in the tables
indicated in blue. Use your professional judgement when deciding to make changes to the Income
and expenses table and assets and liability tables below>
The information you have provided to us is crucial in understanding your current financial situation and
identifying opportunities. Our understanding of your current situation is detailed below.
As our advice is based on this information, please advise us immediately if there are any errors or
omissions as this may affect the appropriateness of our advice for you.
Your Personal Details
Bunji Mani
Title Mr. Mrs.

Given Name Bunji Mani
Preferred Name Dalman Rose
Family Name Jackson (Wiradjuri) Williams
Date of Birth 23/06/1991 (32) 01/10/1992 (30)
Marital Status Married
Retirement Age 67 67
Your Employment Details
Bunji Mani
Occupation Environment Project Officer Home Duties

Department of Environment and
Employer Home Duties
Science, VIC
Employment Status Full-time Stay at home mum
Your Estate Planning Details
Bunji Mani
Will in place? Yes Yes

Will last updated 1/3/2020 1/3/2020
1 copy at home office and 1 copy at the 1 copy at home office and 1 copy
Location of your Will
Solicitor’s office at the Solicitor’s office
Executor of your Will Craig Smith Craig Smith
Emily Smith (Sister) -
Timothy Williams - Medical Enduring
Power of Attorney(s)
Timothy Williams – Enduring Emily Smith (Sister) - Medical
No Guardianship set. No Guardianship set.
Yes – 100% of super to go to
Yes – 100% of super to go to Mani,
Binding death nominations Bunji, dated 30/06/2021 and
dated 30/06/2021 and lapses in 2024.
lapses in 2024.
Provision for testamentary trust No No
©CQUniversity
Dependents
Due date of Financial

Name Age Gender Relation
birth dependent
Dalman 5 16/01/2018 Yes Male Child - Son
Taworri 5 16/01/2018 Yes Female Child - Daughter
Your Annual Income
Income Owner Amount ($) per annum
Ordinary Wages (paid into Macquarie

Bunji $109,000
CMA)
Mani $0
CMA)
Interest on Macquarie CMA Joint $2,310
Assumed Distributions from
BetaShares Australian Financials
Sector ETF (QFN) for FY2023 Mani $1,056
(assume fully franked, paid into
Macquarie CMA)
NAB Account FY2023 Mani $0
Total Taxable Income $112,366
Your Annual Expenses
Expenses Owner Amount ($) per annum
Annual Christmas holidays Bunji 5,000

Another Expenditure / Accountant’s Bunji 380
Fees
Suncorp Car Insurance Bunji 1,050
Comprehensive – 2019 Toyota Hilux
SR5 Auto
Suncorp Car Insurance Bunji 780
Comprehensive – 2021 Mazda CX-5
Dining Out Bunji 500
Electricity Bunji 1,200
Food and Groceries Bunji 21,000
Health / NIB Private Medical Cover Bunji 2,011
Home / Suncorp Home and Contents Bunji 985
Insurance
Mobile Two mobile phones and data Bunji 2,160
Other Car Expenses 2019 Toyota Bunji
Hilux SR5 Auto Registration and CTP 839
insurance
Other Car Expenses 2021 Mazda CX- Bunji
741
5 Registration and CTP insurance
Other Loans / AMP Home Loan Bunji & Mani 21,710
Petrol Bunji 4,240
School Costs (State School) Bunji 2,000
©CQUniversity
Telephone Internet Bunji 1,668
Total Expenses Bunji 66,264

Total Tax Payable (after Medicare,
Bunji and Mani $28,401
and offsets)
Estimated surplus after tax $17,701
Your Assets
Assets Owner Amount ($) per annum
Real Estate / Primary Residence

Bunji & Mani
Home purchased for $500,000 five $500,000
(Joint)
years ago
Lifestyle / Household Contents
Bunji & Mani
Household contents and personal $20,000
(Joint)
effects
Lifestyle / Motor Vehicle
Mani $30,000
Mani - 2021 Mazda CX-5 Auto
Bunji $50,000
Bunji – 2019 Toyota Hilux
Lifestyle / Boat
Bunji & Mani
1999 Bunji’ s father gave him his $63,000
(Joint)
Bertram Caribbean 31 Ft Flybridge
Total $663,000
Financial Assets - Description Owner Value ($)

BetaShares Australian Financials Sector ETF (QFN): 2,670
units purchased on 11 March 2020 at $7.49 per unit with
cost base: $20,000. All Dividends have been and continue Mani $32,787
to be paid into Macquarie CMA. Value as of 9 March 2023
is $12.28.
Macquarie Cash Management Account with Online Trading
Joint $70,000
Account @ 3.30% per annum. Value as of 9 March 2023.
Liquid Assets / Current
NAB Classic Banking account as of 9 March 2023 (earns Mani $4,900
no interest)
Total $107,687
Your Liabilities
Liabilities Owner Amount ($) per annum
Credit Card
NAB Rewards Signature (paid in full Bunji - Card A
$0.00 /
each month) @ 19.99% Interest
6,000 Limit
Credit Card
NAB Rewards Signature (paid in full Mani - Card B
each month) @ 19.99% Interest
Other Current Loan balance (9 March
2023)
AMP 30 year Mortgage Basic
Package at current variable interest Mani and Bunji (267,101)
rate of 5.49% per annum paying
FORTNIGHTLY $835 with 24 years
left on the loan (Home Loan
©CQUniversity
Repayment Calculator - AMP)
Total ($267,101)
Superannuation
Your Superannuation – Mani
Tax-Free
Fund Name Insurance Held Taxable Component Total Balance
Component
Superannuation
Australian Super -
Mani 92,000 0 $92,000
Balanced (As of 30 June
2023)
Your Superannuation – Bunji
Tax-Free
Component
Superannuation
Australian Super -
Bunji 228,000 0 $228,000
Balanced (As of 30 June
2023)
Total Net Worth $823,586
Insurance Outside Superannuation
Your Life Insurance – Mani
Insurance Benefit Waiting

Owner Contract Type Benefit PeriodPremium
Provider Amount Period
Null Null Null Null Null Null
Your Life Insurance – Bunji

Insurance Inside Superannuation

©CQUniversity
Your General Insurance – Bunji and Mani
Insurance
Owner Insured Contract Type Level Premium
Provider/Policy
The couple also have
combined home building and
Suncorp Classic Suncorp Classic
Bunji and contents insurance cover with
Bunji home and home and $985
Mani Suncorp comprising:
contents cover contents cover
•$100,000 home contents
•$750,000 home building
NIB Private Bunji and NIB Private Bronze Starter Hospital Plus
Bunji $2,011
Health Mani Health + Core & Wellbeing Extras
Suncorp Youi
Comprehensive comprehensive Comprehensive with a $500
Bunji Bunji $1,050
Car Insurance – care insurance – excess
2019 Toyota Hilux Raptor 2018
Suncorp Youi
Bunji Mani $780
Car Insurance – car insurance – excess
2021 Mazda CX-5 Suzuki 2010
Suncorp
Compulsory Third Bunji Suncorp CTP car $839
Bunji Comprehensive Third Party
Party Car Mani cover $741
Insurance
We do not act as specialist general or health insurance advisers and recommend you seek advice
from someone who specialises in this area.
Note: Individuals with a taxable income above $90,000 or families with a combined taxable income
greater than $180,000 (this increases depending on the number of dependants), that do not have
private patient hospital insurance, will be subject to the Medicare Levy Surcharge of 1% to 1.5%. This
is in addition to the normal 2% Medicare Levy. Further information on this surcharge can be obtained
from the Australian Taxation Office (ATO) at www.ato.gov.au.
©CQUniversity
Your Goals and Objectives
This section describes your reasons for seeking our advice and highlights the goals and
objectives that you wish to achieve.
<This section has been completed and must not be customized. However, will need it to
complete your Insurance needs analysis and product recommendations >
Understanding your goals and objectives is essential in developing an advice strategy that is
appropriate for you. The recommendations we have made in this Statement of Advice aims to assist in
helping meet your stated goals and objectives. From our discovery journey and ongoing discussions,
we have identified and confirmed the following goals and objectives,
Wealth Protection
Priority Goal Value Time Frame

Bunji and Mani your main objective is to protect
High <Complete> Long Term
your family should either of you pass away.
Medium You both want to provide for your family if you
cannot work anymore because you are disabled or <Complete> Long Term
incapacitated in some way
Medium You both have heard about trauma cover and want
to know more about it and what it will cost because <Complete> Long Term
you heard it is expensive.
High Bunji, if you are unable to work due to an injury or
illness, you both would like to ensure that you can <Complete> Long Term
maintain the costs of living.
Low Bunji you would like to have tax effective insurance
<Complete> Long Term
cover to offset the costs of your premiums.
©CQUniversity
Scope of our Advice
This section describes areas of advice included within our advice, areas of advice excluded
from our advice, and any limitations of our advice that may apply to you.
This Statement of Advice (SoA) is a tailored financial plan that sets out our understanding of your
current situation and objectives and details our recommendations to assist you towards achieving your
stated goals and objectives. To be effective, it must be flexible and reviewed regularly over time to
ensure it remains responsive to changes in personal situation, financial markets and legislation - so as
things around you change, your financial plan stays on track.
<This section has already been completed and must not be customized. However you must read it to
understand the scope of the advice>
This Statement of Advice (SoA) is a tailored financial plan that sets out our understanding of your
current situation and objectives and details our recommendations to assist you towards achieving your
stated goals and objectives. To be effective, it must be flexible and reviewed regularly over time to
ensure it remains responsive to changes in personal situation, financial markets and legislation - so as
things around you change, your financial plan stays on track.
Scope(s) covered in this advice.
At your request, the advice provided in this Statement of Advice (SoA) is limited to the following areas:
 Personal Insurance outside superannuation
 Cashflow Management related to insurance advice only.
Scope(s) not covered in this advice.
The following are areas of advice that you requested and/or have confirmed that you do not require
our advice on:
 Wealth Creation
 Superannuation
 Insurances inside superannuation
 Retirement Planning
 General Insurance
 Social Security
 Estate Planning
 Gearing
 Cashflow Management is restricted to insurance advice only.
 Other Scope of Advice
Limitation(s) of our advice

 IMPORTANT: The advice contained in this SOA is valid for 30 days only. If the
recommended investment plan is not implemented within this timeframe, this SOA will need to
be reviewed for accuracy.
 Please tell me if you believe any of the information, I collected is wrong or incomplete,
because this will affect my advice to you. Therefore, if for any reason the information in this
SOA, which our advice to you is based on, is incomplete or inaccurate, then our advice to you
may be inappropriate and you should, before acting on this advice consider its
appropriateness, considering your specific circumstances, needs and objectives.
 The product recommendations are limited to products on our licensees an approved
recommended product list. Product Disclosure Statements (PDS) URLs and any supporting
documentation included in the Appendix for your attention. Please it is important that you read
these documents carefully. Please contact us if you have any questions or if there are areas of
these documents that you do not fully understand.
 Please make sure you read the Financial Services Guide (FSG) and ensure you ask me any
question you have about the FSG or any other matters, because our advice is limited to what
is disclosed in this document.
 Although by law, my recommendation to invest in any superannuation investments and
managed funds must be ‘appropriate’ for you. However, I cannot guarantee the performance
of those superannuation managed funds and investments.
©CQUniversity
Your Insurance Needs
This section describes how we calculated the amount of insurance that you need to
achieve your wealth protection goals
To arrive at our recommended amount of insurance (sums insured) we have calculated your insurance
requirements based on the personal information that you have provided us. Our analysis includes an
analysis of your income, expenses, assets and liabilities and is based on your personal requirements.
To determine the amount of insurance you require, we reviewed several “what if?” situations and
completed an Insurance Needs Analysis (INA). We have identified the following insurance shortfalls:
<Customize the table. Add more rows in the table if you need to add more items>
<Insert case study fact find details.DO NOT PASTE ANY CONTENT, TABLES OR CHARTS AS A
PICTURE OR JPEG OR JPG file format throughout the entire document or you will lose grades>
Term Life insurance analysis Bunji Mani

Lump sum required Lump sum required ($)
($)
Clear debts
Funeral costs
Emergency funds
Capital needs
Education funding
Income required per annum (number of
years)
Childcare costs (number of years)
Income replacement (lump sum
required*)
less
Realizable financial assets
Realizable lifestyle assets
Total cover required
less
Existing cover retained
Additional cover required.
(Or Amount of over-insurance)
* This is the lump sum required to fund your annual income needs for a period of <Insert the number> of years.
<After the table add in your customized explanation of the basis or justification of your values you are
proposing for each item using the template. Evidence-based advice is always better>
Bunji
The recommended life insurance cover will provide you with: <Customise for each client>
 <Insert from INA> to repay your current existing debts.<Insert further justifications for the
value chosen, any evidence you can offer the client to justify suitability and reasonableness>
 <Insert from INA> for your funeral expenses. <Insert further justifications for the value chosen,
any evidence you can offer the client to justify suitability and reasonableness>
 A lump sum required to provide you with about <Insert from INA> per annum for Bunji life
expectancy in the event of the death of a spouse. <Insert further justifications for the value
chosen, any evidence you can offer the client to justify suitability and reasonableness>
 <Insert from INA> for education expenses for your child .<Insert further justifications for the
 <Insert from INA> for daily living expenses .<Insert further justifications for the value chosen,
©CQUniversity
 <Insert from INA> for childcare costs for your child .<Insert further justifications for the value
We have considered the following offsets in our life insurance recommendations:
<Client> you currently have about <insert $> in Super.

Bunji> holds other investments, namely <insert list of investments> worth <insert $>.
Bunji holds lifestyle assets, namely <insert list of investments> worth <insert $>.
<Client> you currently have <insert $> worth of Death Cover.
Mani
The recommended life insurance cover will provide you with: <Customise for each client>
 <Insert from INA> to repay your current existing debts. <Insert further justifications for the
 <Insert from INA> for your final expenses. <Insert further justifications for the value chosen,
 A lump sum required to provide you with about <Insert from INA> per annum for Mani life
expectancy in the event of the death of a spouse. <Insert further justifications for the value
 <Insert from INA> for education expenses for your child <Insert further justifications for the
 <Insert from INA> for daily living expenses .<Insert further justifications for the value chosen,
 <Insert from INA> for childcare costs for your child .<Insert further justifications for the value
We have considered the following offsets in our life insurance recommendations:
Mani you currently have about <insert $> in Super.

Mani> holds other investments, namely <insert list of investments> worth <insert $>.
Mani holds lifestyle assets, namely <insert list of investments> worth <insert $>.
Mani you currently have <insert $> worth of Death Cover.
©CQUniversity
<Customize the Table and insert rows and items where necessary>
Total Permanent Disability Bunji Mani
insurance analysis Lump sum required Lump sum required ($)
($)
Clear debts
Medical/Lifestyle
Emergency funds
Recovery income (to recover
the <insert percentage> shortfall in your
Income Protection cover for <insert num-
ber> years
Capital needs:
Education funding for all schooling
years)
Income replacement (lump sum re-
quired*)
less
Realisable financial assets
Realisable lifestyle assets
less
Additional cover required.
(Or Amount of over-insurance)
* This is the lump sum required to fund your annual income needs for a period of <Insert the number> of years.
proposing for each item. Reasons for each item in the INA>
Bunji
The recommended TPD insurance cover will provide you with: <Customise for each client>
 <Insert from INA> to repay your current existing debts. .<Insert further justifications for the
 <Insert from INA> for your medical expenses. .<Insert further justifications for the value
 <Insert from INA> for your emergency fund. .<Insert further justifications for the value chosen,
 A lump sum required to provide you with about <Insert from INA> per annum for recovery in-
come (to recover the <insert percentage> shortfall in your Income Protection cover for <insert
number> years
 <Insert from INA> for education expenses for your child .<Insert further justifications for the
 <Insert from INA> for income required per annum (number of years) .<Insert further justifica-
tions for the value chosen, any evidence you can offer the client to justify suitability and reas-
onableness>
 <Insert from INA> for childcare costs (number of years) .<Insert further justifications for the
We have considered the following offsets in our TPD insurance recommendations:
Bunji you currently have about <insert $> in Super.

Bunji holds other investments, namely <insert list of investments> worth <insert $>.
Bunji you currently have <insert $> worth of TPD Cover. <delete if inappropriate or insert additional
items if appropriate>.
©CQUniversity
Mani
The recommended TPD insurance cover will provide you with: <Customise for each client>
number> years <Insert from INA> for education expenses for your child .<Insert further justific-
ations for the value chosen, any evidence you can offer the client to justify suitability and reas-
onableness>
onableness>
We have considered the following offsets in our TPD insurance recommendations:

Mani holds other investments, namely <insert list of investments> worth <insert $>.
Mani you currently have <insert $> worth of TPD Cover. <delete if inappropriate or insert additional
©CQUniversity
<Customize the table. Insert rows and items where necessary>
Trauma Insurance analysis Bunji Mani

Lump sum required ($) Lump sum required
Clear debts ($)
Medical/Lifestyle
Emergency funds
Recovery income (to recover the <insert
percentage> shortfall in your Income
Protection cover for <insert number>
years
Capital needs:
Education funding for all schooling
years)
Income replacement (lump sum)
required*)
less
Realizable financial assets
Realizable lifestyle assets
less
Additional cover required (or Amount
* of over-insurance)
This is the lump sum required to fund your annual income needs for a period of <Insert the number> of years.
proposing for each item. Reasons for each item in the INA>
Bunji
The recommended trauma insurance cover will provide you with: <Customise for each client>
onableness>
onableness>
We have considered the following offsets in our trauma insurance recommendations:
Bunji you currently have about <insert $> in Super.

Bunji holds other investments, namely <insert list of investments> worth <insert $>.
Bunji you currently have <insert $> worth of TPD Cover. <delete if inappropriate or insert additional
©CQUniversity
Mani
The recommended trauma insurance cover will provide you with: <Customise for each client>
onableness>
onableness>
We have considered the following offsets in our trauma insurance recommendations:

Mani holds other investments, namely <insert list of investments> worth <insert $>.
Mani you currently have <insert $> worth of TPD Cover. <delete if inappropriate or insert additional
©CQUniversity
<Customize the table>
Income Protection Insurance Bunji Mani
Occupation
Income
% Of income to cover
Superannuation maintenance benefit
Total cover required (per annum)
less
Income not affected by disability
Existing cover
Additional cover required (Annually)
Additional cover required (Monthly)
Benefit period
Waiting period
<Add in your customized explanation of the basis or justification of your values you are proposing. For
instance, why is the percentage income covered less than 100%?. Or why have you included
superannuation maintenance benefit, why have you deducted income unaffected by disability and
existing cover? What do we mean by benefit and waiting periods? Explain these terms to the client>
Bunji
The recommended income protection insurance will provide you with:
 <Insert from INA>.<Insert further justifications for the value chosen, any evidence you can of-
fer the client to justify suitability and reasonableness>
<include an explanation of important considerations when it comes to income protection>
Bunji
We have considered the following offsets in our income protection recommendation.
<Insert details>
Mani
The recommended income protection insurance will provide you with:
<include an explanation of important considerations when it comes to income protection>
Mani
We have considered the following offsets in our income protection recommendation.
<Insert details>
©CQUniversity
Strategy map
This section details a flowchart illustrating a visual summary of how your insurance
strategies will operate. Ideally the flow follows the money trail and/or shows transfers,
changes, redemptions or additions to our investment recommendations linked to
helping you achieve your stated goals and objectives.
<There are Exemplars on Moodle providing examples of some ideas of a Strategy map. However,
please feel free to be innovative here.>
©CQUniversity
Our Insurance Product Recommendations
This section details our recommended changes to your personal risk cover and the
resultant recommended changes to your insurance policies.
<Complete this part of the template and customize to each client separately the products
features/benefits, appropriateness, and risks. Do not combine clients under one explanation>
Bunji
To achieve your objective/s of <state the specific goal/s relating to the review of a specific term life
insurance need/s> to ensure you are adequately covered and it meets your needs and objectives, we
recommend you implement the following strategies:-
Your Life Insurance – Bunji<Customize the table with the updated life insurance with your
recommendations included>
Insurance Type Benefit Amount
Term Life <Insert the benefit amounts>

TPD
Trauma
Income Protection
Mani
To achieve your objective/s of <state the specific goal/s relating to the review of a specific term life
insurance need/s> to ensure you are adequately covered and it meets your needs and objectives, we
recommend you implement the following strategies:-
Your Life Insurance – Mani<Customize the entire table with the updated life insurances with your
Insurance Type Benefit Amount
Term Life <Insert the benefit amounts>

TPD
Trauma
Income Protection
Other
1. Future Considerations <articulate any issues you believe need to be considered as a future
planning issue.>
2. <Articulate any investigation type issues or other information the client requested.>
3. Keep in touch with changes to your insurance needs via our regular insurance reports and
annual strategic review of your Insurance Plan through our On-going Care services.
Insurance is about “risk sharing”. The aim is to eliminate or minimise the financial consequences of
loss to property, life, health or commercial opportunity.
The term ‘personal insurance’ refers to insurance policies you take out on yourself. It provides
protection against events like sickness, injury and death that prevent you and your family from meeting
your financial commitments and lifestyle requirements.
©CQUniversity
It is important to understand that insurance does not remove the risk of something going wrong. It
provides you and your family with protection, compensation and financial security if something does
happen. Put simply, insurance helps you manage those unexpected events that may otherwise mean
you have to:
 use your savings or investments.
 borrow money.
 ask family or friends or others for financial assistance.
 sell assets to pay outstanding debts and day-to-day living expenses; or
 find other ways to make ends meet.
From time to time, changes in your lifestyle and circumstances will demand different things from your
Wealth Protection Plan. It is important to continually assess your strategies considering your changing
needs.
Policy recommendations
Based on our research and your requirements we recommend you implement the following personal
insurance portfolio:
To achieve your objective of reviewing your insurances and ensuring you are adequately covered to.
meet your needs and objectives, we recommend you apply for the following types and level of cover.
Life insured: Bunji
Insurance Life in- Benefit Annual Premium Benefit Waiting

Product name/Insurer
Type sured Amount Premium type period period
<Make product recom-
mendations here. In-
Term Life
sert rows if you need
to>
TPD
Trauma
Income
Protection
*These quotes exclude stamp duty, plan fees, any loadings or exclusions and does not take into consideration
any other underwriting requirements.
Mani your current premiums on income protection will go on hold when you take maternity leave and not earn any
income.
Life insured: Mani
Insurance Life in- Benefit Annual Premium Benefit Waiting

Product name/Insurer
Type sured Amount Premium type period period
<Make product recom-
mendations here. In-
Term Life
sert rows if you need
to>
TPD
Trauma
Income
Protection
*These quotes exclude stamp duty, plan fees, any loadings or exclusions and does not take into consideration
any other underwriting requirements.
Mani your current premiums on income protection will go on hold when you take maternity leave and not earn any
income.
The levels of cover recommended are based on the following reasons:-
©CQUniversity
LIFE INSURANCE
Life insurance, also referred to as term insurance and death cover, pays a lump sum if you die. It
protects your family if you are no longer around to support them. While most people think that life
insurance is only for the main income earner, the person who takes care of the family is also a large
contributor to the home.
Bunji <Life insurance policy> has been selected for the following reasons:
 <Justification of the product’s suitability>
BENEFITS OF LIFE INSURANCE – GENERAL
Based on <insert your client’s goals>

• We discussed <insert your recommendations>
• I recommend that you <insert your recommendations here>
Should you die, your family may use the proceeds from a life insurance policy to repay mortgage and
other debts; cover medical and funeral expenses; provide schooling of children or grandchildren;
establish an investment portfolio to generate; ongoing income and enable your estate to be divided
equally without the need to sell assets.
Specific Benefits of Life Insurance Product – Outside Super
<Insert benefits or delete if not recommending insurance outside super – based on your analysis and
best advice decision>
The advantage to you is <insert the advantage>
•
Specific Risk/Disadvantages of Life Insurance Product– Outside Super
<Insert risks/disadvantages or delete if not recommending insurance outside super – based on your
analysis and best advice decision>
<NOTE: if recommending a blend (i.e., inside and outside super) you also need to blend the benefits
and risks of this strategy.>
The risk to you is <insert the risks>
•
ALTERNATIVE PRODUCTS CONSIDERED FOR LIFE INSURANCE
We have carefully considered your situation and in this process, we considered several alternative
insurance strategies and products, which we have rejected, because they were unsuitable to your
needs, goals and objectives.
<Your clients are going to want to know that you have carefully considered their situation and in
this process rejected some potential insurance strategies and products that were not the most
suitable for their needs. Just provide bullet points here.>
What alternative term life wealth protection strategies and products have I considered?
Features and benefits
Risk strategies and products
of the risk strategy and Why unsuitable for you?
considered to achieve the goals
product
<complete the table with at least current
©CQUniversity
strategy versus two MORE
ALTERNATIVE products>
Mani <Life insurance policy> has been selected for the following reasons:
BENEFITS OF LIFE INSURANCE – GENERAL
Based on <insert your client’s goals>

• We discussed <insert your recommendations>
• I recommend that you <insert your recommendations here>
Should you die, your family may use the proceeds from a life insurance policy to repay mortgage and
other debts; cover medical and funeral expenses; provide schooling of children or grandchildren;
establish an investment portfolio to generate; ongoing income and enable your estate to be divided
equally without the need to sell assets.
Specific Benefits of Life Insurance Product – Outside Super
•
Specific Risk/Disadvantages of Life Insurance Product– Outside Super
<NOTE: if recommending a blend (i.e., inside and outside super) you also need to blend the benefits
and risks of this strategy.>
•
ALTERNATIVE PRODUCTS CONSIDERED FOR LIFE INSURANCE
What alternative term life wealth protection strategies and products have I considered?
product
©CQUniversity
TOTAL AND PERMANENT DISABLEMENT INSURANCE
Total and Permanent Disability Insurance (TPD) provides a lump sum payment if you suffer a disability
before retirement and cannot work again or cannot work in your usual occupation or chosen field of
employment Payments under a TPD policy are generally not made until the insurer believes that you
are unlikely to work again.
The needs required to satisfy the financial consequences of TPD are often greater than that of death
and trauma due to the nature and cost of the event. TPD may necessitate the ongoing care of the
insured for many years. This risk is almost always an additional need to that required on death.
Bunji <TPD insurance policy> has been selected for the following reasons:
BENEFITS OF TPD INSURANCE
A benefit may be payable if you become terminally il or disabled.
Specific Benefits of TPD Insurance Product – Outside Super

• <Insert explanation here>
SPECIFIC RISKS/IMPLICATIONS OF TPD INSURANCE
Specific Risk/Disadvantages of TPD Insurance Product – Outside Super
ALTERNATIVE PRODUCTS CONSIDERED FOR TPD INSURANCE
©CQUniversity
What alternative TPD wealth protection strategies and products have I considered?
product
Mani <TPD insurance policy> has been selected for the following reasons:
BENEFITS OF TPD INSURANCE
A benefit may be payable if you become terminally il or disabled.
Specific Benefits of TPD Insurance Product – Outside Super

SPECIFIC RISKS/IMPLICATIONS OF TPD INSURANCE
Specific Risk/Disadvantages of TPD Insurance Product – Outside Super
ALTERNATIVE PRODUCTS CONSIDERED FOR TPD INSURANCE
What alternative TPD wealth protection strategies and products have I considered?
product
©CQUniversity
TRAUMA INSURANCE
Trauma insurance bridges the gap in income protection, health insurance, TPD and premature death.
This is because the Trauma condition does not require total disability, or near death, to provide for
admission of claim and the payment of a benefit.
Trauma (or critical illness) insurance provides a cash lump sum if you suffer a specified illness or injury
(e.g., serious heart attack, stroke, cancer, kidney failure etc). Advances in medical treatment have
increased the need for trauma insurance because of the improved chance of survival; although you
are more likely to survive, you are also more likely to have big medical bills to pay.
Bunji <Trauma insurance policy> has been selected for the following reasons:
<Note: Since 2014, Trauma Insurance is no longer available inside super>

SPECIFIC BENEFITS OF TRAUMA INSURANCE – Outside Super
Specific benefits of Trauma Insurance Product – Outside Super

SPECIFIC RISKS/IMPLICATIONS OF TRAUMA INSURANCE – Outside Super
Specific Risk/Disadvantages of Trauma Insurance Product – Outside Super
<Insert risks/disadvantages or delete if not recommending insurance outside super- based on your
The risk to you is <insert the advantage>
ALTERNATIVE PRODUCTS CONSIDERED FOR TRAUMA INSURANCE
What alternative trauma wealth protection strategies and products have I considered?
product
©CQUniversity
Mani <Trauma insurance policy> has been selected for the following reasons:
<Note: Since 2014, Trauma Insurance is no longer available inside super>

SPECIFIC BENEFITS OF TRAUMA INSURANCE – Outside Super
Specific benefits of Trauma Insurance Products– Outside Super

SPECIFIC RISKS/IMPLICATIONS OF TRAUMA INSURANCE – Outside Super
Specific Risk/Disadvantages of Trauma Insurance Products– Outside Super
<Insert risks/disadvantages or delete if not recommending insurance outside super- based on your
The risk to you is <insert the advantage>
ALTERNATIVE PRODUCTS CONSIDERED FOR TRAUMA INSURANCE
What alternative trauma wealth protection strategies and products have I considered?
product
INCOME PROTECTION
Income protection insurance (also known as disability insurance or salary continuance) provides a
monthly
©CQUniversity
payment stream to replace lost income if you are unable to work due to injury or sickness. It is
designed to help you maintain a reasonable standard of living, while you are unable to continue
earning your regular income.
While income protection insurance is an important consideration for anyone who works and relies on
an income, it is also important for self-employed people, small business owners or professionals
whose business relies heavily on their ability to work.
Bunji <Income protection insurance policy> has been selected for the following reasons:
BENEFITS OF INCOME PROTECTION
Specific Benefits of Income Protection Insurance Product– Outside Super
RISKS/IMPLICATIONS OF INCOME PROTECTION – Outside Super
Specific Risk/Disadvantages of Income Protection Insurance Product – Outside Super
<Note: Although legally it is possible to have multiple income protection policies, it never
recommended to do so, because income insurance policies have built-in offset clauses to ensure the
client only receives up to 75% of their income and no more. Thus, this leads to negotiations between
the multiple insurers as to how much each insurer will contribute to the 75% income benefit and could
delay payment to the client at a time the client needs it the most>
The disadvantage to you is <insert your recommendations here>

ALTERNATIVE PRODUCTS CONSIDERED FOR INCOME PROTECTION

What alternative income protection strategies and products have I considered?

product
©CQUniversity
Mani <Income protection insurance policy> has been selected for the following reasons:
BENEFITS OF INCOME PROTECTION
Specific Benefits of Income Protection Insurance Product– Outside Super
RISKS/IMPLICATIONS OF INCOME PROTECTION – Outside Super
Specific Risk/Disadvantages of Income Protection Insurance Product– Outside Super
<Note: Although legally it is possible to have multiple income protection policies, it never
recommended to do so, because income insurance policies have built-in offset clauses to ensure the
client only receives up to 75% of their income and no more. Thus, this leads to negotiations between
the multiple insurers as to how much each insurer will contribute to the 75% income benefit and could
delay payment to the client at a time the client needs it the most>
The disadvantage to you is <insert your recommendations here>

ALTERNATIVE PRODUCTS CONSIDERED FOR INCOME PROTECTION

What alternative income protection strategies and products have I considered?

product
PREMIUM STRUCTURE
<Customise> We recommend a level/stepped premium structure as this would be more cost effective
than a level premium.
©CQUniversity
<Insert an explanation of no more than 100 words to highlight the difference between level and
stepped premiums here>
Level Premiums are….
Stepped premiums are…
It is important to note that stepped premiums will increase significantly on an annual basis in your mid
40’s up until your 60’s. Consequently, you may be forced to reduce your insurance cover or cancel
them at a time when you need them most due to cash flow constraints.
When does the insurance cover start?
Your insurance does not commence until the insurer has completed their assessment and issued the
insurance policy. The length of the process from start to finish depends on several factors - in
particular, the time it takes for the insurer to receive all the information they require to fully assess your
application. As a result, it can take some time ….
Some insurers offer “interim” cover on a limited basis between the time of your application and
eventual acceptance. This varies between products and the terms and conditions are explained in the
Product Disclosure Statements.
Premiums are subject to underwriting requirements and approval from the insurer.
UNDERWRITING REQUIREMENTS
Once the insurer has received your application, they will advise what other requirements they have of
you. This can involve having a blood test or a medical examination or they may write to your doctor for
a report. We will let you know what these requirements are as soon as we have been informed.
YOUR DUTY OF DISCLOSURE
We note our discussion regarding your duty of disclosure to the Insurer. The key elements are:
 the Duty rests with you;

 if you believe that something is relevant to the insurer’s decision to accept the application, you
should disclose it;
 the Duty could go beyond the questions in the applications;
 disclosure of information that decreases the risk or is of common knowledge, is not required;
 the Duty continues until the policy has been issued.
If prior to policy issue, there is a change in the insured’s circumstances (health, occupation, pursuits,
etc.) and you believe this change would be relevant to the insurer’s decision to accept the application,
details should be disclosed.
Future claim payments could be affected if the requirements of the Duty are not followed.
©CQUniversity
Replacement of Product
This section explains the benefits, consequences and costs of our recommendation to replace
your existing product(s) with new product(s).
<Do not customize this section of the SOA template.>

We have not recommended that you replace one or more of your existing products with new products.
If we did make such a recommendation then before making this recommendation, we would have to
research the advantages, disadvantages and potential consequences associated with implementing
our recommendations. It is important that you understand the implications of cancelling any existing
products.
Whenever you replace any existing products with recommended products we must provide a
comparison between your existing and recommended products that include information relating to:
 Any charges which you may incur because of the product replacement.
 Any benefits which you may lose (even if only temporarily) or gain if you accept my
recommendation.
 Information about any other significant consequences we are aware of include.
We have not recommended you replace one or more of your existing products with new products.
©CQUniversity
©CQUniversity
Financial Outcomes of our Recommended Strategies
This section highlights the value of our advice by demonstrating the financial benefits of our
recommended strategies.
Our projections and forecasts have been prepared on the assumptions stated below and on information that you have provided. As future corporate, legislative and
economic factors cannot be predicted on a long-term basis, these projections are a guide only and there is no guarantee tin relation to any income, growth or asset
projections that are shown below.
The estimates of income and capital growth are based on the past performances of the respective investment managers and their estimates of the initial annual
income and compound capital growth over the terms of the investments. Neither we nor the investment managers guarantee these estimated figures.
Our projections have taken into information you have provided within the ‘Details About You’ section. If you have provided incomplete or inaccurate information about
your personal and financial circumstances these projections may not be accurate.
Our Financial Projections – Cash flow projection for five years
<Note: Insert cashflow before and after recommendations. Use present value annual balances for the cashflow projections. Please ensure you assume a reasonable
change in premiums. Include details of any assumptions made too; How the surplus has been impacted; How much surplus is left? Insert rows in the Table or re-
place with an Excel Table. Do not paste any tables in picture (e.g., jpg or jpeg) format. Hint: Complete the table in Excel and paste as a table in here.>
Bunji and Mani
CPI rate Current Year 1 Year 2 Year 3 Year 4 Year 5
Before recommendations After recommendations
Income Surplus
BUNJI
Total Term Life Premiums
Total TPD Premiums
Total Trauma Premiums
Total Income Protection Premiums
©CQUniversity
MANI
Total Term Life Premiums
Total TPD Premiums
Total Trauma Premiums
Total Income Protection Premiums
CPI %
Surplus left after premiums
©CQUniversity
©CQUniversity
Our Ongoing Services
This section describes our commitment in providing you with regular reviews and ongoing
professional advice, support and service.
<Do not customize>
Details of our on-going services are included in our Financial Services Guide and/or your
Letter of Engagement. Financial plans that are not regularly reviewed become irrelevant to
your changing needs and circumstances. This is easy to understand when you consider all
economic and regulatory changes that occur. Add to this the changes to your current and
future circumstances. You then realise ongoing care services and regular annual strategy
reviews are fundamental to the ongoing success of your financial plan.
We recommend that we review your situation annually, to ensure your financial goals will
continue to be met. The cost of conducting such reviews is included in our Cost of Advice
section below.
Our Disclaimers
This section outlines our disclaimers and key considerations you should note prior to
proceeding with our advice.
<Customize by adding any additional appropriate disclaimers and completing the relevant
information>
Estate Planning
Bunji and Mani, we recommend you review your Estate Planning Arrangements with an Estate
Planning Solicitor to ensure it is current and appropriate.
We recommend reviewing the following:
 Wills
 Enduring Powers of Attorney
 Binding Death Nominations
 Advanced Health Directives
 Guardianship
 Testamentary Trust
The following discussion addresses these areas in more detail.
An essential part of Estate Planning is to ensure that in the event of your death or the death of your
loved ones, the estate assets are distributed as you desire. You should review your Estate Planning
Needs every time there is a major change in your life and at least every five years. A review of your
financial position is an ideal time to review your wishes regarding the transfer of your wealth.
Following are some points we would like to highlight regarding your Estate Planning position. It should
be noted that, before acting, you should seek the professional advice and services of a solicitor.
WILLS
A Will is an important estate planning document. The Will determines who will oversee the
administration of the estate, and how the assets of the estate are to be distributed after death. For this
reason, the regular update of your Will is essential for effective Estate Planning to protect the welfare
of your beneficiaries.
A person who dies without a valid Will is said to have died intestate. In this situation, the person’s
assets are distributed in accordance with a government formula. Under this formula the intentions of
the deceased person/s do not prevail unless they are formally stated, i.e., within a Will.
©CQUniversity
Once you have a Will in place it should be updated whenever your personal details change, for
example a change in family circumstances, and at least should be reviewed every five years.
We note you have a Will in place, and it was last reviewed in <date>. We recommend that you talk to a
solicitor about reviewing your Will to ensure that your estate is distributed in the manner you wish.
<Note: customise to your case study>
Areas of concern when reviewing your wills include:
 Beneficiaries - consider not only who you would like to receive all or part of your estate when
you die, but who will benefit if your first choice of beneficiary (or second or third) predecease
you.
 Executors - this is the person who is responsible for your personal affairs should you die. You
should choose an executor who is unlikely to predecease you and you should nominate an
alternative or joint executor. We feel it is important that the executor be honest and in tune
with your wishes. The technical side of managing a deceased estate is easily handled,
provided your executor is aware of the services provided by professional solicitors, financial
planners and accountants.
 Specific Bequests and Devices - you may wish to consider leaving certain items to specific
individuals. This may also have some Capital Gains Tax benefits, as it can avoid the need for
the executor to sell an asset of the estate.
Assets not covered by a Will.
There are several assets that are not necessarily covered by your Will. It is important that you keep
these in mind when reviewing your Will. Generally, all personally owned assets are distributed in
accordance with your Will except the following:-
 Proceeds from a life insurance policy owned by another person or entity – This can arise
where a superannuation fund, family member or business associate owns the policy.
 Assets held within a trust or company structure. These do not form part of the estate although
shares or units that you own in the company or trust will be dealt with by the Will.
 Assets held within a superannuation fund – These are usually distributed at the
Superannuation Fund Trustee’s discretion unless a binding death benefit nomination has been
made.
 Assets owned jointly with another person – These pass directly to the survivor.
ENDURING POWERS OF ATTORNEY
An Enduring Power of Attorney is designed for people who cannot act for themselves due to mental
and/or physical incapacity. It gives someone else the ability to make decisions on your behalf. The
types of decisions your Attorney can make can be specified and your attorney must agree to the
appointment.
Giving someone an Enduring Power of Attorney means that your wishes will be carried out as
specified, even if you lose the capacity to make decisions for yourself. The person nominated as your
Attorney will have the power to make decisions in your interest as well as sign documents on your
behalf.
You should appoint someone you can trust as your Attorney, because you must be able to be rest
assured that any decisions will be made in your best interest. Also, it may be wise to give this power
to someone with expertise in an area.
You can appoint more than one Attorney. An example of this would be to appoint one person as your
Attorney for financial matters and another person as your Attorney for health or day to day decisions.
You can also appoint joint Attorneys - more than one - for each matter, requiring both to sign for a
certain decision.
©CQUniversity
You can limit the Attorney’s powers by specifying on the form anything you do not want the Attorney to
make decisions about.
To cover this contingency, we also recommend you talk to a solicitor about establishing Enduring
Powers of Attorney. <Note: customise to your case study>
BINDING DEATH NOMINATIONS
If you were to pass away while a member of the fund, your super account balance plus any death
insurance combine to form your death benefit.
The payment of a death benefit is governed by the trust deed of the fund and federal legislation like
the Superannuation Industry Supervision Act (SISA). The trust deed gives you the ability to nominate
who you would like to receive the benefit and how it will be paid – either as a lump sum, pension,
annuity or combination. Generally, two types of nominations are provided:
 Non-binding death benefit - the trustee has discretion to override your nomination. In this
instance, the trustee will go through an extensive process of identifying all potential
beneficiaries and then decide based on various factors.
 Binding death benefit - the trustee is bound to your nomination and has no discretion.
To provide certainty and ensure your benefits are paid in accordance with your wishes, we
recommend you make a binding death benefit nomination. You should discuss this with your estate
planning lawyer.
A binding nomination will only be binding if it is prepared in accordance with some specific guidelines.
The key issues you should be aware of include:
 Legally (under superannuation law), you can only nominate your death benefits to be paid to
either a dependant or legal personal representative.
 Dependants include your current spouse (married or de-facto) and child of any age. They can
also include any other person who can prove a financial dependency.
 Your legal personal representative is essentially the executor of your estate.
 Your nomination will need to be renewed every three years and earlier if your circumstances
change.
 The nomination is only effective upon receipt by the trustee.
You must sign and date the nomination in the presence of two adult witnesses who are not named in
the nomination and who have signed a declaration that the notice was signed by you in their presence.
Several super funds have introduced a non-lapsing death benefit nomination. Only a small number of
funds can offer this feature in accordance with their trust deed. Essentially, the same conditions apply
as per the binding nomination election, however there is no need to renew the nomination every three
years. As the nomination does not automatically lapse, it is important to review the nomination
regularly to ensure it remains consistent with your wishes. Importantly, funds offering the non-lapsing
death benefit nomination may have certain conditions or events (e.g., re-marriage) that render the
nomination invalid in accordance with their trust deed. Details will be contained within the fund’s
Product Disclosure Statement.
An important feature of a death benefit is that it cannot be rolled over. It must be taken as a lump sum
or a pension. The tax treatment of the death benefit will depend on whether it is paid as a lump sum or
a pension and whether it is paid to a dependant (and their age), non-dependant or the estate. The
Australian Taxation Office defines ‘dependant’ for this purpose.
Binding death benefit nominations were introduced to ensure that the beneficiary you nominate
receives the benefit you sought to give them - by lodging a binding nomination the trustee is bound by
your instruction and not their discretion.
It may be possible for a binding nomination to be challenged by interested parties (legislation varies
from state to state).
ADVANCE HEALTH DIRECTIVES

©CQUniversity
An Advance Health Directive is a document that states your wishes about your future health care for
various medical conditions. This document is important because an Enduring Power of Attorney
cannot be used to empower a person to withdraw or withhold life-sustaining medical treatment
irrespective of the prognosis.
To cover this contingency, we also recommend you talk to a solicitor about establishing Advanced
Health Directives. <Note: Customise to your case study>
Note: We are wealth advisers and are not qualified to provide specialised legal advice in this complex
area. You should seek legal advice from a qualified estate planning specialist. We can help you to
prepare an outline of your estate plan to assist your legal adviser.
Private Health and General Insurance
Review your private health insurance needs.
<Customize>
Bunji and Mani as part of your total insurance solution, we recommend that you review your private
health insurance needs. We recommend you do so at least annually to ensure it continues to meet
your family’s personal needs and qualifies you to receive the tax and premium incentives. However,
we are unauthorized to recommend health insurance products.
Private health can be an important part of your overall financial security. Some of the benefits of
having private health cover include:
 <List at least five>


Review your general insurance needs.
<Customize>
Bunji and Mani when we first spoke, you said you did not need to review your existing general
insurance (e.g. <list types of general health insurance applicable to the clients>
General insurance protects your property such as your <list types of general health insurance
applicable to the clients>. It provides protection in the event of <list the risks you are protected from
with general insurance>. Finally, public liability insurance covers you if you are <complete>.
As we are unauthorized to provide general insurance advice we recommend that you speak to a
<Complete> to make sure that your existing cove is appropriate to meet your needs.
Legal and Taxation Advice
Authorised Representatives of are not authorised to provide legal or tax advice. Some of the
recommendations within this Statement of Advice are based on our understanding of relevant rules,
including some taxation legislation. These understandings should not be relied upon as a substitute for
professional legal or tax advice.
For further advice on these matters, we recommend you refer to your taxation or legal specialists, or
we can assist in referring a recommended specialist for you.
Cooling Off Rights
In respect to the specific financial products we recommend as part of our advice, you may be entitled
to a 14-day cooling off period. If a 14-day cooling off period applies, it commences from the earliest of
when you receive confirmation of your policy/investment or the end of the fifth day after the product
was purchased by or issued to you. Cooling off periods apply to risk insurance products (general and
life), investment life insurance products, unlisted managed fund products, superannuation products,
and Retirement Savings Accounts:
©CQUniversity
Insurance – within this period, you can change your mind and request that your policy be cancelled
and premium refunded. Your refund will be the amount of premium paid.
Other
To find out more about life insurance, visit ASIC’s MoneySmart website (www.moneysmart.gov.au).
<Customise. Note: It is preferable that you customise per details of the cooling off periods in the
PDS.>
©CQUniversity
Cost of our Advice
This section explains the advice and product fees that you will pay as well as the
remuneration that your adviser - and related third parties will receive
There are numerous services (and costs) associated with the preparation and implementation of your
Insurance Plan including advice, insurance premiums and related costs. <AFSL LICENSEE NAME>
Advisers believe in transparency of these costs.
<Before completing this section read the resources, including the relevant ASIC Regulatory Guides
90, 168, 175, 245, 246 posted on Moodle regarding fee disclosure of insurance products on Moodle
about remuneration, commissions and other benefit disclosures. Then read the fees and costs section
of all the PDS of the recommendations to assist in completing this section of the SOA>
Below, we explain the services performed and the fees that will be applied. We detail our advice costs,
the charges for services provided by other parties, and we also tell you who receives these fees and
charges. All fees include GST.
WHAT WE CHARGE FOR OUR ADVICE
The tables below show what we will receive (including GST) in relation to the advice provided in this
Statement of Advice. The tables also show the cost to you, and the distribution of amounts between
CQU Wealth Pty Ltd, the Practice and your Adviser.
The fees and charges are separated according to the various stages they are payable. Any costs that
are based on a percentage may vary over time and, as such, the dollar amounts shown below should
only be used as a guide.
This section informs you about:
• The fees you will pay to the product provider if you follow our advice
• What fees you will pay us
• The remuneration I receive from the product provider if you accept our recommendations
• How am I paid
• Any other benefits I may receive
Please refer to the relevant Product Disclosure Statement (PDS) for further information.
Fees that you will pay us.

We charge SOA preparation fees, implementation fees, ongoing advice fees and/or other non-product
related fees.
Statement of Advice (SOA) Preparation and Implementation Fees (one-off costs)

<Do not customize>
Service Total Fee CQU Wealth Adviser
p.a. Pty Ltd
Statement of Advice fee Flat Fee $2,000 5% $100 95% $1,900
Implementation of SOA fee Flat Fee $500 5% $25 95% $475
TOTAL $2,500 $125 $2,375
The fee for the Statement of Advice is $2,375 which you have agreed to via our Service Agreement.
This is for our initial advice and covers the cost of our meetings, analysis, research and modelling,
©CQUniversity
together with the preparation and presentation of this Statement of Advice. If you implement our
recommendations, you will not be liable for this fee as it will be offset by way of commission. If you do
not implement out recommendations, you will be liable for this fee which can be paid to us by cheque.
Implementation fee covers the cost of implementing the recommended strategies and includes
implementation of insurances, liaising with external parties like the insurance companies. Bank
transfer pays this fee to us from you.
On-going advice and service (on-going costs) <Do not customize this table>
Service Total Fee CQU Wealth Adviser
p.a. Pty Ltd
Statement of Advice ongoing fee Flat Fee $500 5% $25 95% $475
TOTAL $500 $25 $475
We charge a fee of $250 for each semi-annual review, which is a total annual fee of $500. This is for
the on-going review of your plan.
Details of our on-going services are included in our Financial Services Guide and/or your Letter of
Engagement.
This fee may be tax deductable, significantly reducing costs (you should check this with your tax
adviser). This fee is invoiced at the time of the review and applies in each year that your insurance
policy is in force by ongoing agreement.
Other fees and benefits

Not applicable as we do not receive any other benefits.
Insurance Initial Remuneration <Customize>

<Client 1>
Insurance Policy Annual Total Fee CQU Wealth Adviser
Premiums (Incl GST) Pty Ltd
($)
<Term Life Product Name> 0 66% $0 5% $0 95% $0
<TPD Product name> 0 66% $0 5% $0 95% $0
<Trauma Product name> 0 66% $0 5% $0 95% $0
<Income Protection Product name> 0 66% $0 5% $0 95% $0
Total 0 2.64 0.2 3.8
<Client 2>
Insurance Policy Annual Total Fee CQU Wealth Adviser
Premiums (Incl GST) Pty Ltd
($)
<Term Life Product Name> 0 66% $0 5% $0 95% $0
<TPD Product name> 0 66% $0 5% $0 95% $0
<Trauma Product name> 0 66% $0 5% $0 95% $0
<Income Protection Product name> 0 66% $0 5% $0 95% $0
Total 0 2.64 0.2 3.8
Insurance Ongoing Remuneration (p.a.)
<Client 1>
Insurance Policy Annual Total Fee (incl CQU Wealth Adviser
Premium GST) Pty Ltd
©CQUniversity
s ($)
<Term Life Product Name> 0 22% $0 5% $0 95 $0
%
<TPD Product name> 0 22% $0 5% $0 95 $0
%
<Trauma Product name> 0 22% $0 5% $0 95 $0
%
<Income Protection Product 0 22% $0 5% $0 95 $0
name> %
Total 0 0.88 0.2 3.8
<Client 2>
Insurance Policy Annual Total Fee (incl CQU Wealth Adviser
Premium GST) Pty Ltd
s ($)
<Term Life Product Name> 0 22% $0 5% $0 95 $0
%
<TPD Product name> 0 22% $0 5% $0 95 $0
%
<Trauma Product name> 0 22% $0 5% $0 95 $0
%
<Income Protection Product 0 22% $0 5% $0 95 $0
name> %
Total 0 0.88 0.2 3.8
Note - The ongoing remuneration is paid by the insurer upon renewal of your insurance policy. Your
premiums will change each year and the ongoing remuneration paid to us is based on this new
premium. For example, if your premium in year 2 is $2,500, the total remuneration paid to us will be
31% of this premium or $775. Each year the remuneration paid to the adviser may change depending
on your insurance premium upon renewal. The amounts above are based on in the insurance
premiums quoted. The amounts received by us will increase/change if insurance is offered with a
loading and a higher premium is paid.
©CQUniversity
Authority to Proceed with our Advice.
This section contains essential information that you need to understand and acknowledge to
proceed with this advice.
<Customise by completing this section assuming the clients are happy with your advice and have
signed the document>
By signing below, we/I confirm that we/I:
 Understand that the information in this Statement of Advice (SoA) is current for a period
of 30 days only. If a period of 30 days or more has elapsed since the date of this
Statement of Advice (SoA) that I should contact <adviser name> to confirm the
continuing appropriateness of the advice before implementing any of the
recommendations within.
 Have received, read and understood the Financial Services Guide (FSG) Version received on
<date>.
 Have received, read and understood this Statement of Advice (SoA) dated 01/07/2019 prepared
by <adviser name>.
 Have read and understood the additional resources section outlined on the preceding page of
this Statement of Advice (SoA) and acknowledge that additional copies can be made available
on request.
 Understand that the advice contained within the Statement of Advice (SoA) is based on
information provided by me. It is my responsibility to advise <adviser name> if there are any
errors or omissions in the information in this Statement of Advice (SoA) prior to implementing
any part of the proposed strategy(ies).
 Understand that if incomplete or inaccurate information has been provided there is a risk that the
recommended advice may not be fully appropriate to the stated needs.
 Understand that partial implementation of and/or amendments to recommendations contained
within this Statement of Advice (SoA) may not produce the desired outcomes.
 Understand that this Statement of Advice (SoA) is solely for the use of those to whom it is
addressed and neither nor any of its Authorised Representatives or employees accepts liability
to third parties who use or rely on all or any part of the content.
 Understand that all recommendations in this Statement of Advice (SoA) are based solely on
current interpretations of applicable laws and regulations.
 Understand that certain assumptions have been made in preparing these recommendations and
that the value of the recommended investment(s) may rise and fall in line with market conditions
and that projected returns (where used) are only used as an estimate based on historical data
and no guarantee is given as to future performance.
 Have read and understood the fees payable by meant the remuneration received by <adviser
name> as outlined in ‘Cost of our Advice’ section of this Statement of Advice (SoA).
 Have received, read and understood all Product Disclosure Statements (PDS) about each
financial product that has been recommended within this advice.
 Understand that this advice does not contain information on financial services products for which
is not authorised to deal and advise under its Australian Financial Services Licence (Prohibited
Products). Advice on financial services products that fall outside Approved Product List (Client
Choice of Products) will also not be provided except circumstances.
 Will advise <adviser name> as soon as possible if I wish to cease implementation of this
Statement of Advice (SoA) and understand that I may still be liable for outstanding fees.
By signing below, we/I hereby authorize <adviser name> to:
Proceed with the implementation of the strategy detailed in this Statement of Advice (SoA)
and all the financial product recommendations made within it;
OR;
©CQUniversity
Proceed with the implementation, in part only, of the strategy detailed in the Statement of
Advice (SoA) and / or partial financial product recommendations (please detail any amendments
below).
By signing below, we/I confirm that I have received, read and understood the Review Service
that has been offered to me and elect to:
Proceed with the provision of the Ongoing Service Agreement.
I/We will advise <Adviser name> as soon as possible in writing if I wish to cease participation in the
ongoing review service and understand that I may still be liable for outstanding fees for work already
completed.
OR;
Decline the Ongoing Service Agreement offered to us me and acknowledge that on

completion of the implementation of the recommendations within this financial plan, your services will
be deemed as having been completed.
Acknowledgment
Name: <Client name> Signature: <Signature> Date: <Date>

Bunji Name
Name: <Client name> Signature: <Signature> Date: <Date>

Mani Name
Name: <Adviser name> Signature: <Signature> Date: <Date>

Adviser Name
©CQUniversity
How to Implement our Advice
This section contains a checklist of what you need to do to implement this advice.
<You must prepare an implementation schedule detailing implementation of the plan here.>
This checklist has been provided to help you understand the contents of our Statement of Advice
(SoA) and guide you through the implementation process. , is happy to provide you with any
assistance in completing any of the steps outlined in the checklist below:
Your Implementation Checklist
Please read the Statement of Advice (SoA)
Review the Product Disclosure Statements for our recommended products.
Contact our office or your Adviser - <adviser name> directly if you have any questions.
Sign the Authority to Proceed
Complete, sign, and return the following required application forms:
<add more implementation requirements>
©CQUniversity
Supporting Information and Annexures
This section contains additional detail to further your understanding of this advice.
<Customize appropriately>
APPENDIX 1 COMPLIANCE DOCUMENTS
Where the documents noted below are referenced within this Statement of Advice (SoA), the
information disclosed in these is taken to form part of this document and you should ensure you have
read and understood them. These documents have been provided to you, either previously or with this
advice. Copies of these documents are available upon request from our office.
Financial Planning Document Name Version Date Provided
Financial Services Guide V24 2023 <11 July 2023>
Adviser Profile V6 2023 <11 July 2023>
Product Disclosure Document Name URL Date Provided
<List all the PDS and their URL links. Please

do not provide copies of the PDS>
APPENDIX 2 ASSUMPTIONS
Current
Assumptions Proposed situation
situation
<List all the assumptions you have made during the preparation of
this SOA. E.g. Cash account interest rate. Consumer Price Index
Add any other assumptions the client needs to know about>
APPENDIX 3 FINANCIAL POSITION AFTER IMPLEMENTATION OF STRATEGY
Assets Owner Amount ($) per annum
Real Estate / Primary Residence

Bunji & Mani
Home purchased for $500,000 five $500,000
(Joint)
years ago
Lifestyle / Household Contents
Bunji & Mani
Household contents and personal $20,000
(Joint)
effects
Lifestyle / Motor Vehicle Mani
$30,000
Mani - 2021 Mazda CX-5 Auto
Bunji $50,000
Bunji – 2019 Toyota Hilux
Lifestyle / Boat
Bunji & Mani
1999 Bunji’ s father gave him his $63,000
(Joint)
Bertram Caribbean 31 Ft Flybridge
Total $663,000
Financial Assets - Description Owner Value ($)

BetaShares Australian Financials Sector ETF (QFN): 2,670
units purchased on 11 March 2020 at $7.49 per unit with
cost base: $20,000. All Dividends have been and continue Mani $32,787
to be paid into Macquarie CMA. Value as of 9 March 2023
is $12.28.
©CQUniversity
Macquarie Cash Management Account with Online Trading
Mani $70,000
Account @ 3.30% per annum. Value as of 9 March 2023.
Liquid Assets / Current
NAB Classic Banking account as of 9 March 2023 (earns Joint $4,900
no interest)
Total $107,687
Your Liabilities
Liabilities Owner Amount ($) per annum
Credit Card
NAB (paid in full each month) @ Bunji - Card A
19.99% Interest $0.00 /
Credit Card $6,000 Limit
NAB (paid in full each month) @ Mani - Card B
19.99% Interest
Other Current Loan (9 March 2023)
AMP Home Loan at current rate of Bunji and Mani ($267,101)
5.49% per annum
Total $267,101
Total Net Worth $823.586
Superannuation
Your Superannuation – Mani
Tax-Free
Component
Retirement /
Superannuation
Australian Super - Mani $92,000 0 $92,000
Balanced (MySuper) as
of 30 June 2023
Your Superannuation – Bunji
Tax-Free
Component
Retirement /
Superannuation
Australian Super - Bunji $228,000 0 $228,000
Balanced (My Super) as
of 30 June 2023.
©CQUniversity
Insurance Outside Superannuation
Your Life Insurance – Mani<Customize the entire table with the updated life insurances with your

<Insert details of the
client’s new
insurance policies>
Your Life Insurance – Bunji<Customize the entire table with the updated life insurance with your

<Insert details of the
client’s new
insurance policies>
Insurance Inside Superannuation


Your General Insurance – Bunji and Mani
Insurance
Owner Insured Contract Type Level Premium
Provider/Policy
The couple also have
combined home building
Suncorp Home Suncorp Classic and contents insurance
Bunji and
Bunji and contents home and cover with Suncorp $985
Mani
cover contents cover comprising:
•$100,000 home contents
•$750,000 home building
©CQUniversity
NIB Private Bunji and NIB Private Bronze Starter Hospital Plus
Bunji $2,011
Health Mani Health + Core & Wellbeing Extras
Suncorp Youi
Bunji Bunji $1,050
Car Insurance – care insurance – excess
2019 Toyota Hilux Raptor 2018
Suncorp Youi
Bunji Mani $780
Car Insurance – car insurance – excess
2021 Mazda CX-5 Suzuki 2010
Bunji and Suncorp CTP Car Bunji Suncorp CTP car $839
Comprehensive third party
Mani Insurance Mani cover $741
Annual Income
Income Owner Amount ($) per annum

Bunji $109,000
CMA)
Mani $0
CMA)
Interest on Macquarie CMA 3.3%p.a. Joint $2,310
Assumed Distributions from
BetaShares Australian Financials
Sector ETF (QFN) for FY2023 Mani $1,056
(assume fully franked, paid into
Macquarie CMA)
Total $112,366
Expenses <Customize the entire table with the updated budget with your recommendations included>
Type Owner Amount

Annual Christmas holidays Bunji 5,000
Another Expenditure / Accountant’s Fees Bunji 380
Suncorp Car Insurance Comprehensive – 2019 Toyota Bunji 1,050
Hilux SR5 Auto
Suncorp Car Insurance Comprehensive – 2021 Mazda CX- Bunji 780
5
Dining Out Bunji 500
Electricity Bunji 1,200
Food and Groceries Bunji 21,000
Health / NIB Private Medical Cover Bunji 2,011
Home / Suncorp Home and Contents Insurance Bunji 985
Mobile Two mobile phones and data Bunji 2,160
Other Car Expenses 2019 Toyota Hilux SR5 Auto Bunji
839
Registration and CTP insurance
Other Car Expenses 2021 Mazda CX-5 Registration and Bunji
741
CTP insurance
Other Loans / NAB Home Loan Bunji 21,710
Petrol Bunji 4,240
School Costs (State School) Bunji 2,000
Telephone Internet Bunji 1,668
©CQUniversity
<Insert insurance premiums for Mani and Bunji>
Taxation Expense Joint $<Complete>

Total expenses $<Complete>
Net Surplus/(Deficit) after tax* $<Complete>
* Net Surplus/(Deficit) after tax = Total income before tax – tax payable – total expense
<add any RELEVANT additional supporting information in separate Appendices>
APPENDIX 4 EVIDENCE OF TERM LIFE INSURANCE PRODUCT RESEARCH

<insert evidence of your product research – must include comparisons of at least two term life >
APPENDIX 5, EVIDENCE OF TPD INSURANCE PRODUCT RESEARCH
<insert any additional documents for the benefit of the clients. At least two product comparisons >
APPENDIX 6, EVIDENCE OF TRAUMA INSURANCE PRODUCT RESEARCH
<insert any additional documents for the benefit of the clients. At least two product comparisons >
APPENDIX 7, EVIDENCE OF INCOME PROTECTION INSURANCE PRODUCT RESEARCH
<insert any additional documents for the benefit of the clients. At least two product comparisons>
REFERENCE LIST
<Complete your list of references used during the completion of this SOA>
©CQUniversity

Finc19019 t2 2023 Insurance Soa Template Final v3-2

Uploaded by

Copyright:

Available Formats

You might also like

Finc19019 t2 2023 Insurance Soa Template Final v3-2

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Finc19019 t2 2023 Insurance Soa Template Final v3-2

Uploaded by

Copyright:

Available Formats

By submitting this SOA, you acknowledge the work contained within the document is your own

<Student name and ID>

DR ANGELIQUE MCINNES AND MR ANDREW LANE

School of Business and Law

Mr. Bunji Dalman Jackson (Wiradjuri)

Dear Bunji and Mani,

Advice Prepared by:

A: Headoffice:160 Ann Street, Brisbane, QLD 4000

Authorised Representative of: CQUWealth Pty Ltd

AFSL: Made-up Australian Financial Services Licensee

ABN: 22 7164 600 82

This is an important document!

©CQUniversity and ©IRESS

Details About You Page 4

Your Goals and Objectives Page 8

Scope of our Advice Page 9

Your Insurance Needs Page 10

Our Insurance Product Recommendations Page 20

Replacement of Product Page 26

Financial Outcomes of our Recommended Strategies Page 27

Our Ongoing Services Page 28

Our Disclaimers Page 28

The Cost of our Advice Page 30

Authority to Proceed with our Advice Page 33

How to Implement our Advice Page 35

Supporting Information and Annexures Page 36

Your Personal Details

Title Mr. Mrs.

Your Employment Details

Occupation Environment Project Officer Home Duties

Your Estate Planning Details

Will in place? Yes Yes

Due date of Financial

Your Annual Income

Income Owner Amount ($) per annum

Ordinary Wages (paid into Macquarie

Total Taxable Income $112,366

Your Annual Expenses

Expenses Owner Amount ($) per annum

Annual Christmas holidays Bunji 5,000

Total Expenses Bunji 66,264

Estimated surplus after tax $17,701

Assets Owner Amount ($) per annum

Real Estate / Primary Residence

Financial Assets - Description Owner Value ($)

Liabilities Owner Amount ($) per annum

Your Superannuation – Mani

Your Superannuation – Bunji

Total Net Worth $823,586

Insurance Outside Superannuation

Your Life Insurance – Mani

Insurance Benefit Waiting

Your Life Insurance – Bunji

Insurance Benefit Waiting

Null Null Null Null Null Null

Insurance Inside Superannuation

Your Life Insurance – Mani

Insurance Benefit Waiting