Compass | Time Critical Statement of Advice Wizard

The Time Critical Advice Wizard provides you with a merge that allows you to cater for advice that is time critical in nature. In limited circumstances where it is not reasonably practicable to provide a full SOA, the Time Critical Wizard advice document will provide you with an easy to put together a document that provides clarity to your client on your advice.

1. Go to Wizards> 2. Advise the Client> Time Critical Advice Builder

2. For Time Critical Advice you will need to create a new scenario by typing a Scenario Name

3. Select the appropriate entity for Who is this Advice For

4. Select the appropriate adviser for Who is this Advice From

5. The Advice Document Date is a mandatory field and sets the date of the Time Critical Advice document

6. The Date of the Discussion is a mandatory field for you to input the date that you had discussed with the client about this time critical advice.

7. Advice to Include is a mandatory field, select if your Time Critical Advice relates to investments and/or insurance. Note: Investments relates to both Investments and Superannuation advice

8. If you had chosen to include investments then the next page is the Investments and Superannuation page.

9. Click to include your transactions for your investments and super

1. 1. First, select the Owner of the investment/super
   2. Select the Transaction Type and choose between a Contribution or Withdrawal
   3. The Name of the account/platform/product/share; Note: this can be templated
   4. Input the Amount of the transaction

Note: you can click on Add More to come straight back to the editor page when you click Save

10. If you had chosen to include insurances, then the next page is the Insurance page

11. Click to include your details for your insurance

1. 1. First, select the Owner of the insurance
   2. Type in the Insurance Provider or underwriter, note that this field is can be templated
   3. Enter the Premium and Premium Frequency
   4. Enter the Benefit amount

Note: by clicking on Add More and then save will bring you back to this editor page straight away for you to add your next insurance.

12. Under limited circumstances, you may choose to include to do a Replacement of Product as part of your Time Critical Advice (if unsure, please contact your Professional Standards Consultant). If you need to include replacement of product details check the Include Replacement of Product

13.In the Replacement of Product details field, we have listed the layout of how you should detail the replacement of the product, this field can also be templated, so you can design your own layout on how to present your details

14. On the next Remuneration, page add your remuneration to the advice, first in the Options select whether you wish to Add Remuneration Commentary which will open a commentary textbox to enter your details and whether you want to Include Dealer Facilitation Fee Details. Ticking this on will automatically include wording as part of your document on Dealer Facilitation Fee.

15. Click against the Add Your Remuneration Fill in Who is Paying for this, Type and Subtype and this will automatically fill in Fee Description, Calculated on (description of how this fee is calculated) and When is this Payable. You will need to fill out Total Amount Payable and Source of Payment (ASIC requirement; how the client pays for their fees) Checking Add More before clicking save will take you to another editor page to add you next remuneration straight away.

16.Under Disclosures choose to include Product Arrangements (Adviser benefits) and/or Product Arrangements (Licensee benefits) which will open editable textboxes with automatic text. Review and edit the texts where necessary

17. Merge the document by clicking on the