As a financial services lawyer and compliance adviser I have, over many years, reviewed more statements of advice (SOAs) than is probably healthy for one person. However, I can share some insights and learnings about what makes the difference between a good SOA and a bad one. And believe me; they each stand out like sore thumbs.
The scope, the whole scope and nothing but the scope
So often an SOA lives or dies by the scope. Two of the most common problems are: meaningless, non-descript scopes and scopes that don’t fit the content of the SOA.
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