First, how the SOA is made: fewer than 8% of advisers use a process that largely automates the production of an SOA leaving them with only modest customisation to achieve a quick yet personalised advice process. That is probably just as well. Most advisers pride themselves on a more personal touch. However, equally, so much SOA content is standard (at least within a well-defined customer segment) that almost no-one starts each document from scratch. Most advisers are operating between a document template in a word-processing at the basic end of the spectrum to a good system that adds in pro-forma advice from calculators, quotes, and research. This range encompasses about 84% of all the SOAs written, with the bias actually being towards the more automated end of the spectrum. Given the focus on process, that direction of travel will continue – more automation and more integration will come. Tools will improve. We are all investing a lot of time and effort in this area.

Second, the content of the SOAs: there are some surprising limitations in a large proportion of SOAs. The six areas of an SOA that a least-common (appearing in less than half of SOAs) cover some remarkably useful territory. These areas are: the method used for selecting the product provider, a privacy statement, a statement of affordability, aspects of advice deferred to a future date, explanation to the client of how to use the SOA document itself, and gaps between the recommendation and the goal. Individually, given the specific circumstances of each advice engagement there may be some very good reasons why each of those section might be left out of a specific SOA. In aggregate, over hundreds of SOAs it seems unlikely that they should be rare.