A guide to using SARA
SARA is a Statement of Advice Review Assistant. But like any AI Assistant, the work still needs to be reviewed for accuracy and consistency.
This is a guide on how to use the SARA app and cross checking the results from SARA.
Step 1: Summary of the Advice
Step 2. Identifying the customer’s objectives: s961B(2)(a)
Step 3: Identifying the customer’s financial situation and needs: s961B(2)(a)
Step 4: Identifying the customers risk profile: s961B(2)(a)
Step 5: Identifying the subject matter and scope of the advice: s961B(2)(b)(i)
Step 6: Recommending a financial product: s961B(2)(e)
Step 7: Making a recommendation to replace a financial product: s961B(2)(e)
Step 8: Recommending a financial product - Investment Portfolio Recommendations: s961B(2)(e)
Step 9: All judgments are based on customer's relevant circumstances: s961B(2)(f)
Step 10: Recommending a financial product - life insurance needs analysis: s961B(2)(e)
Step 11: Making a recommendation to replace a life insurance product: s961B(2)(e)
Step 12: Information about fee disclosure and any remuneration or commission: s947B (2) (d)
Step 13: Information about fee agreements: s962
Audit Question: Has the adviser provided the client with an ongoing or annual fee agreement?
SARA will summarise the services and costs under the agreement:
1. What are the services to be provided?
2. What are the fees payable under the agreement? Who will pay the fee and from which account?
Action Required: Cross check the SARA response with the Fee Agreement.
If the files meets the above criteria, the adviser passes this step. If the file does not meet the above criteria, the adviser fails this step
Step 14: Printing the Report