Record of Advice (ROA) in Australia: Your 2026 Guide

A Record of Advice (ROA) is a formal document that your financial adviser provides when giving you further advice, provided your situation and goals remain broadly the same as when you last received a Statement of Advice (SOA). The ROA is intended to make the advice process more efficient for both clients and advisers, while still ensuring that important details are properly documented.

Key points about ROAs:

• Purpose: To record further or ongoing advice after an initial SOA, especially when only minor adjustments are being made.
• Efficiency: Reduces paperwork and administrative burden, while maintaining compliance with regulatory requirements.
• Scope: Commonly used for small changes, such as rebalancing investments or updating insurance, where your overall objectives and financial situation have not changed significantly.

For example, if you previously received an SOA outlining your retirement strategy, and your adviser now recommends a minor tweak to your portfolio, an ROA can be used to document this new advice instead of preparing a whole new SOA.

Australia’s financial advice landscape has seen ongoing updates, with recent changes in 2026 affecting how ROAs are used and delivered. These changes are designed to make the advice process more flexible and accessible, while still protecting consumers.

Key updates include:

• Clarified requirements: There is now clearer guidance on when an ROA is appropriate. If your financial goals, situation, or the products being recommended have changed in a material way, a new SOA is required. If not, an ROA is generally sufficient.
• Digital delivery: ROAs can now be delivered and stored electronically, provided you give your consent. This supports more flexible, paperless advice, which is increasingly common as more Australians access advice online or by phone.
• Emphasis on client protection: Advisers must confirm that your circumstances have not changed since your last SOA, and that any further advice is consistent with your existing strategy.

These updates aim to balance efficiency for advisers with transparency and protection for clients, ensuring you continue to receive advice that is relevant and appropriate for your needs.

Not every conversation with your adviser will result in an ROA. Typically, you will receive an ROA in situations such as:

• Portfolio rebalancing: Your adviser recommends minor changes to your investments that align with your existing risk profile and goals.
• Product updates: You switch to a similar insurance policy or superannuation option, without changing your overall objectives. For example, updating your insurance policy to a comparable product.
• Routine reviews: During annual or periodic check-ins, if your adviser confirms that no major changes are needed, an ROA may be issued to document the ongoing advice.

However, if you experience a significant life event—such as a major change in income, a new family situation, or a shift in your financial goals—a new SOA will likely be required to ensure your advice remains appropriate.

While an ROA is shorter and less detailed than an SOA, it must still include certain key information to ensure you understand the advice being given. An ROA should clearly outline:

• The advice provided and the reasons for it
• Any fees, commissions, or costs associated with the advice
• Relevant disclosures, including any potential conflicts of interest
• Confirmation that your circumstances have not changed in a way that would require a new SOA

It is important to keep a copy of any ROA you receive. Advisers are required to retain ROAs for a set period, and you can request a copy at any time for your own records.

To illustrate how an ROA might be used, consider the following example:

Suppose you received a Statement of Advice in the past outlining your investment strategy. After a routine review in 2026, your adviser suggests a minor adjustment to your portfolio, such as reallocating some funds to better match your risk profile. Because your goals and financial situation have not changed, your adviser can issue an ROA to document this advice. This approach saves time and reduces paperwork, while still ensuring that the advice is properly recorded and you remain informed.

As a client, you have the right to understand the advice you receive and to ask questions about any document provided to you, including an ROA. If you are unsure why you have received an ROA or what it covers, ask your adviser to explain the details. You should also:

• Review the ROA carefully to ensure it accurately reflects your situation and the advice given
• Keep copies of all advice documents for your records
• Notify your adviser if your circumstances change, as this may require a new SOA

What is the difference between an ROA and an SOA?

A Statement of Advice (SOA) is a comprehensive document required when you first receive advice or when your situation changes significantly. A Record of Advice (ROA) is a shorter document used for follow-up advice when your circumstances and goals remain largely the same.

Do I always get an ROA after speaking with my adviser?

No, you will only receive an ROA if you are given further advice that does not require a new SOA. Routine conversations or general updates may not result in an ROA unless specific advice is provided.

Can I request a copy of my ROA?

Yes, you can request a copy of any ROA from your adviser. Advisers are required to keep these records for a set period and provide them to you upon request.

What should I do if my financial situation changes?

If your circumstances change significantly, inform your adviser as soon as possible. This may mean you need a new SOA to ensure your advice remains appropriate for your needs.

Understanding how Records of Advice work, and the recent changes affecting them in 2026, can help you make the most of your financial advice experience. By knowing when an ROA is appropriate and what it should include, you can stay informed, keep your financial records up to date, and ensure your interests are protected as you work towards your goals.