Under what circumstances a Record of Advice ROA can be used

Under what circumstances a Record of Advice (ROA) can be used instead of a Statement of Advice (SOA)? Select ONE correct answer.
Select one:
a. When providing further advice when the basis of advice has significantly changed from the advice in the previous SOA
b. If the advice is provided for free
c. If the advice involves investment of more than $15,000

Solution

The correct answer is option (b) If the advice is provided for free.

Record of advise is issued as an extension to SOA 9 (usually as a personal advise) when the basis of advice has not significantly changed from the advice in the previous SOA. ROA does not need any investment value norms.