Opposition to the Australian Securities and Investments Commission’s new statement of advice (SOA) model continues to grow.

The Financial Planning Association (FPA) is the latest organisation to propose changes to the ASIC consultative document.

Head of Policy and Government Relations Ben Marshan says while the latest example SOA features improvements in terms of usability, it needs more work.

He says as smartphone and tablet use make up 63% of time spent on devices in Australia, ASIC should examine the digital delivery of advice.

“We suggest the use of icons, symbols, graphics, audio and video in the sample would create a more engaging delivery of information to consumers.”

The FPA supports changes to how remuneration is disclosed in SOAs, but argues it is not appropriate to start the document with this information.

It believes the statement should demonstrate the value of the advice being provided, then outline costs and what the adviser is paid.

“While an SOA is a disclosure document and not the client’s financial plan, it should still be aspirational,” Mr Marshan said.

“It should help demonstrate the professional diagnosis process a professional adviser undertakes, and how it will help the client achieve a better financial position through an implemented plan.”