Can this be signed electronically?

Yes. Electronic signatures are generally enforceable under the federal ESIGN Act (15 U.S.C. ch. 96) and state UETA laws adopted by most states; ensure no statutory exception applies to your specific transaction.

What makes the document legally valid?

Legal validity requires intent to sign, consent to electronic transactions, attribution to the signer, and reliable record retention per ESIGN's four‑prong test; include clear disclosures for consumer‑facing records.

Is notarization required?

Not usually for a Statement of Advice, but state rules or client requirements may require notarization or witnesses for certain attachments; check the applicable state notary rules.

How long must I keep signed copies?

Follow federal minimums such as IRS three-year rules (IRC §6501(a)) and HIPAA six‑year rules (45 CFR §164.530(j)) and any longer state or industry retention obligations.

Who must sign on behalf of a client?

The client or an authorized agent with documented authority must sign. If an agent signs, retain the power-of-attorney or other authorization evidence in the record.

How do I correct an error after signing?

Create a signed amendment or corrected statement and retain both versions with audit trails. Avoid altering the executed file; use a new signed record documenting the change.

Electronic Signature
Templates
Miscellaneous
Wealth Management Statement of Advice

Wealth Management Statement of Advice

This template is fully customizable. Edit the text, fill out the fields, and send it for signature. Give it a try!

WEALTH MANAGEMENT STATEMENT OF ADVICE

Recitals

WHEREAS Client Name: and Adviser Name: enter into this Statement of Advice to document recommended wealth management strategies and the basis for those recommendations.

WHEREAS the Adviser has considered the Client's financial position, objectives and risk profile and will provide ongoing advice and portfolio management services in accordance with the Scope of Work set out below.

WHEREAS this Statement of Advice sets out recommended actions, implementation steps, fees and the terms governing the adviser-client relationship.

Document Information

Statement Reference Number Date of Statement

Effective Date:

Client Profile

Client Contact Details Primary Contact Phone Client Objectives (summary)

Investment Objectives and Risk Profile

Primary Objective:

Risk Profile (select one)

Conservative Balanced Growth Aggressive

Scope of Work

The Adviser will provide the following services as part of this engagement. Services include advice, implementation assistance and ongoing review consistent with the Client's objectives and risk profile. The Adviser will act in accordance with the Client's lawful directions and applicable fiduciary duties.

Scope Details

Recommendations and Implementation

The Adviser recommends the actions described below. The Client should review the implementation steps, timing and expected outcomes prior to authorizing execution.

Recommended Actions

Fees and Payment Terms

The Client agrees to pay fees to the Adviser as set out below. Fees are exclusive of applicable taxes unless otherwise stated.

Total Advisory Fee (annual) Payment Schedule Late Payment Fee

A late payment fee of or interest at (whichever is greater) will apply on overdue amounts.

Term and Termination

This Agreement commences on the Start Date below and continues until the End Date below unless earlier terminated in accordance with this Agreement.

Start Date:

End Date:

Termination Notice Period

Either party may terminate this Agreement for material breach which is not remedied within the notice period set above. Termination shall not affect accrued rights or obligations including any fees earned and expenses incurred prior to termination.

Confidentiality

Each party shall keep confidential all non-public information obtained from the other party in connection with this Statement of Advice and shall not disclose such information except (a) with prior written consent, (b) to that party's professional advisers subject to confidentiality obligations, or (c) as required by law. Confidential information does not include information that is or becomes public through no fault of the receiving party.

Conflicts of Interest and Disclosure

Liability and Indemnity

The Adviser will perform services with reasonable care, skill and diligence. The Adviser does not guarantee investment performance and the Client acknowledges inherent risks in investing. To the maximum extent permitted by law, each party's aggregate liability to the other for losses arising under or in connection with this Agreement is limited to direct damages and excludes any indirect, special or consequential losses.

Governing Law

This Agreement is governed by the laws of the jurisdiction specified below and the parties submit to the exclusive jurisdiction of that jurisdiction's courts.

Governing Law Jurisdiction

Entire Agreement

This Statement of Advice, together with any schedules or annexures expressly incorporated herein, constitutes the entire agreement between the parties with respect to the subject matter and supersedes all prior agreements, negotiations and representations, whether written or oral. Any amendment must be in writing and signed by both parties.

Client Acknowledgement and Consent

By signing below the Client acknowledges receipt of this Statement of Advice, confirms that the recommendations have been explained, and consents to the Adviser implementing the recommendations on the terms set out in this document.

Client Initials Additional Notes

Client:

By:

Date:

Adviser:

By:

Date:

What a Wealth Management Statement of Advice Is

A Wealth Management Statement of Advice is a formal written document that records tailored financial recommendations for an individual or household. It describes the client's objectives, current financial position, proposed strategies, recommended products or transactions, assumed risks, fees, and the rationale connecting recommendations to client goals. The document creates a clear record of the adviser’s reasoning and helps clients evaluate tradeoffs, timing, tax considerations, and implementation steps. In regulated contexts it supports disclosure obligations, auditability, and later review during financial planning, compliance, or dispute resolution.

Why a Clear Statement of Advice Matters

A precise Statement of Advice documents fiduciary reasoning, clarifies client consent, and supports compliance with securities and consumer-protection rules. It reduces misunderstandings, creates evidence of disclosure for audits or regulatory review, and helps coordinate tax, estate, and investment implementation across professional advisors.

Who Typically Prepares and Receives This Statement

Typical preparers and recipients include licensed financial advisers, wealth managers, and the clients who receive personalized recommendations.

Registered Investment Advisers and CFPs providing comprehensive financial plans and investment strategies for clients.
In-house wealth management teams at banks or broker-dealers preparing documented advice for high-net-worth clients.
Clients and their tax or estate counsel who require a written record for implementation and review.

The document supports multi-party coordination and is often retained by both provider and client for compliance, tax, and estate planning purposes.

Primary signers and stakeholders

Financial Adviser

Lead adviser who drafts and certifies recommendations. The adviser documents assumptions, risk profile, and rationale and should include license identifiers where applicable.

Client / Investor

Individual or household member whose goals and consent are recorded. The client must sign to acknowledge receipt, understanding, and acceptance of recommended actions.

Essential Elements of a Professional Statement of Advice

A robust Statement of Advice combines client facts, risk assessment, recommendations, implementation steps, costs, and documentation of consent to create a defensible record.

Client Profile

Summarizes age, dependents, income, assets, liabilities, tax status, liquidity needs, and investment time horizon to justify tailored recommendations and risk tolerance assumptions.

Risk Assessment

Documents the client’s stated risk tolerance, capacity for loss, and behavioral observations; links risk profile to portfolio construction and expected volatility.

Recommended Strategy

Explains proposed allocations, tax-aware investments, insurance changes, or estate planning steps and why each item aligns with the client’s objectives and constraints.

Costs and Fees

Details adviser fees, product commissions, fund expense ratios, and implementation costs so the client can compare net expected returns and expenses.

Implementation Plan

Lists concrete next steps, responsible parties, target dates, required documents, and who will execute trades or transfer assets.

Disclosures

Includes conflicts of interest, compensation arrangements, regulatory notices, and any material limitations of scope or reliance on third-party data.

Security and compliance details to include

Encryption: TLS 1.2/1.3 in transit; AES-256 at rest

Audit Trail: Timestamps, IPs, action log retained

Certifications: SOC 2 Type II; ISO 27001

HIPAA Support: BAA available for protected health information

eSign Laws: ESIGN and UETA compliance supported

Accessibility: WCAG 2.0 Level AA conformance

Step-by-step: preparing and delivering the Statement of Advice

Follow these sequential steps to assemble, review, accept, and implement the Statement of Advice with clear records and client consent.

01

Gather client data: Collect financial statements, tax records, and objectives.
02

Draft recommendations: Link each recommendation to client goals and assumptions.
03

Review and disclose: Include fees, conflicts, and regulatory disclosures for client review.
04

Obtain signatures: Capture client signature and keep an audit trail.

Configuring an online workflow for delivery and signature

Set up a reproducible digital workflow to route drafts, collect signatures, and store a tamper-evident final copy.

Field	Configuration
Document Template	Lock template fields and include dynamic placeholders
Signer Order	Define sequential or parallel signing sequence
Authentication	Use email, SMS code, or advanced ID verification
Storage	Archive signed PDF with audit trail

Where to send and how signatures are collected

Route the Statement of Advice to all required parties and collect signatures with a verifiable audit trail and optional identity checks.

Upload Document: Prepare final PDF or template.
Assign Signers: Add emails and signing order.
Choose Authentication: Select email, SMS, or KBA as needed.
Capture Audit: Retain timestamps, IPs, and completion certificate.

Technical and integration requirements for digital delivery

Confirm your eSignature platform supports secure PDF signing, audit trails, and the integrations you rely on.

File formats: PDF, DOCX and fillable form support
Integrations: Salesforce, NetSuite, Google Workspace supported
Authentication: SMS, email, and advanced ID verification

Ensure archiving complies with your retention policy and that the platform can export signed records and audit logs for compliance and audit needs.

Typical timelines and client delivery expectations

Timelines vary by practice and complexity; document dates determine when obligations begin and when follow-up actions should occur.

Draft delivery to client:

Within 5–10 business days after data collection

Client review period:

Allow 7–14 calendar days for review and questions

Implementation window:

Execute trades or transfers within agreed 30–90 day window

Annual review:

Reassess strategy at least once per year

Record retention start:

Effective date triggers statutory retention periods

Common risks and regulatory consequences

Incomplete disclosure: Regulatory fines possible

Incorrect TIN: Backup withholding risk

Unsigned advice: No client acceptance evidence

Poor recordkeeping: Noncompliance with audits

Conflicts undisclosed: Fiduciary breach exposure

Late implementation: Client harm and liability

Comparing eSignature vendor pricing and features

Basic pricing and core feature availability differ across vendors; signNow is listed first for consistent comparison of plan basics.

	signNow	DocuSign	Adobe Sign	PandaDoc	HelloSign
Starting Price	$8/user/mo	$15/user/mo	$14/user/mo	$19/user/mo	$15/user/mo
Free Trial	7-day free trial	Varies	Varies	Varies	Varies
Bulk Send	Yes	Yes	Yes	Yes	No
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No
Envelope Cap	No cap	100 envelopes/user/year	Varies	Varies	Varies

Frequently asked questions about Statements of Advice

Answers to common questions about electronic signatures, enforceability, notarization, retention, and correcting signed records.

Need help? Contact support

Can this be signed electronically?
Yes. Electronic signatures are generally enforceable under the federal ESIGN Act (15 U.S.C. ch. 96) and state UETA laws adopted by most states; ensure no statutory exception applies to your specific transaction.
What makes the document legally valid?
Legal validity requires intent to sign, consent to electronic transactions, attribution to the signer, and reliable record retention per ESIGN's four‑prong test; include clear disclosures for consumer‑facing records.
Is notarization required?
Not usually for a Statement of Advice, but state rules or client requirements may require notarization or witnesses for certain attachments; check the applicable state notary rules.
How long must I keep signed copies?
Follow federal minimums such as IRS three-year rules (IRC §6501(a)) and HIPAA six‑year rules (45 CFR §164.530(j)) and any longer state or industry retention obligations.
Who must sign on behalf of a client?
The client or an authorized agent with documented authority must sign. If an agent signs, retain the power-of-attorney or other authorization evidence in the record.
How do I correct an error after signing?
Create a signed amendment or corrected statement and retain both versions with audit trails. Avoid altering the executed file; use a new signed record documenting the change.

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