Ensure compliant record-keeping for financial advice engagements with this client file audit checklist. Capture a clear Record of Advice including the basis for recommendations, products considered, and reasons selections meet client needs. Verify client signatures or proof of delivery, and document comparisons for replacements: fees, terms, exclusions, waiting periods, penalties, and restrictions. Record client decisions when they differ from advice, and note important disclosures such as tax implications. Include declarations on the impact of incomplete information and provide an overview of the advice process and resulting financial plan.
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