It would take a lot longer than 6 min to explain. Any planner that signs off on such a document is at risk of being blamed if things go wrong so they would want to serious explain the risks and follow it up with something in writing to cover themselves.
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5 mintue chat with client, assess if client has normal inteligence ,cut and paste standard letter, insert client details and sign.
I know this could be a lot more detailed but guaranteeing a loan isnt rocket science. Wasnt it the NAB case that caused all this where an elderly non english speaking lady guaranteed a loan that has created the need for this. For most people having a guarantee explained to them in detail isnt really required and is just an *** covering exercise.
Basically if you know your nuts are on the line if the other person doesnt pay you should be able to sign the doc.
Still has to be done properly. The lawyer would need to read the documents, properly explain it, take notes, and back it up in writing to the client to cover themselves. Each transaction carries a risk that the lawyer will be blamed when things go wrong.
It would be similar for financial planners providing financial advice but probably take even longer.