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For all tasks the student is required to use the correct industry specific terminology, satisfied all relevant legislation, industry standards and organisational requirements and indicated that they have accessed the required information sources. Assessment task reference A satisfactory response requires the student to:
2.1- Provide advice to clients that complies with relevant legislation, regulations, and industry codes of conduct.
2.2- Use organisational tools such as fact finders.
2.3 -Present appropriate solutions to the client after identifying and analysing client needs, objectives, and financial situation.
2.4- Complete and maintain necessary documentation and provide after sales services
FNSIAD501 Provide appropriate services, advice and products to clients
Janet Chan Case Study
James, a financial planner meets with a new client Janet Chan, and asks her to complete a fact finder. Janet takes the fact finder home, and a couple of days later emails a completed version to James. James summarises the fact finder information about Janet, as follows:
Janet, is 27 years old, is single and has no dependents
She works as a laboratory technician and earns $55,000 per year. Janet expects to receive a promotion in the near future, which should increase her pay to $65,000.
She describes her health as ‘very good’
Janet currently shares a rented flat with two friends, and contributes $275/week towards the rent and utilities
Janet currently is unable to save any of her earnings. However, she has indicated that she would like to exercise more financial discipline, and save for a home deposit within the next 3-5 years
One year ago, Janet took out a 4 year, $12,000 car loan at an interest rate of 12.74%. Her monthly repayment is $351. The car has comprehensive insurance.
Janet has a superannuation fund account with her employer, with a current balance of $22,750. She has nominated the fund’s default investment option: “Balanced”.
Analysis of her risk profile, suggests that she has a “growth’ profile
Janet has no personal insurance
She has not made out a will, nor has she an enduring power of attorney in place.
Finally, James discovers, after a telephone discussion with Janet, that she is due to inherit $130,000 from her grandfather’s estate, once probate is completed, in about 2 months.
Section 2 – Assessment Responses (Answer all question)
Now complete each of the following steps:
When providing advice, based on a client fact finder, how do financial planners deal with personal information provided by clients, and how do they deal with the need to obtain client personal information from third parties?
One of the primary goals of many fact finders is to assist a financial planner to determine the risk tolerance of the client(s) completing the fact finder. It is well established by social psychologists that the use of less than four questions, to measure an attitude to risk, provides a less accurate measure of an attitude, than a greater number. Explain why you think this is so.
If you were Janet Chan’s financial planner, what strategies would you recommend after studying her fact finder responses?
What documentation would you need to provide, or get Janet to complete, if she accepted the strategies put forward in the previous question?
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