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Financial Assessment Task

Part A

1. From the first meeting with your client, was there any missing information that you would need to  clarify. Please state the following: 

A. What information is missing or what would you like more detail on?

B. How would you communicate the collection of this information? and

C. Where would you document your questions and the client's reply of this additional information required?

2. What issues do you believe you should discuss with your client? Include other goals or risks you may identify, if they are not listed in the case study.

3. Identify, set and prioritise your client's S.M.A.R.T goals and objectives. Include the goals you have identified and list whether they are short, medium or long term goals. What goals are there that you may identify (or the client has stated) that you may suggest the client Address at a later stage (when their more urgent goals are met)? 5. What risks are there to Andrew not meeting his goals? Think about personal risks, legislative risks, market cycle risks. 6. Calculate client's annual after-tax income (include Medicare levy). Use current financial year tax rates. 7. a. Prepare a Cash Flow Analysis and Net worth Statement for your client to determine what the current Income surplus/deficit is and net worth position. 

b. Assume from your discussions with client that his credit card expenditure is largely discretionary (clothes, coffees, bought lunches etc) and that he is prepared to follow a budget limiting these expenses. Redo client's Cash Flow Analysis planning for him to stick to a credit card spend of $700 per month, determining a new surplus/deficit amount. 

8. Using the Life Insurance Calculator (on Moodle), how much Life Insurance (Life, TPD and Income  Protection) does client ideally need? 9. What suitable outcomes (strategies) can you match to the goals you have identified and prioritised, utilising any surplus identified? 10. Explain how you would deal with client's superannuation? 

Part B 

1. List what strategies you would advise your clients to write in your Strategy Paper. Include your recommendations on two areas of advice, ONE MUST be budgeting and debt management. 

2. Research products (where applicable) from your St George Financial Planning Approved Product  List (overleaf) and explain why they would achieve the strategy. Show your analysis. 

3. Construct a Strategy Report using the template provided (on Moodle) and Strategy Report.

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  • Uploaded By : Keith
  • Posted on : October 14th, 2018
  • Downloads : 185

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