University : University of Tasmania UniLearnO is not sponsored or endorsed by this college or university.
Subject Code : BFA204
Assignment Task

Assessment: 22% 
This Assignment is designed to familiarise you with the work undertaken by financial planners in relation to the important ‘key areas’ of the financial planning process, risk/diversification and budget/investment decisions including analysing different product categories. The assignment will allow you to become familiar with the financial planning process that applies in these areas. 
Required: 
In your answer you should consider the following: 
1. Ensure that you answer all the requirements of each question.

2. Your assignment needs to be uploaded to the assignment submission dropbox on Mylo.

3. This assignment consists of Two (2) questions. For fairness and equity to other students we will only provide some guidance to direct questions on the assignment (or other assessments), not review partially completed work prior to submission and avoid tutoring students to a solution.  

Part 1 
The assignment is based on material covered in weeks 2 to 9, however will involve reviewing course materials for week 10 and 12. You will be required to complete a detailed file note (1500 words) as preparation for development of a client's financial plan (Statement of Advice). 
Students are provided with a transcript summary from an initial meeting between a financial planner and new clients. Based on this transcript, students will be required: 
• to provide an overview of the client's circumstances (including their current situation and goals, tables of financial position) and provide potential wealth creation, wealth protection (insurance) and lifestyle strategies that address these circumstances and goals, (9 marks) 
• to provide a list of assumptions you are making; and (3 marks) 
• prepare a list of questions for the clients where further information may be required prior to completing the SoA. (3 marks) Summary of transcript 
Date to use for initial contact: 1 August 2020 
Emily and Joel Stevens 
Emily and Joel realise that they are not getting anywhere financially. They have decided it is time to bite the bullet and get their finances in order. They believe that a first glance, their finances seem good, but there are a number of issues that need to be resolved. 
Emily earns $81,000 p.a. Her employer contributes the 9.5% Super Guarantee. She has not been contributing herself and at age 41, her balance is around $125,000 – she is aware that this is not a good outcome. 
Joel, age 45, earns $122,000, and like Emily he has not been putting any extra into his super. His current balance is $156,000. They would like to retire when Emily turns 60 and believe they will need $49,000 in today’s dollars to live on. 
They have an emergency savings account of $25,000 earning 0.5%. They also have a share portfolio currently worth $250,000 and $150,000 as a margin loan. The interest rate is 8% and the portfolio earns 3.0%. They are uncertain about this investment and see the interest payments eating up all of the earnings. It is also of concern how to fund university costs for their children Lauren who is 10 and Michael who is 8. 
Several years ago, they inherited a rental property valued at $450,000. It is now worth around $570,000 but is only returning 4% - which after associated fees and charges ($4,280 per year) is actually lower. They are not that happy with the property but would hold onto it if it was financially suitable. 

However, with the shares and the property, they are wondering if they are burdening themselves unnecessarily. They find it all confusing, time consuming and seemingly not very rewarding. On top of it all, they have to pay their accountant $1,800 a year to sort it all out. On the whole, they feel they earn a lot of money and never have an extra dollar to their name. 
Emily and Joel feel ‘exasperated’. And the expenses! 
Aside from paying the deductible expenses, they find they are spending a lot of money, and their credit card balance seems to get bigger each month. 
Their mortgage balance on their on their home is $235,000, they have thought of refinancing. 
When asked to itemise their expenses, they provided the following calculations: 

calculations.JPG

They estimate their credit card balance is around $55,000 at approximately 17.75% 
As for personal insurance, neither have income protection or trauma cover. Emily has $34,000 in life and TPD in her super and Joel has $64,000 life and TPD. Emily cannot get higher cover in her fund as the cover is standard. Joel can purchase up to three (3) times his salary. They are concerned about their budget if personal insurance is needed.  

Part 2 
A successful client meeting involves preparation, well-honed interpersonal skills and adherence to compliance procedures. All of this may come naturally to some advisers. However, for most, conducting a successful fact finding meeting is a skill that will be acquired and developed over time.(1000 words) (7 marks) 
Required 
• Discuss how to prepare for a successful fact finding meeting. 
• Explain the legal basis for using a fact find document. 
• Outline the elements of a successful fact finding meeting.  


Further notes for assignment completion. Please read these notes thoroughly. It is your responsibility to meet the requirements. Marks will be deducted for 1, 2, 3 & 7 below. 
1. You will be penalised for poor interpretation and presentation of any workings e.g. missing $ signs and 2 decimal points.

2. Assignments will not be accepted if not typed (including formulae and graphs). 
We recommend that you use computer software for word-processing and spreadsheet modelling if required.

3. Interpretation of results/calculations where requested will require a minimum of one paragraph.

4. Unless otherwise advised in writing, all work submitted for assessment must be completed by the student alone. While discussion of the topic is encouraged, no student is permitted to use any work of any other person and any material used from any publication must be acknowledged in full.

5. You must use the official TSBE cover sheet for the assignments. Your student number and student name should be included in the header or footer of every page of the assignment.

6. Any applications for extensions must be received by the unit coordinator before the due dates. Such applications will be treated on their merits. Work and family commitments do not normally constitute sufficient reason for the granting of extensions.

7. Bibliographies are required for assignments. You should acknowledge all references you used to assist you in completing the assignment. This includes your textbooks and your study notes.

8. Will the assignment be able to be completed using the prescribed text? Partly, it will require additional research and review of course material for weeks 9 to 12.

 

This BFA204 Accounting and Finance Assignment has been solved by our Accounting and Finance Experts at UniLearnO. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.

Eureka! You've stumped our genius minds (for now)! This exciting new question has our experts buzzing with curiosity. We can't wait to craft a fresh solution just for you!

  • Uploaded By : Mia
  • Posted on : September 22nd, 2018

Whatsapp Tap to ChatGet instant assistance