Explain some of the basic terms and conditions a customer must meet before a financial product will be supplied by an AFSL.
(Explain financial product service terms and conditions).
Why might a financial planner wish to become an authorised representative of an AFS licensee?
(Explain the interactions between different providers of the financial planning service and their accountabilities).
ASIC’s Moneysmart website is an invaluable source of advice for clients of financial planners. Using Moneysmart, locate and discuss the situation where a legal professional may offer a client investment advice service.
(Describe authorities and assistance able to be offered by other advisers and organisations).
Tom is an accountant with no AFS licence, who does not provide financial planning advice. A client comes to Tom and says he knows what he wants and instructs Tom to:
? set up an SMSF;
? assist to roll-over assets into the SMSF;
? provide factual information about different super choices;
? value SMSF assets;
? advise on the SISA investment rules;
? provide a pro-forma generic investment strategy; and
? advise on a pension (transition to retirement income stream) strategy and prepare the documents.
Advise Tom on how he should proceed. (Discern between and describe what different providers can and cannot do within the financial planning service required by the client).
Outline some of the issues a financial planner needs to consider when referring an existing client to a third party for specialist advice.
(Outline the steps in a referral process to other advisers or organisations).
Describe the value of client complaints to a financial planning business.
(Describe the key stages in internal and external complaint handling processes).
Most financial planning clients complete a fact find before an initial meeting with a financial planner. But much of the personal information needed by a planner is not in the nature of hard facts. Outline some non-factual aims of a fact-finding interview.
(Outline the steps and processes involved in the preparation of financial plans).
What sort of adviser / client obligations might be incorporated into an AFSL’s Client Protection Policy?
(Describe the key features of relevant organisational policy, procedures and requirements).
In what ways could a financial planner detect a potential cyber-enabled fraud? (Identify risk and fraud indicators).