the words limit is correct: Part 1A is about 400 words and Part 1B is 1800(+/- 10%)
Both parts 1A and 1B are based around Case Study (attached).
1A. Assessment of client's financial situation
Part 1: Client requirements and expectations.
Assuming you are part of a financial planning business (propose a business structure, the scope of advise it provides the nature of operation of the business and its clients' type),
you are required to describe the financial process and services to the 'client':
the financial planning process and role, and any limits of authority of the representative are explained to the client
licensees and principals of the organisation, and services and capacity of the organisation, including any relationship to other financial services, are explained to the client
fees and charges are explained to the client
clients with special needs are identified
procedures for internal and external complaints handling and resolution are explained to the client.
Determine your clients' expectations and requirements (from the Case Study) with respect to the financial planning service offered
Prepare and update necessary documentation: complete the Template - Client requirements and expectations (attached).
Part 2: Fact finder for clients
Complete the following steps:
Use XPLAN to enter all client-related information from the case study.
login to X-plan:
username: 16Swinburne password: Welcome2019
Obtain and confirm facts and information relevant to the two clients’ particular service request.
Identify the clients' expectations, requirements and objectives, and encourage them to disclose relevant information to determine their personal/financial situation and any special needs.
Obtain relevant information on investments and assets held by the clients and their current income, expenditure and liabilities situation.
Develop a summary analysis of the clients' financial position based on the extent of the clients' disclosure and requirements.
Ensure risk indicators are identified accurately and all information is checked for consistency and potential conflict.
Your clients in the case study may not have provided all required information in the template. You may write ‘N/A’ in the fact finder if you come across no related information provided in the case study.
First, select the name of the client from 'Recent Clients'. Then from the client menu select 'Wizard Fact Find Next' to find the fact-finding template.
Enter all client-related information into XPLAN from the case study.
Upon 'Submission complete', select 'Merge fact-find'. A fact finder report will be generated.
Select the envelope on the toolbar to find the 'Download' option. You will need to download your fact finder as a PDF.
(you must submit a copy of your XPLAN PDF fact finder).
Part 3: Client risk profile
You will determine your clients’ risk profile (score) by asking a series of questions. The answers will determine a client investment risk appetite that you will use to recommend a specific investment type for your clients.
Complete the following steps:
Interview two real people (clients). You can interview any couple you choose. You will only need to interview one couple.
Agree on a joint score to achieve any combined investment-related objective.
Individual clients need to be interviewed with individual scores if independent investment objectives are identified.
Create two clients in XPLAN. From the ‘Client menu’ on the left panel select ‘Risk profiling IRESS risk profiler’. Change the ‘View’ to ‘Joint’ and select ‘Perform questionnaire’. This questionnaire has five sections. Section 1 does not have any impact on the result, therefore you can nominate either of the interviewees. Sections 2–5 need to be jointly agreed upon for the purpose of this assignment.
After you have completed and saved the questionnaire go to ‘Action’ to select ‘Print questionnaire’. This will download the questionnaire. From the ‘Action’ tab also download the ‘Risk tolerance report’.
(you must submit a copy of the XPLAN 'Questionnaire' and 'Risk tolerance report').
1B. Statement of Advice (SoA)
Prepare a Statement of Advice (SoA) for your clients Kevin and Julia based on your assessment and findings from their financial situation you discovered in 1A: Assessment of clients' financial situation.
Your SoA will include the following:
investment risk profile
retirement savings calculator
personal budget calculator
Statement of Advice (SoA) template.
Please note: You might consider downloading a SoA from XPLAN in Word document format and editing the document to develop your intended SoA. You can also utilise a SoA template in conjunction with other output you have received from Week 9: XPLAN strategy modelling.
You are required to complete the following:
All the client-related information, their risk profile and strategy discussions from CALM will be incorporated in this assignment from XPLAN.
Go to 'Client menu' 'Wizards' 'Comprehensive SoA'. Then follow the 'Next' button and complete the related sections.
At the end of the wizard select ‘Merge SoA' 'OK' 'Select scenarios' 'Check envelope on the toolbar' 'Download report’.
You will need to go through the Word document (SoA) to complete all sections and edit as required.
(you must submit a copy of the XPLAN Statement of Advice).
Retirement calculator in XPLAN
Access the retirement calculator in XPLAN via Xtools - item 5 Retirement - then Retirement Funding. You will need to create a new scenario and name it and then select on 'Add Now' the left hand side menu options will then come up. You will then need to 'Complete all' and then select 'OK' on the right hand side top panel. Finally, use the charts and analysis to get the results.