Determine Client
Question 1 – Develop an awareness of the client situation
(a) List five (5) topics you would discuss with Sarah and Stan at your first meeting. Why are these topics important? Give a brief reason for the need to discuss each topic. (Each discussion topic: 1 mark each , Reason: 1 mark each) 10 marks
1. Personal Details
As a financial planning organisation we are subject to certain legislative and regulatory requirements which necessitate us to obtain personal information about Sarah and Stan.
2. Privacy act involved/ privacy statement
Inform thebe trice the reason of recording and data collection. The privacy of your personal information has always been important to us.
3. Employment detail
By discussing this topic will give me information about Sarah and Stan current employment situation. This helps me to understand any issues needing consideration when providing advice to Sarah and Stan.
4. Explaining the purpose of the fact finder
The objective of the fact finder is to accurately establish the client’s position and identify their objectives so as to act in their best interest. Fact-finding begins at the first meeting with a thorough interview.
(b) Discuss two (2) ways you would make Sarah and Stan feel comfortable with the first meeting and the interview process. 4 marks
To make Sarah and Stan feel comfortable with the first meeting and interview process I will; * Sit side by side and explain today’s agenda * Draw a diagram so she can have better understanding what I’m talking about * Offer a coffee or tea * Communicate clear and friendly to avoid misunderstanding
(c) Briefly describe what documents you would give Sarah and Stan at your first meeting. 4 marks
The documents I will give Sarah and Stan in first meeting listed below
1. FSG (financial Service Guide)
FSG (Financial Service Guide) will be provided to Sarah and Stan at the first meeting. A licensed financial services
(a) List five (5) topics you would discuss with Sarah and Stan at your first meeting. Why are these topics important? Give a brief reason for the need to discuss each topic. (Each discussion topic: 1 mark each , Reason: 1 mark each) 10 marks
1. Personal Details
As a financial planning organisation we are subject to certain legislative and regulatory requirements which necessitate us to obtain personal information about Sarah and Stan.
2. Privacy act involved/ privacy statement
Inform thebe trice the reason of recording and data collection. The privacy of your personal information has always been important to us.
3. Employment detail
By discussing this topic will give me information about Sarah and Stan current employment situation. This helps me to understand any issues needing consideration when providing advice to Sarah and Stan.
4. Explaining the purpose of the fact finder
The objective of the fact finder is to accurately establish the client’s position and identify their objectives so as to act in their best interest. Fact-finding begins at the first meeting with a thorough interview.
(b) Discuss two (2) ways you would make Sarah and Stan feel comfortable with the first meeting and the interview process. 4 marks
To make Sarah and Stan feel comfortable with the first meeting and interview process I will; * Sit side by side and explain today’s agenda * Draw a diagram so she can have better understanding what I’m talking about * Offer a coffee or tea * Communicate clear and friendly to avoid misunderstanding
(c) Briefly describe what documents you would give Sarah and Stan at your first meeting. 4 marks
The documents I will give Sarah and Stan in first meeting listed below
1. FSG (financial Service Guide)
FSG (Financial Service Guide) will be provided to Sarah and Stan at the first meeting. A licensed financial services