Develop a financial plan for a hypothetical couple

Reference no: EM132372808 , Length: 27

Superannuation and Insurance

YOUR TASK

Create a financial plan/Statement of Advice (SoA) which will assist Dean and Hamish in achieving their life objectives with emphasis on their insurance and superannuation needs.

You must first collate their information so that you may undertake analysis of the information. This is in tasks A.1 to A.6. You will then need to analyse the information to identify the strengths and weakness of their existing financial position. This is in tasks A.17.

The SoA needs to be written using a professional format. Instructions are provided in Tasks B.1 to B.4. A SoA template must be used, the recommendations must be written in a short and concise manner in plain simple English clients that are not financially literate will understand. Tables and figures must be made in a consistent style/format for visual clarity.

From the initial analysis, you provide recommendations on their life objectives. This is the most important part of the SoA as it provides your specific advice tailored to the clients. These are in C.1 to C.4. A special note must be made on C.4 where integration of recommendations is of great importance. This is because recommendations interact with each other. For example, contributing more to superannuation means they have less money to repay their mortgage. Recognition of these interactions is important in providing useful and practical recommendations.

Assessment task : Case Study

Task: Develop a financial plan for a hypothetical couple with specific financial goals and financial circumstances The plan should be communicated using the Australian Securities and Investment Commission’s (ASIC) Statement of Advice format, using appropriate language for a person without a financial background. Technical skills learned in class and from online material are applied to the financial plan.

Subject learning objectives (SLOs)

Upon successful completion of this subject students should be able to:

1. Evaluate the critical elements involved in developing and managing a personal financial plan including the range of products, services, and securities available to individuals

2. Develop financial plans that meet the needs and wealth management objectives of different individuals

3. Understand the ethical, regulatory and legal environments in which personal wealth is managed

4. Evaluate and manage the impact that the ethical, regulatory and legal environments have on the financial planning process, including potential conflicts of interest

Attachment:- Superannuation and Insurance.rar

Reference no: EM132372808

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