9 - Client Advising Skills Flashcards
What details does a fact find include
13
Basic Details - state of health (life assurances)
Family details
Employment Details
Other Professional advisors
Income and expenditure
Assets
Liabilities
Life Insurance
Health Insurance
Regular Savings
Pension details
Inheritances
Attitude to risk
Five key demand and needs
- Protection
- Income Protection
- Pensions
- Savings
- Investment
How is it recommended to document discovery and analysis of client needs
Questionnaire
What should you do when discussing demands and needs
4 steps
identified;
discussed;
quantified; and
prioritised.
Before Assessing demands what needs to be done
Understand attitude to risk
What 9 areas of suitability do you need to address when making a recommendation
- Tax
- State benefits
- Demand and needs
- Objectives
- Affordability
- Term of product
- Investment risk
- Sustainable and responsible investment
- Risk warning
Oral Report
Pros and cons - two way conversations
Written Report Guidelines
NO jargon
Sentences short
Logical Sections
Balanced view
What is in a suitability report form?
- Names and finacial situation
- Specify demand and needs
- Any needs not covered and reason
- Formal reccomendations (cost)
- Reason why provider was chosen
- Risk profile
- Summary