9 - Client Advising Skills Flashcards

1
Q

What details does a fact find include

13

A

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

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2
Q

Five key demand and needs

A
  1. Protection
  2. Income Protection
  3. Pensions
  4. Savings
  5. Investment
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3
Q

How is it recommended to document discovery and analysis of client needs

A

Questionnaire

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4
Q

What should you do when discussing demands and needs

4 steps

A

identified;
discussed;
quantified; and
prioritised.

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5
Q

Before Assessing demands what needs to be done

A

Understand attitude to risk

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6
Q

What 9 areas of suitability do you need to address when making a recommendation

A
  1. Tax
  2. State benefits
  3. Demand and needs
  4. Objectives
  5. Affordability
  6. Term of product
  7. Investment risk
  8. Sustainable and responsible investment
  9. Risk warning
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7
Q

Oral Report

A

Pros and cons - two way conversations

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8
Q

Written Report Guidelines

A

NO jargon
Sentences short
Logical Sections
Balanced view

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9
Q

What is in a suitability report form?

A
  1. Names and finacial situation
  2. Specify demand and needs
  3. Any needs not covered and reason
  4. Formal reccomendations (cost)
  5. Reason why provider was chosen
  6. Risk profile
  7. Summary
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