Chapter 5 - Financial Planning Recommendations

Question 1

Fundamental aim of financial planning

Answer 1

Make recommendations that meet current and future needs of the client

Question 2

Systematic process

Answer 2

Identify objectives
Identify alternative products
Evaluate these alternatives
Select more appropriate

Question 3

Initial recommendations

Answer 3

These can be drafted following to completion of the process. If his swing be the finished recommendation but will outline the initial findings then there will be more detail about an holistic financial plan.

Including any shortfall and the plan for that.

Question 4

Implementing financial planning recommendation

Answer 4

His involves discussing the plan and then explains each stage before it is implemented including including any product specific documents such as KiDS and KFDs and also the suitability report.