Client Advising Skills

Question 1

Why would you ask clients about their views and hopes for the future?

Answer 1

To help indicate t where to concentrate advice their recommendations and areas for future consideration

Question 2

After a product recommendation has been made in a meeting, what would be the next step?

Answer 2

Issue product information in writing

Question 3

What is provided in the initial meeting with the client (in person)?

Answer 3

Business card
Confirm identity of advisor
Confirm identity of firm and regulatory status

Question 4

How many main parts of the fact find are there?

Answer 4

1 - personal details
2 - financial information
3 - planning and objectives

Question 5

What is part one of the fact find about?

Answer 5

Personal details
Basic information: employment, tax status, health smoking
Family details: dependants
Employment details: earnings, pensions, employer benefits

Question 6

What is part two of the fact find about?

Answer 6

Assets: used and invested
Liabilities: mortgage, method or repayment and interest rate
Net worth: deduct all liabilities
Pension arrangements: identify any shortfalls

Question 7

What is part three of the fact find about?

Answer 7

Existing arrangements: identify strengths and weaknesses of these
Financial objectives: views and hopes for the future
Other professionals used by the clients

Question 8

What is the summary of the fact find used for?

Answer 8

Key information to enable comprehensive recommendations to be made.

Question 9

What is the standard order of priority for someone’s protection of needs?

Answer 9

Protection
Income protection
Pensions
Savings
Investments
(PIPSI)