Client Advising Skills Flashcards
What personal details should a fact find include
Basic info
Family details
Employment details
What financial info should a fact find contain
Assets Liabilities Life assurance Pension arrangements Monthly income and expenditure
What planning and objectives info should be included in the fact find
Existing arrangements
Financial objectives
Other advisers
How can you refine he identification of potential demands and needs following the fa t find
Discussion
What should you do when discussing demands and needs
Identify which are most important
How is it recommended to document discovery and analysis of client needs
Questionnaire
What should you do following identifying, quantifying and prioritising demands and needs
Understand attitude to risk and ethical preference
What can be considered if the affordability margin is tight for a client
WOP (but the premiums are often more for this benefit)
What 9 areas of suitability do you need to address when making a recommendation
Tax Welfare Demands and needs Objectives affordability Term of product Investment risk Ethical preferences Risk warnings
If making an oral recommendation what is required
Explain pros and cons
Need good presentation skills
What are the guidelines for a written recommendation report
No jargon
Short sentences
Logical sections
Balanced view
What 7 sections should a suitability report generally have
Names and financial situation Demands and needs Note any needs not covered and reason Cost Why provider has been chosen Risk profile Summary
