Data Collection Flashcards
This involves a fact finding interview with the client intended to gather comphrehensive financial and non-financial info.
Data collection
The purpose of initial meeting
To establish if there is an opportunity to help the client develop a plan to achieve their financial goals
It explains the financial planning and credit services provided as well as giving important info that will help decide if u want to use any of these services.
Financial services and credit guide (FSCG)
It contains info such as the client’s personal details, investment, insurance, superannuation, and other info that is relevant and helpful in conducting a need-analysis and developing a plan for the client.
Fact find
A series of questions designed by a financial planning license as an aid to determine what type of investor
Risk profile
This is a document that acknowledges the client’s receipt of the relevant documents and acknowledges that the information provided was to the best of his knowledge and is complete, accurate and current.
Client Acknowledgment Form
It gives the financial practice the authority to request for documents and obtain in about the client’s existing fund. It is also a written permission that one can contact companies that clients have accounts with and make necessary enquiries. A.k.a. Third party authority
Authority letter
This provides the client with details on their product’s performance, as well as useful info that will help them get the most out of their investments.
Annual Statements
An outline of the cover provided under the policy. It will show details of the policyholder, what the policyholder does and the cover given and the relevant limits, sums insured and excess. Also known as Insurance Statement or Certificate of Currency.
Policy Schedule
This is either the date you first commenced continuous service or a “date joined employer” or transferred with a rollover from a previous employment. Your eligible service date is used to determine your taxation liability on your benefit entitlement.
Eligible Service Date/Period (ESP)
A unique identifier issued by the Australian Business Register (ABR) which is operated by the Australian Taxation Office (ATO)
Australian Business Number (ABN)
A unique number assigned to individual taxpayers by the Australian taxation office for tax administration
Tax file number (TFN)
This is a number used to identify super funds and individual super fund products for electronic rollovers and contributions
Unique Superannuation identifier (USI)
A number used to identify superannuation fund products within the financial services industry and government. The purpose of the SPIN was to provide an identifier at the product level, separate from those identifiers at the entity/legal structure level, such as the ABN ot SFN
Superannuation Product Identification Number (SPIN)
This consists of employer contributions, salary sacrifice and personal contributions where a tax deduction was claimed. These are taxed at 15% when they are received by the super fund.
taxable (taxed) component
This only applies to super from an untaxed source, such as a public sector defined benefit super fund for government employees.
untaxed component
This includes after tax contributions and government co-contributions.
Tax-free component
A super benfit that remains in a super fund until the member reaches a preservation age and in most instances, retires from the workforce.
Preserved amount
Benefits from voluntary employer contributions made after July 1, 1994 and before July 1 1999. These may be release when you leave employment as long as that employer contributed to the superannuation fund.
Restricted non preserved amount
These are superannuation benefits for which a condition of release has previously been met and may be accessed at any time.
Unrestricted non-preserved amount
This is a fee that relates to the administration or operation of the fund. This may be a dollar amount or a percentage or both. This covers the costs in the daily running of one’s account.
Admin fee
A fee to recover the costs of switching all or part of a member’s interest in the suprannuation entity from one investment option or product in the entity to another
Switching fee
A fee to recover the costs of disposing of all or part of members’ interests in the superannuation entity.
Exit fee/withdrawal fee
A group of documents that contains info about the financial product including benefits, risks, costs, fees and charges. A document that financial service providers must provide to you when they recommend or offer a financial product. It must include info about the product’s key features, fees, commissions, benefits risks, and the complaints handling procedure.
Product Disclosure Statement (PDS)
A handbook and part of the PDS that aims to help you choose an investment option to achieve your retirement goals.
Investment guide
A guide and part of the PDS that contains important info about obtaining your insurance cover through the super fund.
Insurance guide
