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DFP1B-1v2.1 Financial Planning

Question

Answered

For this assignment you are required to complete the following tasks:

In your assessment workbook:

•    answer the assignment questions as they relate to sections 1, 3, 4, 6 and 7 of the case study

•    complete the template SOA for your client, using the data in the case study, the fact finder and risk profile

•    complete the two (2) cash flow tables

•    calculate the five year projections.

The information and resources that can assist you in answering the questions in this assignment can be primarily sourced from the Foundations of Financial Planning text and the sample case study. Some data will have to be externally sourced, but the assignment template will clearly indicate where this is necessary.

You are expected to analyse the 11 areas covered in the data analysis stage, explained in Topic 2, as well as review the sample case study and sample SOA. Additionally, you will need to weigh up the client’s opinion against your own analysis to determine the important areas that need to be addressed for the client.

Although the case study may indicate that the client does not wish to have advice provided about a specific area, you need still to evaluate the situation, provide clear reasons as to why, or why not, review the area, and make referrals to specialists if necessary in the relevant sections of the template.

You do not have to provide retirement planning calculations and recommendations.

However, you must consider the appropriateness of all the investments held by Jessica. If you recommend any change to her current asset allocation (including those in her superannuation fund), you must explain why this action is appropriate. That is, why there is a need to change the asset allocation, or to replace or sell an investment.

With regard to insurance, you are not expected to provide a detailed analysis of Jessica’s needs. However, this area still needs to be examined. If your analysis shows that she requires additional insurance and could benefit from a review, you should advise her of this. Alternatively, clearly explain why you believe her current cover is sufficient.

More information regarding requirements for providing advice is included throughout the assignment.

Word count

The word count shown with each question is purely indicative. You may exceed the word count by a minimal amount, however, please do not include additional information which is outside the scope of the question.

The Jessica Bigge case study

The case study steps you through the financial planning process, from initial contact with Jessica Bigge, to the development and documentation of a financial strategy as an SOA to meet her needs.

Fact finder and risk profile

The fact finder for Jessica and her risk profile are provided. You will find these in Appendix 1.
The data in these documents has been used to complete some of the sections in the SOA.
You will need to refer to these documents to complete the financial position tables for your client.

Additional research

 

You will be required to source additional information from other organisations in the financial services industry to find the appropriate product/s to meet Jessica’s requirements, and perhaps to calculate your service fees

In Jessica’s case, there are certain variables to consider, such as:

 

1.   In dollar terms, what appropriate house deposit is Jessica aiming to accumulate and over what time period?

2.   What would be the ramifications if the car loan was paid off using her maturing term deposit savings? In this case, how should she invest her remaining capital and future savings to reach her house deposit goal over a maximum five-year period?

3.   What would be the ramifications if the car loan was not paid off (or only paid off in part)?
In this case, what could be an appropriate investment strategy for Jessica’s maturing term deposit and future savings to reach her house deposit goal?

4.   How does her risk profile fit into the time horizon she has selected to purchase her first home and for point 2 and 3 above?

5.   Could a valid strategy potentially have Jessica in a position to purchase her first home within five years? How much risk would she need to accept to achieve her declared savings goal?

 

DFP1B-1v2.1 Financial Planning

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