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Flashcards in Client Advising Skills Deck (12)
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1

What personal details should a fact find include

Basic info
Family details
Employment details

2

What financial info should a fact find contain

Assets
Liabilities
Life assurance
Pension arrangements
Monthly income and expenditure

3

What planning and objectives info should be included in the fact find

Existing arrangements
Financial objectives
Other advisers

4

How can you refine he identification of potential demands and needs following the fa t find

Discussion

5

What should you do when discussing demands and needs

Identify which are most important

6

How is it recommended to document discovery and analysis of client needs

Questionnaire

7

What should you do following identifying, quantifying and prioritising demands and needs

Understand attitude to risk and ethical preference

8

What can be considered if the affordability margin is tight for a client

WOP (but the premiums are often more for this benefit)

9

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

10

If making an oral recommendation what is required

Explain pros and cons
Need good presentation skills

11

What are the guidelines for a written recommendation report

No jargon
Short sentences
Logical sections
Balanced view

12

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