FPC009-Complex Financial Planning Analyses – Accounting & Finance Assignment Help

Assignment Task


Background to the assessment tasks
As a financial adviser, you must provide advice to your clients which is in their best interests and demonstrate that the advice will place them in a better position. The two assignments in this subject are designed firstly to enable you to critically assess these aspects of advice when the advice has been provided by another financial adviser and, secondly, apply this critical thinking when giving your own advice to clients.

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In Assignment 1, you will be assessed on your ability to critically analyse the advice provided to Henry and Olivia Golding, and to assess whether:

  •  the advice provided satisfies the key elements of the financial adviser’s best interests duty owed to their client
  •  it is likely to put them in a better position if implemented
  •  in addressing the previous two points, there are errors or omissions in the advice, when compared to the information gathered about the clients.A ‘file’ of materials relating to the advice provided to Henry and Olivia is included as part of this

assignment. This material is contained in Part 3. The following documents are included in the file:

  •  a client data form completed by the financial adviser following discussions with Henry and Olivia Golding
  •  file notes created by the adviser
  •  a completed statement of advice (SOA) that you can assume was presented to the clients.

Required tasks
Following your analysis of all the materials in the file, you are required to respond to six (6) questions about the advice provided in the SOA which Henry and Olivia Golding may rely on. Some questions have multiple tasks.

Part 2: Assignment questions

Question 1 
The personal details collected about the clients are recorded in the SOA: ‘Section 1: Where you are now’.
Describe at least one (1) piece of relevant information relating to the data collection process for Henry and Olivia Golding that should have been referred to in section 1. 

Question 2 
The following questions relate to the development of an appropriate investment strategy for a client, which can be affected by their attitude to investment risk.
(a) Describe whether ‘Section 3: Your risk profile’ of the SOA correctly reflects both clients’ attitudes to risk. 
(b) What (if anything) should the SOA in Section 3 have stated about the clients’ risk profile? Explain your answer. 
(c) Should the clients’ risk profile be the key factor in the construction of an appropriate asset allocation model? Why or why not? 

Question 3 
‘Section 4: My advice to you and why it is appropriate’ of the SOA details the course of action the Goldings should be considering (i.e. the financial adviser’s recommendations). The recommendations the Goldings should consider are summarised in Section 4.

(a) Describe at least three (3) technical statements made in Section 4 of the SOA that are incorrect. Explain your answer. 

(b) In Section 4, under ‘Superannuation advice’, the financial adviser has recommended that Henry andOlivia establish a self-managed superannuation fund (SMSF) to roll over existing superannuation balances and to undertake the purchase of a property with borrowings.
Identify five (5) key disadvantages of commencing and operating an SMSF that the adviser has omitted. 

(c) ‘Insurance advice’ in Section 4 addresses the clients’ insurance needs.
(i) Is the needs analysis undertaken and described appropriate to the clients’ circumstances?
Give reasons for your answer, including amounts where appropriate. Note that tables do not count towards the word limit. 

(ii) Are there any inconsistencies between the needs analysis and the insurance recommendations 

(d) Consider ‘Investment advice’ in Section 4.
(i) What statements made under ‘Investment advice’ appear to be inconsistent with information that has been collected about the clients and their circumstances?

Explain your answer. 
(ii) What are the key advantages and disadvantages of the ‘Investment advice’ recommendations (you may need to consider best interests obligations)? 

Question 4 
Alternative strategies that were discussed with Henry and Olivia are set out in ‘Alternative strategies and products’ in Section 4 of the SOA.
Describe at least three (3) inconsistent statements made in this section. Provide reasons in your answer.

Question 5 
Do the details laid out in ‘Section 5: Fees’ satisfy the financial adviser’s disclosure responsibilities under the law? Provide reasons in your answer.

Question 6 
(a) With reference to ASIC RG 175.268 and the safe harbour requirements, describe three (3) changes you would make to the SOA that could materially improve the quality of advice given to the clients.

(b) Would the advice meet the ‘best interests duty’ obligations under the Code of Ethics? Explain your answer, addressing the following standards:
(i) Standards 2 and 5 
(ii) Standard 6. 

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