Reference no: EM133123043
Your clients, Steve and Clarissa are age 33 and 31, respectively. They have been married for three years and are both lawyers. Steve earns a base annual salary of $100,000, and Clarissa $120,000. In addition, their employers pay 10% employer superannuation contributions. They live in their home in Sydney, currently valued at $900,000, with a mortgage of $690,000. It is their first visit to a financial planner and want to focus to building wealth their savings for retirement. They both want to retire when Steve is 58 and Clarissa is age 56. Clarissa would like to reduce her hours in six months' time for one year so she can complete her postgraduate studies. Her income will halve for this 12-month period. The clients would like to start a family after Clarissa completes her studies, and the plan is for her to continue working part time after completing her studies. Steve will continue to focus on his career at the law firm where he is hoping to make partner level. Steve states they do not want not want any specific advice on life or general insurances. You provide the clients with your Financial Services Guide (FSG) at the commencement of the interview. During the interview you attempt to complete the fact finder with them. During your fact-finding interview and subsequent review of the client's situation you discover you need more information from them. You also wonder if they need further specialised advice in other areas. Answer the following questions:
a) What and four examples of QUANTITATIVE information do you require from the clients? (List at least four (4) items)
b) What QUALITATIVE information do you require from the clients? (List at least four (4) items)
c) What questions could you ask the clients to elicit qualitative information from them? (List at least four (6) questions) (Do not list questions requiring one-word answers or yes/no etc.).
d) List those areas of advice that are in scope for the clients, and what subject matters are not in the scope of advice
e) List any other professionals to whom you will be referring the clients for specialist advice.