Reference no: EM132311397

Analysing the data

The next step in the financial planning process is to analyse the collected data. You do this so that you can fully understand your clients' needs and therefore design a financial plan that addresses their goals and objectives.

By analysing the data provided under the following headings, you can start preparing a financial planning strategy that will meet your clients' needs:

• Review the fact-finding stage
• Current position
• Debt management
• Risk/protection
• Savings
• Present and future taxation issues.

Note: There are a series of questions relating to section 3 in the assignment that you must answer. Use your answers for section 3 to help you decide on your recommendations for John and Elsbeth. Your answers to these questions are your opportunity to demonstrate your ability to analyse the clients' needs in preparation for developing a strategy that aligns with their requirements.

Section 2

Analyse the data provided by the couple by answering the following questions. Think carefully about your responses and do not assume that you are in a position to provide answers to everything.

You may not have enough information; it may be outside of your licensee's designated authority for this case study (i.e. the matter needs to be referred to a specialist adviser) or it is not a goal or objective of your clients. Where this might be the case, make sure you make a comment to that effect where relevant.

Make sure you constantly refer to the data you have on John and Elsbeth so your responses accurately reflect the information provided to you.

1) Do Elsbeth and John currently have adequate life and TPD cover?

If ‘yes', why/how?
If ‘no', how much should they have, and why that much?

After revising section 2 insert new life and TPD sum insured here

2) Do Elsbeth and John require any other insurance cover?

If ‘yes', what type of cover? How much do they need? How should it be provided?
If ‘no', why?
How much cover for Income Protection & howprovided?
What covers do they need?

3) If Elsbeth commences her own business, would she require any further insurance cover?

If ‘yes', why and what would she require?
If ‘no', why not? which types of cover may be needed?

Section 3 - The strategy Case study questions

Answer the following questions in the spaces provided.The questions are your opportunity to demonstrate your ability to analyse a client's needs and develop a strategy that aligns with their requirements.

Section 3

Based on your analysis of the data, describe in general terms the strategy you think will best meet Elsbeth and John's needs, and why. Include what other specialist advice they will need to source so they can have access to a comprehensive financial plan (up to 520 words).

Note: Students who need assistance determining the approximate premium costs of particular recommendations should use the internet to research and use the calculations as a guide when answering assignment questions.

You need to expand on the strategy, you must include all the types of insurance cover you are recommending, indicating how they will be structured (inside vs outside super), the sum insured and the relevant waiting & benefit periods where applicable.

Provide a clear, concise and feasible strategy which uses appropriate cover and clearly outlines the strategy for both clients.

Attachment:- insurance-and-risk.rar