Financial Literacy Business Plan Paper

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Overview In future, you may be practicing as a financial adviser. Even if you don't end up working in the financial planning industry, you (or a member of your family) will likely need to engage with a professional financial adviser to give you feedback on your ideas and to help implement your financial plan. The purpose of this assessment is to assess your ability to identify some important best practices and skills when providing financial advice to clients. It is required that we assess this as part of the FASEA accreditation for this course. This assessment involves watching some videos of financial advisers interacting with clients and answering two questions. The videos are on Youtube. We have provided videos of two advisers (Jeremy and Tristan) but you are only required to watch the videos of one adviser. The questions are under the ‘Questions’ section of the Adviser Engagement Instructions document. There is no word limit for your answers to the questions, but most students write between 500 and 2,000 words in total for both questions. The answer to both questions should be submitted in Microsoft Word format using the Microsoft Word template provided. Videos The videos for this assignment are on Youtube under the ‘Adviser Engagement’ playlist. The link to this playlist is provided under the ‘Adviser Engagement’ section of the course website. Tristan Scifo (Purpose Advisory) and Jeremy Chiel (Stonehouse Group) have provided some roleplays that demonstrate some ‘good’ and ‘bad’ examples of interactions with clients. You are only required to watch the videos from one adviser but better submissions will draw examples from the videos of both advisers. To make it clear which roleplays are ‘bad’ and ‘good’, I have included ‘Good’ and ‘Bad’ in the titles before each section of the video. The bad examples are pretty funny at times, so sit back and have a good laugh. Note that there are both ‘good’ and ‘bad’ versions of Jeremy’s videos but some of Tristan`s videos only have ‘good’ versions. There are some additional videos of Alexander Pan, who is a compliance officer in the financial planning industry. These may be useful to watch but are considered as an optional ‘bonus’ video. Link: Questions There are two questions that you must answer. Please use headings for ‘Question 1’ and ‘Question 2’ and answer them separately. Question 1 (50 marks) Explain the importance of a financial adviser having a deep understanding of the client’s situation, needs, objectives (goals), financial literacy and tolerance for risk in order for them to provide financial advice that is in the client’s best interest. Provide specific and detailed examples of situations in which Tristan and/or Jeremy attempted to build this deep understanding of the client or provided advice that was in the client’s best interest. Provide specific and detailed examples of situations in which they did not do this. Question 2 (50 marks) Why is it an important part of the financial planning process for financial advisers to build ‘trust’ with their clients? What steps did Tristan and/or Jeremy take to effectively build trust with their client? Provide specific examples of ways that they bult trust. Provide specific examples of ways that they eroded trust. Formatting Fonts: Please only use either Arial (PC) or Helvetica (Mac) fonts. Students with dyslexia who find these fonts difficult to read may use Times New Roman. Font sizes: Please use font size 11 pt for your body text. File format: You should submit your file in Microsoft Word format.
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