FIN375e Risk Management and Insurance Planning Group-based Assignment January 2018 Presentation
FIN375e Group-based Assignment SINGAPORE UNIVERSITY OF SOCIAL SCIENCES (SUSS) Page 2 of 7 GROUP-BASED ASSIGNMENT This assignment is worth 30% of the final mark for FIN375e Risk Management and Insurance Planning. The cut-off date for this assignment is 01 Mar 2017, 2355hrs . This is a group-based assignment. You should form a group of 4 members from your seminar group. Each group is required to upload a single report to Canvas via your respective seminar group. Please elect a group leader. The responsibility of the group leader is to upload the report on behalf of the group. It is important for each group member to contribute substantially to the final submitted work. All group members are equally responsible for the entire submitted assignment. If you feel that the work distribution is inequitable to either yourself or your group mates, please highlight this to your instructor as soon as possible. Your instructor will then investigate and decide on any action that needs to be taken. It is not necessary for all group members to be awarded the same mark. The Financial Planner Andrew Ang, aged 38, certified financial planner (CFP) and estate planner, had worked 11 years in the financial planning industry as an independent advisor. Over the past decade, he steadily built up a base of approximately 1,000 clients and was fairly happy with the relationships he had established and was proud of the financial plans which he had crafted for his clients and their families. He could see how his work had helped his clients and felt a great sense of satisfaction. His client base comprised largely of professionals and small business owners, the typical profile of clients who require financial planning services. One of the difficulties faced by Andrew as a financial planner is coping with disappointments, disappointments from clients who seemingly withdraw from the established relationship which he had painstakingly built for no apparent reason. The change in the relationship comes not through verbal communication but most times through notification letters by insurers, informing him that the client has withdrawn or terminated the policies which were incepted through him. Just in December 2017, Andrew was informed by his firm that his long-time client of 8 years, Mr Kelvin Koh, had terminated all insurance policies under his care. Such notification would often cause Andrew to ponder over reasons for the change for days.
FIN375e Group-based Assignment SINGAPORE UNIVERSITY OF SOCIAL SCIENCES (SUSS) Page 3 of 7 The Beginning of the Relationship 8 years ago in 2009, Andrew was introduced to Mr Kelvin Koh through a referral from an existing client. Kelvin Koh, then aged 36, was an entrepreneur in the spa and wellness industry. Kelvin had established 5 spa outlets under the brand name “Imperial Spa” throughout Singapore. In 2009, Andrew had worked with Kelvin to provide group medical
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