The principle disclosure of personal information to assess an application for credit need to be disclosed by clients. This includes: Name, address (current living arrangement and history over last 2 years), marital status, assets and liabilities, income and family support, business and personal needs/goals and investment history. 7.What information would you use to clarify your client’s investment goals and expectations? To clarify a client’s investment goals and expectations you would need to conduct a needs analysis. This would incorporate gathering the general data required to complete a credit application and then ask specific questions regarding the client’s priorities, future and goals. You would use data gathered at the interview stage from the client exploration discussions and their expressed desires. You may also utilise the recommendations they may have already obtained from specialists such as financial planners or accountants who may have implemented a Financial plan or strategy. 8.What is the clients financial position determined by? Financial position is determined by the client’s balance sheet relating to current assets and liabilities. Along with their current income levels and existing commitments. The clients credit history will determine if their current financial position appears distressed. The financial position is determined by the accuracy and full disclosure from the client. The broker should take all reasonable steps to probe clients and ensure the information provided is true and correct. This is achieved by asking open ended probing questions, gathering supporting documentary evidence and analysing information received for any omitted details. 9.Researching available services may include what? Discussing options with colleagues and Business Development Manager Banking connections, internet searches, reading services and conditions provided by suppliers and in product disclosure information and analysing if these are in line with the clients needs 10.How can you determine the client’s priorities? Consider the clients needs identified during discussions and the priorities noted during discussion with applicants. You will need to consider the clients current financial position and goals in order to prioritise importance and discuss the order of importance with the client to gain a good understanding. As sited in FNSFMB402 Topic 3,
3 Elizabeth Arche FMSFMB402 14/08/2019 “You will need to consider the opportunities and constraints presented by the client’s financial situation and current course(s) of action and determine the likelihood of the client reaching his or her objectives by continuing present activities or making anticipated changes. You may identify other issues that may impact the client’s ability to achieve objectives, which you then discuss with the client. It may be appropriate for you to amend the scope of the engagement and/or to obtain additional information.
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