Broad Outline: You must prepare a scaled financial plan for your clients, Paul and Joyce.         They have come to you to seek advice on their superannuation and retirement planning. You will deliver the financial advice through a scaled Statement of Advice. I recommend following the sample from the McKeown,  Kerry & Olynyk textbook. Alternatively, the Australian            Securities and Investment Commission's (ASIC) Statement of Advice format is also                    acceptable. Both sample SOAs are in the "Topic 8: Sample SOA materials" on UTSCanvas.        Please use appropriate language for these clients who do not have a financial background.

Guidance:

1.   The assignment is to be completed individually.

2.    Please refer to the topic slides and other sources for analysis techniques.

3.   Any tables and figures requiring calculations should use a spreadsheet application such as Microsoft Excel.

4.   For the statement of advice, it is necessary to clearly label the different sections with sub- headings to highlight the structure of the Statement of Advice. A straightforward design will make it easier for you when completing the assignment and maximise your marks through ease of reading/marking.

5.   You may need further research to find the client's appropriate products (and associated fees).

6.   Please include a reference section to properly recognise the source of information for products, tables and other statistics.

Your Tasks:

You are to create a financial plan for the Kerrs based on the information provided below. Your first step is to become familiar with your client's current circumstances and offer them advice/recommendations based on the goals and objectives you discovered in the first client- planner meeting. A list of the analysis you should include in your financial plan can be found in  the   marking  guide.  Once  you   have  constructed   a  financial   plan,   it   must   be communicated through a scaled Statement of Advice. In the Statement of Advice (SOA) construction, you should follow the formats shown in the sample SOAs.

Submission: A soft copy of your report is due by Midnight, 14th September 2022. Please submit your SoA via the assignment page on UTSCanvas.

Paul recently became a corporate     editor for a large aged care company. Joyce is a leading scientist for Mitchell Institute, a        scientific Institution that examines sports-related brain injury in Australia. They live in a        beautiful four-bedroom Californian bungalow in historic Petersham, on which they still have a housing loan (mortgage).

What they want?

During the interview, Paul and Joyce gave you a set of goals they wish to achieve.

•   Joyce has recently taken on the role as a lead scientist of the Mitchell Institute, a       scientific Institution that examines sports-related brain injury in Australia. Joyce has had an eclectic career. After earning a PhD from the faculty of medical science in her youth, she chooses to concentrate on her career as an elite sportsperson,                    representing Australia in fencing and sailing. Joyce continued her interest in medical research part-time during her sporting career. Her collaboration with many eminent scientists has secured her reputation as one of the critical sports medicine scientists in the country. With her background as an elite sportsman and her reputation as a    tremendous researcher made Joyce the perfect choice for the lead scientist at the    Mitchell institute.

•   Joyce's husband, Paul, also has a fascinating work history. Paul is also a talented       scholar and met Joyce while completing his theological studies at the University of  Sydney. A gifted scholar with a passion for god and people, Paul founded his church in inner Sydney Camperdown after he completed his studies. Paul's church became known as a place of worship and refuge for many residents in the local social            housing community. After serving as pastor at his church and giving to his local        community for 25 years, Paul decided it was time to change. Fortunately, Paul is an excellent writer and found a role as the corporate editor for a large aged care

company.

•   Despite enjoying his new role immensely, Paul felt something was missing in his life. So he now only works one and a half days per fortnight. This arrangement leaves      him sufficient time to indulge his passion for helping the community around              Camperdown. With funding from local businesses and eminent community leaders, Paul has started a community centre that offers tuition to underprivileged children  in the area. Paul manages the centre on a volunteer basis and receives no payment for his services.

•   While both Joyce and Paul feel very fulfilled and happy with the work-life balance,     they have been alarmed by a recent conversation with Joyce's friend, Andre. While    walking their dogs at Black Wattle Bay, Andre lamented that he is about to retire and may not have built up sufficient funds to pay off the mortgage and live comfortably.  The conversation got Joyce and Paul thinking about their situation. While both hold   successful professional positions, their eclectic career (spending a considerable           period as a professional sportsman and pastor) means they have a relatively low        superannuation balance. They do not wish to be left in a similar situation to Andre in retirement. So they have now come to you to seek advice on a financial plan to           maximise their superannuation and make a long-term retirement plan.

• Paul and Joyce would like you to help them maximise their superannuation savings. He and Joyce are open to listening to any ideas you may have to help them build up their retirement savings.

What do we know about the Kerrs?

Background

In your initial planner/client meeting, you found out the following information about the

Kerrs.

Paul is 55, and Joyce is 47 years old. They lived in a 4-bedroom home in inner Sydney

Petersham. Their residence at 48 Audley Street Petersham.

They have two young children, Jackie, who is ten years old and Olivia, seven years old,

who are both attending the Inaburra School.

Paul recently became a corporate editor for a large aged care company but only works

for 1.5 days per fortnight and receives a wage of $37,500. Joyce is a leading scientist for Mitchell Institute, a scientific Institution that examines sports-related brain injury in Australia. Joyce earns $175,000p.a.

Both  Paul and Joyce receive compulsory superannuation contributions of 10% from

their employers.

Paul plans to retire at 67. However, Paul longs to dedicate himself to the community

centre fully  he set  up  in  Camperdown.  He wishes to  maximise  his superannuation investment if he decides to work less in the future.

During the  interview,  you  ask  both  Paul  and Joyce  to  complete  a  risk  assessment

questionnaire. The test results concluded that both were balanced investors.

The Kerr's financial situation:

Below is a list of the couple's assets, all jointly held/received and includes the following:

A recent valuation from a real estate agent friend indicates that the Kerrs' home is

worth $1,750,000.

They owned a 2021 MG ZST ESSENCE 1.3T valued at $30,000 and a 2020 Mercedes

A180 valued at $35,000. Their house contents is valued at $50,000.

Paul and Joyce have $500,000 in a term deposit account, courtesy of a bequeath from

Paul's great uncle Bob. The money came from Paul's inheritance when his great uncle Bob passed away three months ago. They are receiving 1.75% interest on the balance.

Superannuation assets equal to $420,000 ($220,000 for Paul and $200,000 for Joyce).

The  entire  balance  in  the  superannuation  account  results  from  their employers' compulsory  superannuation  guarantee  contribution.  They  have  never  made  any personal contribution.