Financial Advisory Practice ACCT 2288: Assessment 3

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Financial Advisory Practice

ACCT 2288: Assessment 3

This assessment requires you to develop and present a compliant Statement of Advice (SOA) based on the case study provided. You are required to read carefully the assignment (Case Study), which requires the preparation and submission of a compliant Statement of Advice (SOA) and address the questions and tasks relating to the key case issues, the clients’ goals and objectives, the impact of new financial planning legislation, preparation of a risk tolerance questionnaire and client questionnaire.

You will need to submit your assignment through TURNITIN before 11:59 PM  (Australian  Eastern Standard Time) on the Friday, 31 May 2024.

CASE STUDY

You are a Financial Planner who has been approached by a married couple seeking advice in relation to their retirement planning.

Michael and Karen JORDAN have just retired, and they feel they should seek appropriate professional guidance. They have informed you that upon retirement, they would like to reside in their current home. Given that neither of them has any health issues, they feel that they can live in their current home for many years to come.

Details of their circumstances are set out in the Client Data Form in the attached document.

REQUIREMENTS

You are required to prepare a compliant Statement of Advice containing your recommendations.

.    As this is a fictional case study, you may make reasonable assumptions to complete the details of the clients’ situation, but you should not alter any of the information provided in the case study.

.    If you elected to make assumptions, they should be REASONABLE assumptions and they should be consistent with the information  already provided. There is to be no “front end loading” with assumptions to make an outcome more achievable, that is, DO NOT make assumptions about windfalls such as lottery wins or inheritances.

.    Your assignment submission should include a list of ALL assumptions that you have incorporated.

Your SOA should include the following as a minimum:

.    A compliant SOA cover page, incorporating all ASIC requirements

.    An executive summary covering no more than 2 pages

.    Cash flows and balance sheet – BEFORE and AFTER recommendations

.    Recommendations (Should be at least three)

.    Anticipated outcomes – How it places the client in a better position

.    Appropriate disclosures and disclaimers, including details of your remuneration

.    Action to Proceed

.    Authority to Proceed

GUIDE: Whilst there is no word limit or page limit on your submission, to be an effective SOA, it is expected that most submissions will have a page count of 15-20 pages, with up to 6 additional pages as appendices if required. Please DO NOT submit any investment product sheets or Product Disclosure Statements with your assignment, even though that is a requirement with SOAs in real life circumstances.

Submissions which significantly exceed this guide may be considered to be not “clear, concise and effective” and will accordingly suffer significant marking penalties.

Based on this case study, students are required to submit a compliant Statement of Advice. It is important that all legal and professional requirements should be complied with and expected standards must be followed. This is the capstone course in Financial Planning and a very high standard is required and you will need to attain an advanced level of detail and analysis in your Statement of Advice to pass this course.

You are expected to demonstrate your effective communication skills and technical knowledge by presenting a comprehensive SOA that is focused on client needs and is in line with ethical, professional, and legal expectations and requirements.

Your SOA will be assessed not only from client and compliance perspectives, but also in line with the expected standards and course guidelines, which are detailed in the Course Profile. Although you are required to prepare a complying document, you need to be aware that your final assignment must also meet the very high expectations of this capstone course. Please use tax rules and rates as applies for the Financial Year 2023.

To achieve a pass level, you will need to attain an advanced level of detailed knowledge when writing your comprehensive SOA. Students are expected to devote sufficient time to the preparation of a Statement of Advice which encompasses both, the essential elements, and structural elements, covered throughout the course work modules. You are expected to produce an original assignment of a high academic standard. Remember that clear and concise writing will be rewarded, and  penalties apply for poor presentation, and spelling, grammar, and punctuation errors.

This assignment is worth 40% of your final marks (the assignment is marked out of 80 and scaled back to 40%).