FINA2209 : Financial Planning Assesment Semester 2

Task

Your task is to provide advice which helps to meet your client’s goals and objectives. Specifically, you are to provide advice on the specific areas of concerns that they raise and you should also consider all their other information to provide supplementary advice. Your advice should be based on the information that the clients have provided and you may need to make assumptions to clarify any advice you give. Any assumptions you make should be clearly documented in your discussion paper and they cannot introduce, change or conflict with the client information that has been given. Late submission of assignments
A penalty of 5 per cent of the total mark allocated for the assessment item is deducted per day for the first 7 days (including weekends and public holidays) after which the assignment is not accepted. Each 24-hour block is recorded from the time the assignment is due. For example, if an assignment is late by three days and was given 80 out of a possible mark of 100, you would receive a mark of 65 out of 100 (a mark of 5 is deducted per day). Artificial Intelligence (AI)
This group assignment is completed entirely without AI assistance. That is, TIER 1 is applied to this assessment task. Peer review You will need to complete a SPARK assessment of your group members after the submission. Groups are encouraged to keep evidence (e.g. minutes of meetings) as proof of individual contributions. Please refer to LMS (Assessments  Group assignment) for information about completing SPARK. Please note the following quote in the information that it is compulsory to complete a SPARK assessment and non-submission will result in a penalty.
"All students are expected to fully participate in this task and required to submit valid assessments. Students who do not complete the task will receive a lower of RPF factor automatically generated by SPARK or 0.5" Discussion paper template
You will provide your advice in the form of a discussion paper, which can be considered to act as a precursor to a Statement of Advice (SOA). As such, the discussion paper will follow a similar format to an SOA, covering the minimum requirements for advice. You must pay attention to the style and tone (in the 3rd person) of your writing. That is, you should write in a clear, concise and easy-to-understand way. Include graphs, charts, tables etc. to help with readability and client understanding. Your discussion paper may include the following sections:
(a) Specific areas of concerns mentioned by the client
(b) What advice is appropriate to be included and reasons for advice (c) What advice is inappropriate and the potential risks and limitations (d) Strategy discussion addressing their concerns - For each strategy explain: (i) the strategy and what you considered in arriving at this recommendation (ii) how the strategy meets the client’s objectives

(iii) how the strategy works (iv) benefits of the strategy (v) outcomes of the strategy
(vi) risks that need to be considered (e) Assumptions (f) References
(g) Appendix (if applicable)
The length of your discussion paper should not exceed 15 pages (excluding cover page, references and any appendices) using Arial size 12 font, single spacing and 2cm margins. 2

Case study overview

Nash Bean (41 years of age) works full time as an Associate Professor of Mathematics at UWA, earning gross income of $120,000 p.a. plus Super Guarantee (SG) contributions. His wife, Penny Bean (39 years of age) is a part-time office manager, earning gross income of $49,000 p.a. plus SG contributions and takes on primary caring duties of their daughter Lily who is 4 years of age.
Penny has a superannuation balance of $30,000 and she is happy with the fund and the specific investment option she is in but would like advice on how she can build up the balance. Nash has superannuation savings in several super funds that have a total balance of $108,000. See Appendix A for details on his super funds. Nash would like advice on rolling his super savings into one of his existing funds.
Nash and Penny own their house currently valued at $990,000 and estimate that their house contents are worth approximately $55,000. They have a mortgage with a current balance of $460,000 and an interest rate of 5%. During the pandemic they were worried about losing their income and so on arrangement with their lender, they switched to interest only payments per month. They would like advice on what they should do to bring down the balance of their mortgage quicker.

Assessment Summary: Financial Advice Discussion Paper

The given assessment requires students to prepare a discussion paper that provides tailored financial advice for a client, acting as a precursor to a formal Statement of Advice (SOA). The client in this case study is Nash Bean and his wife Penny, whose financial profile includes income, superannuation, property holdings, mortgage arrangements, and personal goals.

Key Assessment Requirements:

1. Client-specific concerns: Identify the financial areas the clients are most worried about (e.g., mortgage management, superannuation consolidation and growth).

2. Appropriate advice: Offer practical and professional recommendations based on the client’s information. Justify advice with reasoning.

3. Inappropriate advice: Highlight recommendations that would be unsuitable and explain associated risks.

4. Strategies discussion: For each recommended strategy, detail:

   • The strategy and rationale

   • Alignment with client objectives

   • Operational mechanics

   • Expected benefits and outcomes

   • Potential risks

5. Assumptions: Clearly document any assumptions made during analysis, ensuring they do not conflict with client-provided information.

6. Supporting documentation: Include charts, graphs, tables for clarity and appendices for additional calculations.

7. Formatting: Maximum 15 pages, Arial size 12, single spacing, 2 cm margins.

8. Compliance: AI usage is prohibited. Group peer review via SPARK is mandatory. Late submissions incur penalties.

Assessment Approach: Academic Mentor Guidance

The Academic Mentor guided the student through the assessment using a step-by-step structured approach:

1. Understanding the Case Study:

   • Reviewed Nash and Penny’s income, assets, mortgage, superannuation, and family situation.

   • Highlighted the importance of distinguishing between short-term and long-term financial goals.

2. Identifying Client Concerns:

   • Mortgage repayment and strategy to reduce principal.

   • Superannuation consolidation and growth for both Nash and Penny.

   • Tax-efficient contributions and investment choices for long-term wealth accumulation.

3. Research and Analytical Tools:

   • Recommended resources included super fund performance reports, mortgage calculators, and financial planning frameworks.

   • Introduced tools for scenario analysis (e.g., simulating mortgage repayment schedules or super consolidation impacts).

4. Structuring the Discussion Paper:

   • Sectioned the paper into: Client Concerns, Advice (appropriate/inappropriate), Strategy Discussion, Assumptions, References, and Appendices.

   • Encouraged the inclusion of charts and tables to visually explain financial projections.

5. Developing Strategies:

   • Mortgage strategy: Calculated impact of returning to principal-and-interest payments, and accelerated repayment options.

   • Superannuation strategy: Evaluated consolidation benefits, fees, and investment options. Suggested additional contributions for Penny to grow her balance efficiently.

   • Risk analysis: Identified potential pitfalls such as early withdrawal penalties, investment volatility, or liquidity constraints.

6. Drafting Assumptions:

   • Clearly listed assumptions regarding future income, interest rates, superannuation returns, and expenses.

7. Final Review and Compliance:

   • Ensured the paper adhered to formatting, word/page limits, and third-person professional tone.

   • Checked that all references were in APA7 format and AI usage was avoided.

Outcome Achieved

• The student produced a comprehensive discussion paper that:

  • Addressed the client’s immediate and long-term concerns.

  • Presented structured, evidence-based advice.

  • Incorporated visual aids to enhance readability and understanding.

  • Documented assumptions and limitations transparently.

• Learning objectives covered:

  1. Applying financial planning principles to real-life scenarios.

  2. Analysing client information to identify appropriate strategies.

  3. Communicating complex financial advice clearly and professionally.

  4. Evaluating risks, benefits, and outcomes of proposed financial strategies.

  5. Demonstrating compliance with professional and academic standards (e.g., APA referencing, non-AI submission).

• The completed assessment provided a strong foundation for subsequent tasks in the course, including implementation, monitoring, and review of financial strategies.

Access Expert Assignment Guidance Today

Looking for a clear example to guide your assignment? You can download our sample solution to see how a professional academic report is structured, including step-by-step analysis, charts, and references. Important: This sample is for reference only. Submitting it as your own work may lead to plagiarism penalties.