Financial Planning Industry & Yasmin Case Study - Accounting Assignment Help

Assignment Task     

Background to your meeting with a new potential client….  

You have just completed an introductory meeting, 26th April 2021, with a potential new client, Yasmin  (Yas) Aldjufri, who has been referred to you by her friend Eileen Hayes. Eileen has been a client of yours  for many years and is always happy to recommend your services to friends and colleagues who require  financial advice.  

Yas is a little sceptical about seeing another financial adviser given her previous experiences and the  recent bad news reports about financial planners including the outcomes of the Royal Commission. Yas  has had some disappointing experiences with financial planners in the past. Before seeing you, Yas had fallen into a rather unsatisfactory arrangement with her previous financial planner, Zip Flash, whose  client contact was very infrequent and whose model of managing clients’ funds was to “advise” Yas to  invest into a particular managed property fund which Yas later found out that was managed by a relative  of Zip’s. Yas had invested $90,000 into this account 5 years ago although her last statement showed it now had a balance of just over $30,000. Yas has asked Zip to explain this investment in more detail on 

a number of occasions so she can understand what happened to her money but Zip does not return  calls.  

Yas has tried to manage her financial situation herself and has undertaken what she believes to be quite  extensive research but feels that given her work commitments and recent relationship breakdown and  subsequent divorce, she does not really have the time to devote to managing her own financial affairs. 

Yas was not happy with the limited level of service she was previously provided and feels that this is not  what financial planning is all about and believes there must be a much better way to address her  financial planning situation with a more actively managed strategy. Yas wants her own unique  circumstances to be fully considered and does not simply want to be sold something for which the  planner does little and inevitably receives a large and often ongoing fee for no service. Yas is convinced  that a good financial plan based on an ongoing relationship with a trusted financial planner like you, will  set her on a path to be able to meet her desired goals, and at the same time will still be dynamic and flexible enough to allow for changes in her life circumstances, people, markets and government policy  that may occur.  

Based on Eileen’s recommendation and her initial meeting with you, Yas sees you as being able to  provide expert financial guidance for her which s he is confident will result in the preparation of  a financial plan including a Statement of Advice (SoA). Yas is very conscious of the fact that she wants to  gain positive future benefits by careful and astute investment from this point on in her life.  

Yas’s contact with you to date has been limited to the initial meeting, but she feels that you have made  a very good impression with the way the appointment booking and first meeting process was handled.  Yas feels that she could build an ongoing relationship with you over time and will be able to rely on you  as her trusted financial planner. Yas also feels quite strongly that you are not just after her business for  the money, but that you really care about her as a person and what she wants to achieve. Yas was  impressed by and appreciated the way you asked her questions that were designed to ascertain not only  her attitude to money but also to find out about and explore the many aspects of her life in general. 

You were impressed with Yas as a potential client. Yas came very well prepared and asked you a  series of intelligent, realistic questions which included:  

• What fees do you charge for your services? 

• What kinds of clients do you usually see, and are they in a similar situation? • What services do you offer? 

• What areas do you specialise in? 

• What are your industry qualifications and experience? 

• Are there a range of products for which you receive commission? 

• How often will you meet with clients to review their plan and circumstances? • How do you keep clients updated with new information? 

During your initial meeting you provided Yas with a copy of your Financial Services Guide (FSG) and  Privacy Statement. You also completed your fact-finding process and Yas has signed an initial  engagement agreement. You outlined the next steps in the process are that you will review Yas’s  financial situation and prepare a SoA and will organise another meeting with her within the next couple  of weeks to present and work through your advice.  

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