finance-Capstone project — risk protection and superannuation FP4-1SN4-1 project

Capstone project — risk protection and superannuation
FP4-1SN4-1 project
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This document includes:
· student identification
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· project instructions
· submission instructions
· project result, result summary and feedback
· project checklist
· project questions (including fact finder
templates, cash flow templates and managed funds calculations).
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Project result
(assessor to complete)

Result — first submission

Questions that must be
re-submitted:

Sections 2, 3 and 4

Result — re-submission (if
applicable)

Result summary
(assessor to complete)

First submission

Re-submission (if required)

Section 1

Section 2

Section 3

Section 4

Section 5

Feedback (assessor to complete)
Please refer to your assignment
document for comments. You are required to amend your paper in accordance with
each comment provided for the sections that require resubmission.
Capstone project — risk protection and superannuation
FP4-1SN4-1 project
This project contains five sections based on the information
provided on your clients, George and Rebecca Brown, and their family. Complete
all sections.
The following checklist is
provided as a guide to ensure you have completed the project requirements.
Project checklist
(student to complete)

Step

Action

Completed?

1.

Read the Study Guide
Go to the .kaplearn.edu.au/course/view.php?id=21&section=2″>What
you need to know section and read the advice in the Study
Guide on preparing your project.

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2.

Familiarise yourself with the project
Think about the project
questions while reading your learning materials and completing the activities
and review questions.

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3.

Answer Sections 1–2: Part F
Ensure that you complete the
fact finder and risk profile templates for Question 2.

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4.

Answer Section 2: Part G — Statement
of Advice
• Follow the steps given in the Statement of Advice Preparation
Checklist — you must submit the completed checklist
• Use the family cash flow templates provided
• Use an excel spreadsheet to prepare SOA Appendix 3.

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5.

Answer Sections 3–5

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6.

Upload your completed project
You must submit the following
completed items in this template:
• the project cover sheet and completed
student declaration
• answers to all five
project sections
• the completed Statement of Advice Preparation Checklist
• the completed Statement of Advice and appendices.

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Case study background — George
and Rebecca Brown
You work for the financial
planning company, Markson and Co, which is a licensed securities dealer and a
registered life insurance broker.
Your company specialises in
investment and insurance advice but does not provide stockbroking, real estate
evaluations and advice, income tax preparation, superannuation fund accounting,
superannuation fund administration or the preparation of legal documents such
as Wills or trusts.
George Brown is a senior engineer
with an international mining company. He has been working for the same company
for the last seven years and has been pleased that the company was primarily
unaffected by the global financial crisis (GFC). He believes there is potential
for further improvement in his salary as well as growth prospects within the
company.
Rebecca Brown is working
part-time as a paralegal with the same company she worked for prior to having
their children, Ruby and Sienna. She has a good relationship with the owners of
the firm and does not see any change in her current employment situation for
the time being.
Both George and Rebecca are in
good health and are non-smokers. They have private health cover for the family.
George and Rebecca have
approached you for financial advice.
They advise you that they are
confused in regard to their financial situation. This has come about due to conflicting
information they have read, which states that although they will be living
longer, nearly half of all 40 year olds will die over the next forty years.
Further, their children have asked questions about the insurance plan advertisements
they have seen on television which has raised concerns as to whether they have
adequate insurance cover. Further, they want to make sure their children will
be adequately provided for if something were to happen to them.
They also believe they should
have surplus income as a back-up. They would like to save any surplus in the
most tax effective vehicle for the long term. Both George and Rebecca are
concerned that if they have access to these funds they may spend them.
George and Rebecca would like to reduce
their mortgage and believe that this could help them to get ahead before they
have to pay large school fees. Their current loan has a redraw facility. However;
they enjoy their annual holidays and have an active social life, and want to
make sure they have income available to continue these activities.
George also advised you that his
uncle recently passed away and he has inherited $75,000 cash along with shares
valued at $27,000. They have never considered owning shares before but George
is keen to understand the share market and perhaps buy some shares. George is
prepared to take some risks in order to accumulate wealth quickly. However,
Rebecca is more concerned about risk and does not wish to ‘gamble’ any of their
funds.
Detailed below are George and
Rebecca’s current details.
Personal information

Surname:

Brown

Brown

Christian Name:

George

Rebecca

Salutation

Mr

Ms

Age/Date of birth

28 March 1970

17 August 1971

Status

Married

Married

Home address

4 Pringle Ave,
Kensington

4 Pringle Ave,
Kensington

Health

Good

Good

Smoker

No

No

Occupation

Senior Engineer

Paralegal

Employer

Knight & Co.

Ranier and Jackson

Start date

2004

2008

Sick leave currently available

14 days plus 10 days per annum

6 days plus 10 days per annum

Retirement age

60

59

Dependants/Family relationships

Sienna (aged 11 years)

Ruby ( aged 8 years)

Professional relationships

Solicitor

Carlie Mattieson

Time span of relationship

10 years

Quality of relationship

Poor

Service provided

Conveyancing for home purchase

Accountant

John Watson

Time span of relationship

7 years

Quality of relationship

Excellent

Service provided

Annual tax return

Annual income details

Name:

George

Rebecca

Salary

$110,000

$55,000

Cash management account — interest

$375

$375

Savings account — interest

$88

$88

Inheritance — interest

$3,750

Dividends (96.7% franked)

$1,750

Notes:
George and Rebecca’s salaries
exclude superannuation guarantee (SG) contributions, which are currently paid
at 9% per annum.
Annual expenditure

Mortgage

$28,700

General living expenses

$45,000

Accountant’s fees

$500

Donations

$1,000

Holidays (annually)

$10,000

Assets and investments

Principal residence

$850,000

Purchased 6 years ago for
$550,000. Outstanding mortgage $300,000 — joint names, variable rate 6.5%

Contents

$50,000

Joint names

Car

$18,000

Fully paid off — joint names

Cash management account

$15,000

Cash management account earning
5% p.a. — joint names

Savings account

$5,000

Everyday savings account earning
3.5% p.a. — joint names

Cash management account — inheritance

$75,000

Cash management account earning
5% p.a. — George’s name only

ABC Superannuation — George

$190,000

Invested in a retail fund,
balanced option — earns 6% p.a. net of fees and taxes. No beneficiaries or
binding nominations specified. The fund accepts salary sacrifice.

SOH Industry Superannuation — Rebecca

$85,000

Invested in an accumulation
industry fund, balanced option — earns 5% p.a. net of fees and taxes. The
fund only has a defensive, balanced or high growth options available. There
is no untaxed element in the fund. No beneficiaries or binding nominations specified.
The fund accepts salary sacrifice.

Share portfolio

$27,000

Currently earning 6.48% p.a. — 96.7%
franked dividends — in George’s name only

Current share portfolio

Number of shares

Company

ASX Code

500

AMP Limited

AMP

1,300

Insurance Australia Group
Limited (formally NRMA)

IAG

400

Commonwealth Bank Limited

CBA

400

Telstra Corporation Limited

TLS

Investment objectives
They have rated their investment
objectives, using a scale ranging from 1 (not concerned) to 5 (very
concerned).
George Brown

Income to keep pace with
inflation

2

Legal, logical and appropriate
tax relief

5

Easy access to your capital

1

Regular income from your
investments

1

Easy to administer

3

Capital growth

5

Volatility

2

Rebecca Brown

Income to keep pace with
inflation

2

Legal, logical and appropriate
tax relief

5

Easy access to your capital

1

Regular income from your
investments

1

Easy to administer

4

Capital growth

5

Volatility

4

Estate planning
George and Rebecca have Wills
which they quickly wrote using the packages bought from the post office when
Ruby was born. They do not have powers of attorney.
Insurance and risk management
George has three times his salary
in term life and total permanent disability (TPD) insurance within his
superannuation. He cannot take out any higher cover within this superannuation
fund.
Rebecca has $50,000 of life and
TPD in her superannuation fund. George and Rebecca do not have income
protection or trauma cover.
They have family private hospital
cover.
Planning issues
• George and Rebecca are seeking a long-term tax effective
investment plan which will provide for them in their retirement.
• George has recently inherited $75,000 from his uncle and would
like advice on how to invest these funds to contribute to securing their
future.
• George has told you that he understands the risks associated
with investing and is willing to invest in riskier securities in order to
increase their returns.
• Rebecca is more risk averse. She would like to ensure they do
not lose any of their inheritance.
• George and Rebecca’s children currently attend a public school
but they would like to send both children to a private school to complete their
secondary education.
• George and Rebecca would like to do some renovations to their
home, i.e. replacing the old bathroom which they believe will cost
approximately $17,500. They are happy to use some of their inheritance to do
this and anticipate the work to be done this year.
• Both George and Rebecca are not sure if the current asset
allocation used in their superannuation is appropriate and are seeking your
advice on determining an asset allocation that they are comfortable with, and
will improve the potential to meet their lifestyle and financial objectives.
They would also like to know if they are on track to reach their retirement
income goal of $60,000 per annum when George reaches age 60.
• Rebecca has been unhappy with the service she receives from her
industry fund and the limited number of choices she has for her account. In
addition George has been earning better returns every year, even after fees are
deducted.
• They wish to have their full insurance needs reviewed.
• George and Rebecca would like to reduce their mortgage and
believe that this could help them to get ahead before they have to pay large school
fees.
• They expressed concern about the fees that you charge and seek
clarification on those fees.
As their financial planner, your
task is to prepare a Statement of Advice (SOA) that will include strategies to
meet George and Rebecca’s goals.
The project
(student to complete)
Section 1 Establish a relationship
with the client and identify their objectives, needs and financial situation
Part A
List particular strategies you
will use to ensure that the Browns are comfortable with the interview process.
(200 words)
A comfortable interview
environment will
certainlyhelp
facilitate the dialogue and establish rapport between the client and the
planner.It could be
assisted by following actions:
Creating
a comfortable interview environment:make sure there is no interruption during the
interview (Switch off mobile phone, put computer into standby mode, etc);the meeting room should be quiet
without any distraction during the interview;offer something to eat, such as tea, coffee, water,
candy, and biscuit.
Greeting the client in a
courteous manner makes them feelrespected and valued.
Give a meeting agenda and make
sure they all understand what will happen during the interview.
Find something in common to start
with the conversation (such as pets, kids) and keep the conversation flow
smoothly to enable us know each other.
Ask different types of questions
to encourage George and Rebecca talk about themselves
Showing interest, keep good eye
contact and never interrupt when they are talking.
Listen to their concerns,
expectations and demands, and take notes.
Use simple language, terminology
and/or jargon can be mentioned only if they use it first.
Take breaks if necessary. Sometimes
people may find difficult to keep their attention focused after long hour conversation.
Use non verbal expressions and appropriate
body language. Modify my language and communication style to suit their
demographic background if necessary.
Always be open, transparent and
helpful: make sure they understand the fees that may involved.
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Part.doc#_msocom_1″>[M1] B
Give details of any legal
requirements you need to comply with at the initial stage of your relationship
with the clients. (250 words)
Financial planning is a highly regulated
industry in Australia.
A financial planner must meet the minimum training requirements as defined in
the .asic.gov.au/”>Australian Securities and Investments Commission
(ASIC) Regulatory Guide 146 Licensing: training of financial product advisers (RG
146) and be licensed by the ASIC. .
It is also very important for a financial
planner to keep up-to-date with training, as required by ASIC’s RG 146. Anyone
who is a new entrant to the financial services industry will generally need to
meet an experience requirement before obtaining a licence. They will need to
operate under an existing AFS licence holder as either an authorised
representative or a representative.
A financial planner is recognised through
common law as having a duty of care for their clients and is legally obliged to
exercise as much as the circumstance require, and to ensure the clients is in
no way mislead. The Financial Planning Association’s Code of Ethics and Rules
of Professional Conduct define the benchmark for ‘reasonable care’ of its
manner.
A Financial Service Guide (FSG) must generally
be given to the clients before providing any financial service (as defined by RG175)
Compliance with privacy
legislation is also very important. All the personal information collected by
financial planner and/orthe licensee is governed by the Privacy Act 1988 which contains a national scheme
for the collection, use, correction, disclosure and transfer of personal
information by organisations in the private sector.
The Anti-Money Laundering and
Counter-Terrorism Financing Act 2006 (AML/CFT) is another legislation that
financial planners have to comply with. e.g. A planner is obliged to establish
and verify the identity of the client regardless of the nature of the client.
Part C
If, at a later stage, George and
Rebecca wish to make a complaint about your advice, what are their options? How
much information are you required to give them, initially, about complaints
procedures? (150 words)
If they have a complaint, they could take the
following steps:
Tell me about their concerns, and I will try
to resolve the complaint. If they are not satisfied with the result, they can
contact the manager of Markson and Co.
However, if the dispute is still not resolved
in a manner acceptable to them, they have the right to complain to the Financial
Ombudsman Service (FOS). FOS is an external dispute resolution scheme that
provides free advice and assistance to consumers and investors to help them in
resolving complaints relating to members of the financial services industry.
Financial Ombudsman Service
GPO Box
3
Melbourne VIC 3001
Phone: 1300 780 808
Fax: 03 9613 6399
Email:.org.au”>info@fos.org.au

Website:.fos.org.au/”>www.fos.org.au

They may
also contact the Australian Securities & Investments Commission (ASIC) on their
free information line 1300 300 630 to make a complaint and obtain information
about their rights.
The above information is also normally available
on the Financial Service Guide (FSG).
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Part D
Neither of your clients have trauma
insurance, and they are unsure about the adequacy of their current level of life
and TPD insurance. Prepare a list of questions that you could use during the
initial interview to help you determine appropriate levels of cover. You should
cover asset preservation, income preservation and future expenditure needs, and
the answers to these questions should enable you to complete the risk needs
section of the fact finder. (250 words)
Do you currently have insurance for you home
and content? Cars? Income? Life?
What are your assets and income (cash saving,
invested assets, retirement account, life insurance, etc.)? What would be
available to your family now, if you weren’t here to provide for them?
Are you wealthy enough to be able to survive
without your income? Could you maintain your current life style on social
security benefits (e.g. through Centrelink)?
Could you maintain you superannuation
contribution if you didn’t have an income?
Do you have debts? Such as mortgage, credit
cards, personal loans. If your household needs two incomes to maintain the
debt/mortgage, then both of you may need to have adequate insurance cover.
Do you have dependants? If yes, can you think
of any ongoing expenses which may occur?
Do you plan on paying for part or all of your
children’s education (secondary, tertiary education)?
What are you basic necessities? What do you
and your family need to pay for on a regular basis (e.g. utilities bills)?
How will your family maintain a financial
comfort zone? Life events may dramatically change your financial picture. What
kind of special or one-time expenses may come along?
Is there anything else you would like to
account for in your life/TPD/Trauma insurance estimate?
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Part E
Discuss the benefits and
drawbacks of using tools to gather the information required to develop a
financial plan for clients as compared to a more casual, conversational style
approach. (200 words)
A financial planner should never only rely on
their intuition when determine client’s risk profile and needs. There are many
tools that can be used to gather the necessary information for developing a
financial plan. These tools can be factor-finders, questionnaires, psychometric
testings, etc. The data gathered from these tools will help the financial
planner to have a clear picture of the client’s financial position and
expectation.
However, most of these tools are normally in
standardised form and may not be able to cover the full image of the client’s
real situation. For instance, the client may think none of the pre-listed model
in the risk profile questionnaire matches their particular circumstance.
Alternatively, a financial planner could adopt a more casual and conversational
approach to find out their personal needs and therefore discover the client
risk tolerance.
Psychometric testing could be another method
to reveal client’s psychological profile. This tool offers a relatively cheap
and easy way to assess client’s risk acceptance. Nevertheless the results can
be misinterpreted by not taking account of client’s personal circumstance. On
the other hand, a more casual and conversational style might help the financial
planner to determine a client’s psychological acceptance of risk, but it could
be time consuming. The effectiveness of using conversational style approach
relies on the communication skills of the financial planner.
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Section 2 Analyse client objectives, needs, financial
situation and risk profile to develop appropriate strategies and solutions
Part A
Record the information you have
gathered from your clients in the fact finder below. Include the information
you obtained from your questions in Section 1 Part D.
Part B
Identify any gaps in your data
collection form, as well as any other issues that would need to be followed up
with George and Rebecca. (100 words)
The following information is missing:
·
Home address does not include state and post code
·
There is no contact phone number
·
Dates of birth of their children are not given, no school details
·
Home and content insurance coverage
·
Superannuation details, date of joining fund
·
Life insurance policy number for both George and Rebecca
·
Insurance premiums
·
Private health insurance: coverage, premium
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Fact finder
Personal and
employment details

Personal details

Client 1

Client 2

Title

Mr

Ms

Surname

Brown

Brown

Given and preferred names

George

Rebecca

Home address

4 Pringle Ave,
Kensington

4 Pringle Ave,
Kensington

Business address

N/A

N/A

Contact phone

07-3639
3838

07-3639
3838

Date of birth

28 March 1970

17 August 1971

Age

42

41

Sex

Male

Female

Male

Female

Smoker

Yes

No

Yes

No

Expected retirement age

60

59

Dependants (children or other)

Name

Date of birth

Sex

School

Occupation

Sienna

30/April/2001

Female

Kensington
Primary

Student

Ruby

01/May/2004

Female

Kensington
Primary

Student

Employment details

Client 1

Client 2

Occupation

Senior Engineer

Paralegal

Employment status

Self employed

Employee

Self employed

Employee

Not employed

Pensioner

Not employed

Pensioner

Permanent

Part time

Permanent

Part time

Casual

Contractor

Casual

Contractor

Other

Government

Other

Government

Business status

Sole proprietor

Partnership

Sole proprietor

Partnership

Private company

Trust

Private company

Trust

Notes

Any other person to be
contacted? e.g. accountant, bank, solicitor, etc.

Solicitor: Carlie Mattieson / 10 years poor
relationship with George & Rebecca / Conveyancing for home purchase
Accountant: John Watson / 7 years excellent
relationship with George & Rebecca / Annual tax return

Income, expenditure and net worth

Income
and expenses

Client 1

Client 2

Notes

Income from employment

Salary

$120,879

$60,440

Salary sacrifice

$10,879

$5,440

9 % SG

Salary after salary sacrifice

$110,000

$55,000

Rental income

Unfranked dividends

Franked dividends.doc#_msocom_2″>[M2]

$1750

$27,000*6.48% = $1,750 (96.7%franked)

Franking (imputation) credits

$725

$1,750*(30/70)*96.7% = $725

Interest

$4,213

$463

15000 @ 5% p.a. = $750
5000 @ 3.5% p.a. = $175
Total = $925, 50% share = $463
each
75000 @ 5% p.a. = $3,750

Other income, e.g. taxable
benefits

Capital gains <1yr Capital gains >1yr

Tax-free component of capital
gains

Assessable income

$116,688

$55,463

Deductible.doc#_msocom_3″>[M3] expenses

Rental expenses, repairs etc.

Taxable income

$116,688

$55,463

Tax on taxable income

$31,122

$9,572

George
17547 + 37%*(116688 – 80000) = $31,122
Rebecca
3572 + 32.5%*(55463 – 37000) = $9,572

Non-refundable tax offsets (e.g.
LITO/SATO)

Medicare levy

$1,750

$832

George 116,688*1.5% = $1,750
Rebecca 55,463*1.5% = $832

Medicare levy surcharge

Franking rebate

-$725

Refundable rebates and offsets

Total tax

$32,147

$10,404

Income after tax

$84,541

$45,059

Notes

Family cash flow

Client 1

Client 2

Combined

Income after tax (as calculated
above)

$84,541

$45,059

$129,600

Investment expenses

Living expenses

Mortgage

$14,350

$14,350

$28,700

General living expenses

$22,500

$22,500

$45,000

Accountant’s fees

$250

$250

$500

Donations

$500

$500

$1,000

Annual Holiday

$5,000

$5,000

$10,000

Total expenses

$85,200

Net cash flow

$44,400

Assets
and liabilities

Asset

Owner

Value

Liabilities

Net value

Notes

Personal assets

Family Home

Joint tenant

$850,000

$300,000

$550,000

Home contents

Joint tenant

$50,000

$50,000

Car

Joint tenant

$18,000

$18,000

Total

$918,000

$300,000

$618,000

Investment assets

Superannuation

George

$190,000

$190,000

Superannuation

Rebecca

$85,000

$85,000

Cash management account

Joint

$15,000

$15,000

Savings account

Joint

$5,000

$5,000

Cash management account –
inheritance

George

$75,000

$75,000

Shares

George

$27,000

$27,000

Net worth

$397,000

$397,000

Liabilities

Loan

Current debt

Percentage deductible

Interest only

Repayment

Home loan

$300,000

No

$2,392 p.m.

Total

$300,000

Goals and objectives

Details

Comments

Save any surplus in the most tax
effective vehicle for the long term, long-term tax effective investment plan
for retirement

Long term

George received $75,000
inheritance and would like advise how to invest these fund, Rebecca would
like to ensure they do not lose any of their inheritance

Discuss possible options for
using the inheritance money

George is willing to invest in
riskier securities

Discuss possible options

Send both children to private
school to complete their secondary education

Estimate cost anddiscuss possible options

Home renovation cost
approximately $17,500

Short term

Review superannuation asset
allocation, Rebecca is also not happy with her current industry fund

Discuss possible options

Plan for retirement for $60,000
p.a. when George reach 60

Superannuation and/or other
investment options

Protect income against sickness or accident

To be reviewed

Protect family and/or assets in the event of
death

To be reviewed

Protect against serious illness or trauma

To be reviewed

Reduce/pay off mortgage

To be discussed

Other
Annual holiday $10,000
Donation $1,000

Estate planning

Do you have a Will?

Yes

No

When was it last updated: when
Ruby was born

Executor’s name and contact
details:

Do you have Powers of Attorney?

Yes

No

Attorney’s name and contact
details:

Do you have a funeral plan?

Yes

No

Funeral provider and contact
details:

Amount paid

Do you have superannuation beneficiaries in place?

Yes

No

Type

Binding

Non-binding

Beneficiary names and contact
details:

Current superannuation, rollovers,
insurances and investments

Superannuation details

Personal super member

Policy type

Company

Policy number

Current value

Death benefit

Disability benefit

Annual premium

Employer super

George

Rebecca

Fund name

ABC Superannuation

SOH Industry Superannuation

Date of joining fund

Type of fund

Accumulation

Defined benefit

Accumulation

Defined benefit

Pension

Pensioner

Pension

Pensioner

Contribution (e.g. 5% of salary)

By employer

By yourself

By employer

By yourself

Current value of your
super fund

$190,000

$85,000

Amount of death and disability
cover

$360,000

$50,000

Is there provision for you to top
up or salary sacrifice?

Yes

No

Yes

No

Non-concessional contributions

Amount

Year

Amount

Year

Amount

Year

Amount

Year

Spouse contributions received

Amount

Year

Amount

Year

Amount

Year

Amount

Year

Concessional contributions

Amount

Year

Amount

Year

Amount

Year

Amount

Year

Any other contributions

Amount

Year

Amount

Year

Amount

Year

Amount

Year

Life insurance details

Life insured

R’ship to client

Policy type

Company

Policy number

Death benefit

Other benefit

Annual premium

George

Self

Life/TPD

ABC Super

ABC 2468X

$360,000

Within super

None

Rebecca

Self

Life/TPD

SOH Industry Super

SOH 1357Y

$50,000

Within super

None

General insurance details

Item covered

Owner

Policy type

Company

Policy number

Cover amount

Other benefit

Annual premium

Principal
residence

Joint

Indemnity

Safer Home
Insurance

SHP4545A

$850,000

n. a.

$800

Content

Joint

Indemnity

Safer Home
Insurance

SHP4545B

$50,000

n. a.

$400

Investment details

Investment type

Company

Purchase date

Units held/fixed rate

Current value

Owner

Cash management account

The bank

n. a.