| AF5007 Personal Finance and Wealth Planning | | | | | | Marking and Assessment Grid | | Student number: |
| Component | Key Content | 90-100% Exceeds standard - Exemplary | 80-89% Exceeds standards - Outstanding | 70-79% Exceeds standards - Excellent | 60-69% Meets standard - Very good | 50-59% Meets standard - Good | 40-49% Meets standard - Adequate | 30-39% Standard not met - Insufficient | 0-29% Standard not met - Completely insufficient | Mark |
| Part A: 10 marks | | 9-10 | 8 | 7 | 6 | 5 | 4 | 3 | 0-2 | Awarded |
| Assessment of changes in | changes in income and expenditure | You produce an exemplary financial plan | You produce an outstanding financial plan | You produce an excellent financial plan | You produce a very good financial plan | You produce a good financial plan | Some attempt has been made at a financial | Very little has been produced as | No attempt has been made to produce |
| the couple's financial | (mortgage/car/50 holiday/pensions) | that includes the all changes to the couple's | that includes the all changes to the couple's | that includes the all changes to the couple's | that includes most of the changes to the couple's | that includes some of the changes to the couple's | plan but there are considerable omissions | a financial plan and many of the areas in the | a financial plan and work does not show |
| situation between now | changes in assets and liabilities | income and expenditure from now until | income and expenditure from now until | income and expenditure from now until | income and expenditure from now until | income and expenditure from now until | relating to the information from the case. | case have been ignored or applied incorrectly. | understanding of the key areas. |
| and retirement including the | advice re management of o/s debts | and into retirement based on the case information. | and into retirement based on the case information. | and into retirement based on the case information. | and into retirement based on the case information. | and into retirement based on the case information. | Some of the information in the case is | There is little evidence of further | No evidence of further research |
| couple's financial position at retirement | financial forecast including milestones | All of the information in the case is | All of the information in the case is | All of the information in the case is | Most of the information in the case is | Some of the information in the case is | considered but there is very little evidence of | research. | No assumptions stated. |
| | income and expenditure at retirement | considered and further research underpins | considered and further research underpins | considered and further research underpins | considered and some further research supports | considered and some further research supports | further research that supports the plan. | Assumptions are not stated | No attempt at scenario analysis |
| | scenario analysis re daisy (PT?) | the plan presented, which is totally accurate and | the plan presented, which is mainly accurate and | the plan presented, which is mainly accurate and | the plan presented, which is accurate and | the plan presented, which is mostly accurate and | Assumptions are not always clear or consistently | No attempt has been made at scenario | Work contains extensive errors and inaccuracies |
| | | evidenced. | evidenced. | evidenced. | evidenced. | evidenced. | applied. | analysis. | Very poor presentation and communication |
| | | Assumptions made are stated and extensive | Assumptions made are stated and where | Assumptions made are stated and where | Assumptions made are stated and limited | Assumptions made are stated and limited | No attempt has been made at scenario analysis. | Inaccuracies are apparent in the work |
| | | scenario analysis is used to | necessary scenario analysis is used to | necessary scenario analysis is used to | attempts have been made at scenario analysis | attempts have been made but no attempt has | Communication is adequate but some parts | produced. |
| | | reflect any choices the couple may be | reflect any choices the couple may be | reflect any choices the couple may be | to reflect any choices the couple may be | been made at scenario analysis to reflect the | of the report are unclear. | Poor presentation and communication |
| | | required to make and recommendations given. | required to make and some recommendations. | required to make and some recommendations. | required to make. | choices the couple may be required to make. |
| | | Exemplary communication and planning are | Outstanding communication and planning are | Excellent communication and planning are | Very good communication and planning are | Good communication and planning are |
| | | evident. | evident. | evident. | evident. | evident but plan lacks clarity in some areas. |
| Part b: 10 marks | | 9-10 | 8 | 7 | 6 | 5 | 4 | 3 | 0-2 |
| Pension reforms | advice on Daisy's DC scheme | You show exemplary knowledge of the pension | You show outstanding knowledge of the pension | You show excellent knowledge of the pension | You show very good knowledge of the pension | You show a good knowledge of the pension | You present some advice in relation to the | You give very little actual | You fail to give any advice at all in relation to |
| | non applicability of DB scheme | reforms and apply it accurately to the case. | reforms and apply it accurately to the case. | reforms and apply it accurately to the case. | reforms and apply it accurately to the case. | reforms and apply it accurately to the case. | 2014/15 pension reforms but there are some | advice in relation to the | the pension reforms. You may mention them |
| | 2015 flexibility re Luke's DB scheme | It includes accurate advice and information | It includes accurate advice and information | It includes accurate advice and information | Information is accurate but lacks the depth of | It includes mostly accurate advice and information | minor errors in understanding or application | 2014/15 reforms. | but information is inaccurate and shows a lack |
| | Advice as to whether to withdraw DC | in relation to the 2015 pension | in relation to the 2015 pension | in relation to the 2015 pension | analysis in relation to pension choices | but with some omissions. | to the case. | Any advice given | of understanding. |
| | scheme funds | reforms and how this relates to all of the | reforms and how this relates to all of the | reforms and how this relates to all of the | even though all pensions are considered. | Not all pensions are considered fully and some | No clear recommendation is given or | contains inaccurates and errors. | No application to the case. |
| | | pensions and choices mentioned in the case. | pensions and choices mentioned in the case. | pensions and choices mentioned in the case. | Your recommendation is both possible | implications and choices are ignored. | unfeasible recommendations are given | You give some information about the |
| | | Your recommendation is both possible | Your recommendation is both possible | Your recommendation is both possible | but may not be the best option for the couple based | You make recommendations but there may be | demonstrating a lack of understanding of some | 2014/15 reforms but fail to relate it to the |
| | | and financially sensible for the clients. | and financially sensible for the clients. | and financially sensible for the clients. | on the information given. | minor elements of misunderstanding or omission. | issues in relation to the reforms. | scenario |
| Part c: 16 marks | | 15-16 | 13-14 | 12 | 10-11 | 8-9 | 7 | 5-6 | 0-4 |
| Taxation and estate planning | The tax implications of inheritances | Your advise is well reasoned, | Your advise is well reasoned, | Your advise is well reasoned, | Your advise is well reasoned, | Your advise lacks evidence of research in some | Your advise lacks evidence of research in most | Very little effort to consider estate planning in | Area is not applied to the client and any |
| | from Luke and Daisy's parents. | well researched and evidenced clearly. | well researched and evidenced clearly. | well researched and evidenced clearly. | well researched and evidenced clearly. | areas. | areas. | report or there is very little effort made | information is descriptive and generic. |
| | Tax implications of pensions | You give exemplary detailed advice in relation to the | You give outstanding detailed advice in relation to the | You give excellent detailed advice in relation to the | You give very good advice in relation to the | You give good advice in relation to the | You give some specific advice in relation to | to give any information on this area. | Contains factual inaccuaries and omissions |
| | Capital gains tax advice on flat | making of a will and the implications of | making of a will and the implications of | making of a will and the implications of | making of a will and the implications of | making of a will and the implications of | esate planning but do not fully address | What is produced is not specific to the client. | Significant information is missing. |
| | | death intestate. | death intestate. | death intestate. | death intestate but lacks detail in some areas. | death intestate but there are inaccuracies or | death intestate and there are also considerable | There may be factual inaccuracies in the |
| | | You consider IHT and CGT issues fully, showing fully | You consider IHT and CGT issues fully, showing fully | You consider the CGT and IHT implications | You consider most of the CGT and IHT | omissions in the issues covered from the case. | other inaccuracies. | information presented that are |
| | Advice as to making a will | accurate calcs as well as exemplary planning advice. | accurate calcs as well as outstanding planning advice. | of all the relevant issues in the case study | issues indicated in the case study | You consider some of the CGT and IHT | You consider few of the CGT and IHT | significant to mislead the client. |
| | Implications of having no will | This is all fully accurate and considers legislation changes | This is all fully accurate with some legislation impacts. | and this is fully accurate and timely. | and this is mostly accurate and timely. | issues indicated in the case studies | issues indicated in the case studies | Advice is confusing. |
| | implications of future tax changes? | Your advice is tailored specifically to the | Your advice is tailored specifically to the | Your advice is tailored specifically to the | Your advice is tailored specifically to the | and this may contain minor errors. | and this may contain errors. |
| | | client and considers a range of outcomes | client and considers a range of outcomes | client and considers a range of outcomes | client and considers a range of outcomes | Your advice fails to consider a range of outcomes | Your advice fails to consider a range of outcomes |
| | | where this is relevant. | where this is relevant. | where this is relevant. | where this is relevant. | where this is relevant. | where this is relevant and is not always clear. |
| Part d: 16 marks | | 15-16 | 13-14 | 12 | 10-11 | 8-9 | 7 | 5-6 | 0-4 |
| Investment portfolio | | You recommend an exemplary investment | You recommend an outstanding investment | You recommend an excellent investment | You recommend a very good investment | You recommend a good investment | You make recommendations for an investment | You make some recommendations but | You do not make any recommendations |
| | | portfolio that is clearly demonstrated | portfolio that is clearly demonstrated | portfolio that is clearly demonstrated | portfolio that takes into account most | portfolio that takes into account some | portfolio. However, they are not consistent | little or no evidence of any research or relation | with regard to the investment portfolio. |
| | Risk preference | to be suitable for the stated purposes. | to be suitable for the stated purposes. | to be suitable for the stated purposes. | of the criteria in the case study but not all. | of the criteria in the case study but not all. | with the all of information given in the case. | to the case. | Your answer in relation to this part is generic |
| | tax implications | Your choice of investments is well justified | Your choice of investments is well justified | Your choice of investments is well justified | You have justified your choice but some choices | You have justified your choice but some choices | Income projections are not given or appear | Tax is not considered and ISAs are not | and does not go beyond just describing |
| | explanation of chosen | and thoroughly researched and | and thoroughly researched and | and thoroughly researched and | are not throughly justified or evidenced. | are not throughly justified or evidenced. | based on little or no research. There is | mentioned. | possible investments but makes no attempt |
| | investments and rationale | this is clearly evidenced. | this is clearly evidenced. | this is clearly evidenced. | You have considered taxation but it is unclear | You have not considered taxation or your tax | no attempt to assess the ability of the portfolio | No attempt to model outcomes | to relate it to the case at all. |
| | income projections | Your portfolio reflects the requirement to | Your portfolio reflects the requirement to | Your portfolio reflects the requirement to | whether tax liability is minimised. | assumptions contain errors. | to achieve stated goals. |
| | match income and requirement | minimise tax liability and assumptions are | minimise tax liability and assumptions are | minimise tax liability and assumptions are | You attempt to assess the likelihood that | You do not attempt to assess the likelihood that | Tax implications are not considered or contain |
| | scenario analysis | stated. Figures are fully detailed and accurate. | stated. Figures are detailed and mainly accurate. | stated. Figures are detailed and mostly accurate. | the investments will achieve the objectives | the investments will achieve the objectives | errors. |
| | required changes to current | You explain investment choices in a clear and | You explain investment choices in a clear and | You explain investment choices in a clear and | stated. Your explanations are mainly clear but | stated. Your explanations can lack clarity | No scenario analysis is attempted |
| | investments and rationale | accessible way to the client. | accessible way to the client. | accessible way to the client. | clarity in some areas. | for the intended audience. |
| | | You clearly justify any changes that should | You clearly justify any changes that should | You clearly justify any changes that should | You clearly justify any changes that should | Changes to the existing portfolio are not clear |
| | | be made to any existing investments. | be made to any existing investments. | be made to any existing investments. | be made to any existing investments. | are not specifically mentioned. |
| | | Significant scenario analysis and financial modelling has | Scenrio analysis has been attempted and this is mainly | Some scenario analysis may be attempted. | Some scenario analysis may be attempted but | It is likely that scenario analysis is not considered. |
| | | been demonstrated that is accurate and shows research | accurate and shows research although modelling limited | | may have inaccurcies or be unrealistic |
| Part e: 8 marks | | 8 | 7 | 6 | 5 | 4 | 3.5 | 3 | 0-2 |
| Harry financial advice | Proposed budget | You use all of the relevant information given to | You use all of the relevant information given to | You use all of the relevant information given to | You use most of the relevant information given to | You give advice in relation to most or even all of | Your advice is unrealistic in some areas or lacks | Advice, if given is unrealistic and only based | You do not include any advice for the client or you |
| | tax calc of net pay and potential | give exemplary realistic advice to the | give outstanding and realistic advice to the | give excellent and realistic advice to the | give very good and realistic advice to the | requirments. However, your advice lacks | consistency. | on information in the case study with little or | may have included some information about |
| | self employment income and tax | recipient. | recipient. | recipient. | recipient. | depth of research and assumptions are | Not all areas are addressed and there is very | no evidence of further research. | the areas discussed but no specific advice. |
| | Advice on housing and costs | You build a realistic assessment of financial | You build a realistic assessment of financial | You build a realistic assessment of financial | You build a realistic assessment of financial | not always realistic. | research to support advice that is given. | | Information is descriptive and no application. |
| | options and recommendations | position and affordability of objectives that is fully costed. | position and affordability of objectives that is fully costed. | position and affordability of objectives. | position and affordability of objectives. | Most of the information in the case is considered. | Tax may be considered but at a superficial |
| | | You support your advice with evidenced | You support your advice with evidenced | You support your advice with evidenced | You support your advice with a limited amount of | Tax is not fuilly considered or may contain some | level and may contain errors. |
| | | research and assumptions are stated. | research and assumptions are stated. | research and assumptions are stated. | research and assumptions are stated. | minor errors. |
| | | All tax implications are accurately assessed | All tax implications are accurately assessed | All tax implications are accurately assessed | Some tax issued are considered but not all. | Your advice is reasonable. |
| | | More than one alternative has been considered. | More than one alternative has been considered. |
| REPORT TOTAL(60%) |
| Presentation: 40 marks | | 36-40 | 32-35 | 28-31 | 24-27 | 20-23 | 16-19 | 12-15 | 0-11 |
| | | You demonstrate | You demonstrate | You demonstrate | You demonstrate | You demonstrate | You demonstrate reasonable presentation | You have clearly spent very little time | Your presentation was very poor. You have not |
| | | exemplary communication skills and ability | outstanding communication skills and ability | excellent communication skills and ability | very good communication skills and ability | good communication skills and ability | skills but you do not tailor specifically | preparing for the presentation. | considered any of the issues to an adequate level |
| | | to tailor to your audience. | to tailor to your audience. | to tailor to your audience. | to tailor to your audience. | to tailor to your audience. | to the audience consistently. | You have not fully engaged with IT | No evidence of rehearsal and it is |
| | | You make exemplary use of IT to enhance | You make outstanding use of IT to enhance | You make excellent use of IT to enhance | You make very good use of IT to enhance | You make good use of IT to enhance | You make use of some IT but this is limited. | Your presentation lacks a coherent structure | likely that you underran on time. |
| | | your presentation. You make clear the | your presentation. You make clear the | your presentation. You make clear the | your presentation. You make clear the | your presentation. | Structure is not always logical. | and leaves the audience confused. |
| | | key recommendations and structure is | key recommendations and structure is | key recommendations and structure is | key recommendations and clearly | Clear structure and flow. |
| | | logical and follows report structure. | logical and follows report structure. | logical and follows report structure. | logical and follows report structure. | Provision of an introduction, body | Provision of an introduction, body | Provision of an introduction, body | Provision of an introduction, body |
| | | Provision of an introduction, body | Provision of an introduction, body | Provision of an introduction, body | Provision of an introduction, body | language, communication, professional behaviour and | language, communication, professional behaviour and | language, communication, professional behaviour and | language, communication, professional behaviour and |
| | | language, communication, professional behaviour and | language, communication, professional behaviour and | language, communication, professional behaviour and | language, communication, professional behaviour and | style. In addition good pacing, and evidence of rehearsal | style. In addition good pacing, and evidence of rehearsal | style. In addition good pacing, and evidence of rehearsal | style. In addition good pacing, and evidence of rehearsal |
| | | style. In addition good pacing, and evidence of rehearsal | style. In addition good pacing, and evidence of rehearsal | style. In addition good pacing, and evidence of rehearsal | style. In addition good pacing, and evidence of rehearsal | are all of a good standard. | are all of an adequate standard. | are all of an insufficient standard. | are all of an totally insufficient standard. |
| | | are all of an exemplary standard. | are all of an outstanding standard. | are all of an excellent standard. | are all of a very good standard. | Discussion of objectives, logical structure, up to date | Discussion of objectives, logical structure, up to date | Discussion of objectives, logical structure, up to date | Discussion of objectives, logical structure, up to date |
| | | Discussion of objectives, logical structure, up to date | Discussion of objectives, logical structure, up to date | Discussion of objectives, logical structure, up to date | Discussion of objectives, logical structure, up to date | content and sufficient coverage of issues in the case are | content and sufficient coverage of issues in the case are | content and sufficient coverage of issues in the case are | content and sufficient coverage of issues in the case are |
| | | content and sufficient coverage of issues in the case are | content and sufficient coverage of issues in the case are | content and sufficient coverage of issues in the case are | content and sufficient coverage of issues in the case are | all of a good standard. | all of an adequate standard. | all of an insufficient standard. | all of an totally insufficient standard. |
| | | all of an exemplary standard. | all of an outstanding standard. | all of an excellent standard. | all of a very good standard. |
| PRESENTATION TOTAL (40%) |
| ADDITIONAL COMMENTS | | | | | | | | OVERALL MARK |
janny
PersonalFinanceandwealthplanning-Markscheme.xlsx
