Discovery and Recommendation

Description

This assignment will give you the opportunity to conduct a full financial planning engagement with a client, including the pre-discovery, discovery, analysis, and recommendations phase of the financial planning process. It will require you to draw on your learning from all your courses, including what you what learned in FIP509, about how to conduct effective and efficient meetings with clients.

Client Scenario

Your group works as financial planners in the financial planning division of a bank. You can choose the name and color scheme of your bank. A personal banker (named Franklin) at your institution recently called one of the bank’s clients, Jack Ryan, to discuss the opportunity for him to meet the financial planning team. The client agreed and your team has received a referral from the personal banker, along with the information the bank has on file about Jack Ryan (see Exhibit 1). This information includes the assets and liabilities that the client currently has at the bank.

Your role is to engage the client in the financial planning process.

Evaluation

Your ability to engage the client in the financial planning process will be evaluated on your ability to engage the client in effective and efficient ways to complete the pre-discovery, discovery and recommendations action required to motivate the client to move forward with your recommended plan.

Component on First Part of Assignment Marks

Available

Pre-Discovery and Discovery

• Pre-Discovery Activities

• Introduction to Meeting Activities

• Learning About the Client

• Financial Management, Retirement Planning, Education Planning, Investment Planning, Risk Management, and Estate Planning Discovery

• Meeting Closing Activities

55

Sub-Total 55

Grade Deductions: Marks may be deducted for communication related issues, including formatting issues on any presentation slides.

Total Score on First Part of Assignment

Component on Second Part of Assignment Marks

Available

Recommendation

• Introduction to Meeting Activities

• Goals Recap

• Current situation

• Recommendations

• Meeting Closing Activities

40

Client Experience

• Overall Client Experience and Motivation to Proceed 5

Sub-Total 45

Grade Deductions: Marks may be deducted for communication related issues, including formatting issues on any presentation slides.

Total Score on Second Part of Assignment

The total score on the two portions of the assignment (100 marks) will be weighted as 40% of your final grade.

Exhibit 1 – Jack Ryan’s Profile at Your Bank

Client Name: Jack Ryan Date of Birth: February 29, 1988

Telephone: 555-123-4567

Address: 2585 King Road

King City, ON

L7B 1A1

At Address

Since:

May 1, 2020

Employer: Four Season Hotels Occupation: Human Resources Director

Employers

Address:

60 Yorkville Avenue

Toronto, ON

M4S 0A4

In Job Since: September 21, 2018

Assets

Liabilities

Chequing account $10,205 Unsecured Line of Credit $22,539

Savings account $145,823 (Credit limit) $30.000

RRSP $198,682 Credit Card $4,723

TFSA $12,072 (Credit Limit) $10,000