For this assessment, students are required to liaise with your client and undertake a business needs analysis. This can be undertaken in a business of the student’s choice in consultation with their instructor, or alternatively can be done in a simulated working environment with the instructor role-playing the part of appropriate management of a simulated business model.
Part 1:
You are to consult with appropriate personnel in order to undertake an assessment of your client’s financial needs. You must undertake an interview / consultation process to achieve the following:
List all the financial objectives of the client, including but not limited to:·
– Tax liability reduction goals
– Wealth accumulation
– Asset development
Identify relevant legal and financial requirements that will need to be considered in order to achieve the·
client’s specific objectives
Detail other processes the client will need to undertake in order to achieve their financial goals, such as:·
– Personal investment strategies
– Business registration
– Insurance needs
– Tax issues / requirements
Detail strategies to put in place to ensure the above requirements are met·
Once the consultation process is over, you are to develop a detailed written report of the above information. This report should be submitted before attempting part 2
Part 2:
For part 2, instructors will review your report and plan covered in Part 1 and give feedback relating to the following:
The time you took to complete part 1 (was it by deadline, was it early / late?)·
How specific was your questioning process? Did you ascertain all relevant financial requirements / goal of·
the client?
How detailed was your report? Were the strategies set realistic and did they meet the client’s·
requirements? If not, what did you neglect to report on?
Your instructor will also detail any changes to the client’s financial position / requirements that are·
relevant to the consultation process.
Once the feedback is received, you are to write a second report on how to ensure the client’s needs are being met. You must cover the following in their report:
Discuss the importance of constantly reviewing a client’s financial position / goals·
Review the feedback given – discuss any areas that were not covered sufficiently – how can these be·
rectified? Is more information needed?
Have there been changes in the client’s financial requirements / position? If so how can strategies be·
adjusted to incorporate these changes.
Assessment Summary
You are to submit the following evidence / perform the following tasks
Prepare for and conduct an interview with your client to determine their financial direction and·
requirements (refer to explanation outlined above)
Develop and submit a report outlining your findings·
FNSACC511 Version 2.1 April 2018 Page 1 of 15