This assignment is bank related. I am a tier 2 representative at NAB bank and i have to give a solution to my client's needs and provide them what they require and how it can they benefit in a best possible way. all the details is listed in the document.
Develop, Present and Negotiate Client Solutions FNSASIC302
Re-read the McCabe's case study and complete this assignment referring to you previous assessment task in FNSASIC301 Establish client relationship and analyse needs.
You are an employee at National Australia Bank, at their Chadstone branch. You have recently satisfied the requirements of the Financial Sector Reform Act and Regulatory Guide 146.
Mr and Mrs McCabe have contacted you again saying they were impressed by the package of products you had put together and they are going to transfer their banking. They had filled out a statement of assets and liabilities held jointly for you previously. The following balance sheet shows the funds received from BHP following his retrenchment, (superannuation, long service leave and redundancy pay). These funds have been rolled over into a investment account with Commonwealth Bank until Mr. and Mrs. McCabe decide on an investment strategy with a Financial Planner.
Future employment is not a problem. Kathy has a full time position as a dental assistant and Donald had taken up the offer of a similar engineering position with Rio Tinto so they have decided to use their own funds to pay for the Car and Holiday.
You are required to consider the following statement of position and Develop, Present and negotiate your client solutions to Mr. & Mrs. McCabe.
DONALD AND KATHY MCCABE.
|
ASSETS
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$
|
LIABILITIES
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$
|
|
|
|
|
|
|
House
|
650,000
|
Home Loan
|
101,234
|
|
Advantage Saver
|
9,345
|
Mastercard
Limit 10000
|
2,765
|
|
Shares (Tabcorp)
|
16,225
|
|
|
|
Shares (Telstra)
|
8,725
|
|
|
|
Term Deposit (maturing in 3 weeks)
|
35,000
|
|
|
|
Superannuation
|
343,000
|
|
|
|
Salary in lieu of Long Service Leave
|
43,456
|
|
|
|
Redundancy pay
|
88,789
|
|
|
|
Motor Vehicle
|
12,000
|
Sub-Total
|
103,999
|
|
Fishing Boat
|
10,000
|
|
|
|
Stamp and Coin Collection
|
12,000
|
Surplus
|
1,124,541
|
|
|
|
|
|
|
Total
|
1,228,540
|
Total
|
1,228,540
|
As previously stated during the next year, Mr. and Mrs. McCabe wish to purchase a new Holden Commodore for $45,000 for their personal useand take an overseas holiday costing $25,000.
Mr McCabe is looking to grow his share portfolio and is enquiring about borrowing money to buy shares.
Develop, present and negotiate client solutions.
They have asked for you to provide the paperwork for opening accounts, you explain that accounts are opened on the computer but you can provide brochures, Interest Rates, FSG and PDS and you get additional information from them to open the accounts.
The accounts they are interested in are an account similar to their advantage saver, an account to help with share trading and an account to save interest on their home loan. Also they would like to continue having a Term Deposit account for up to 12 months at which ever term/interest option gives them the most interest earned over the 12 months. Also which Credit Card would be suitable for everyday use and for their overseas trip?
One of Mr McCabe's concerns is whether his Stamp and Coin collection is covered under contents insurance clarify this for him.
You will need to list the Insurance policies you will quote on and list any future insurance quotes providing PDS's as attachments to the assignment and mention where clients can obtain information for your internal and external Dispute Resolution Process.
You will list the accounts you are going to open for the McCabe's and provide FSG, privacy paperwork, fees and charges brochure, Interest rate sheet and PDS for accounts as attachments to this assignment. Also who you have referred the McCabe's to for Home Loan, Margin Loan and Financial Plan,how soon you can arrange the appointment, what costs are involved and what follow up you will do for these referrals and future client needs.
As the McCabe's are new clients from a compliance perspective explain how you will meet various Industry Regulations and Codes of Practice. Covering your role as a representative Tier 2 advisor, relevant Legal principles including The Corporations Act, The Financial Services Reform Act (FSRA), Competition and Consumer Act, Insurance Contracts Act* and Australian Securities and Investment Commission (ASIC) Act. Explain how you act in Good Faith, Uberrimaefidei(Utmost Good Faith), full Disclosure of remuneration and fees and any other conflicts of interest.
2000 words.
10 references.