FSG and Advisor Profile
Personal dossier
Joel Stevens
Joel Stevens is a regional sales manager as an employee with having an income of $122000. He is of age 45 years and the scheme of super guarantee does not have any kind of savings in that from Joel. The health condition of Joel is not very good and he updated his will and also has a power of attorney (Adam, et. al., 2017). These two documents are updated in 2015.
Emily
Emily is an employee as a Researcher and analyst with having an income of $81000 per annum. She also has savings in her superannuation with a contribution of 9.5% of her salary with having the age of 41 years. The health condition of her is also not very good and having and will and power of attorney which was lastly updated in 2015.
Joel Stevens and Emily have two children named Laural who is 10 years old and Michael who is 8 years old and they both are studying in Public Primary School. For the purpose of further education, they are asked for the funds in order to fulfill the cost of universities. They do not have any thinking of further planning of children anymore (Browning and Finke, 2016).
- Scope of advice
This statement is prepared for Emily and Joel Stevens on 20 November 2020. This document or scope of advice is prepared for an abstract of Mr. Joel Stevens and Mrs. Emily and their financial conditions and about their objectives and goals of the future. This is prepared under the rules and regulations of the Corporations Act 2001 (Brounen, et. al., 2016).
They have personal insurance and care of a very little amount. This means that they do not have any income protections and safeguards and no health impairments. And also the superannuation is very helpful at the end of the life cycle i.e. at an older age. Therefore, Emily is having superannuation that is much beneficial for her (Lawson and Klontz, 2017).
- Current situation
| Your personal profile | Greg McCardle |
| Date of birth | 5/10/1993 |
| Current age | 24 |
| Marital status | Single |
| Residency Status | Rent |
| Residential address | 910 Logan Rd., Holland Park West |
| Telephone | 0412 345 678 |
| Email address | Greg.McCardle@gmail.com |
| Employment status | Employed full time |
| Dependents | Current age& date of birth |
| 0 | Not Applicable |
| 0 | Not Applicable |
| Your health | |
| Current health | Decent |
| Pre-existing medical conditions? | No |
| Member private health fund | No |
| Smoker? | No |
| Family history considerations? | Father has a minor heart condition |
| Lifestyle Assets | Value |
| e.g. house, cars, home contents, etc | |
| Home Contents | $ 235000 |
| Subtotal | $685000 |
| Financial Assets – Non-Super | Value |
| e.g. bank accounts, rental property,shares, managed funds, etc | |
| Saving account | $25000 |
| Shared portfolio | $250000 |
| Rental property | $450000 |
| Net worth | $445000 |
| Subtotal | $1170000 |
(Castro, et. al., 2019)
| Financial Assets – Super | Value |
| Provide details of any superannuation fund(s) held | |
| Super guarantee: Zola superannuation funds | $ 10000 |
| Subtotal | $ 10000 |
| Assets Total | $812,000 |
(Castro, et. al., 2019)
| Liabilities | Limit | Amount outstanding | Interest rate | Repayment |
| Provide details of any liabilities | ||||
| Mortgage | $ 4,000 | $34400 | 20 % | |
| Credit card | $22550 | |||
| Liabilities Total | $ 56950 | |||
| Net Worth (Assets – Liabilities) |
| Income | $ |
| Income source e.g. salary / wages, dividends, rental income, etc | |
| Income Salary | $ 203000 |
| Income Total | $ 203000 |
| Expenses – N/A for this assignment |
| Estimated Cash Surplus / (Deficit) per month | $525 |
| INSURANCE | ||||||
| Owner | Insurance Type | Insurance Provider | Benefit Amount | Waiting Period | Benefit Period | Premiums |
| e.g. Greg / super fund | e.g. income protection insurance | |||||
| Super guarantee | Zola superannuation funds | $10000 |
- Potential issues/ special consideration
Certain type of issues that could be seen and considered includes some type of financial situations and the hope of the clients with them. One should consider the potential of the clients in order to provide them with the best suitable and reliable solutions and the outcomes of them. The job provided by them must be fully functional and the time should be considered properly (Surendar and Sarma, 2018).
To achieve the quantity and quality of work one should be realistic towards the goal of its own as well as for the organization within a time provided and must be talented enough in terms of communicating with the clients so that the positivity could be maintained in the mind of clients (Hanrahan, 2020). The issues that the clients might occur in their minds are in relation to the above i.e. not having proper communication skills, or not behaving properly or not up- to- date work, etc. The questions created for the clients must be easily understandable and accurate.
One should consider such points while questioning:
- Trauma insurance covers for their children have been placed or not?
- The superannuation funds have been utilized properly or not?
- The available surplus cash or funds are utilized properly in insurance or not?
- The less dependency work has been done for the purpose of their grown up Childs or not?
- The health cover for their own has been taken in order to ensure their health issues in their old age or not?
- The planning for the purpose of equating their mortgage assets with their sufficient cash balance?
