Case Study

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October 31, 2020
Film: Unnatural Causes: In Sickness and In Wealth
October 31, 2020

CASE STUDY

You are a Certified Financial Planner (CFP) who has been approached by a married couple seeking advice in relation to their pre-retirement planning.Samand KimSMITHhave never previously engaged the services of a financial planner, however since they intend to retire in around 5years, they feel they should seek appropriate professional guidance. They have informed you that upon retirement,they would like to residein their current home for as long as is financially feasible.Given that neither of them has any health issues, they feel that they can live in their current home for many yearsto come.Samalso ownsan investment property, currently valued at $700,000, which has a mortgage of $200,000 on an interest only loan. Heacquired the investment property in January2010, after attending a property investment seminar. Overall, they have been satisfied with their investment property, and realize that in retirement the rent could provide useful incomestreamfor them. However, they have indicated to you that if you have some recommendationrelating to aninvestment strategy which is more appropriate than the current investment propertystrategy,they are happy to consider that alternative recommendation. In any case, they wish to commence retirement free of any mortgage, and seek your advice.

You are required to prepare and present a compliant Statement of Advice containing your recommendations to Sam and Kim. • As this is a fictional case study, you may make reasonable assumptions to complete the details of the clients’ situation, but you should not alter any of the information provided in the case study. • If you elected to make assumptions, they should be REASONABLE assumptions and they should be consistent with the information already provided. There is to be no “front end loading” with assumptions to make an outcome more achievable, that is, DO NOT make assumptions about windfalls such as lottery wins or inheritances (apart from the $300,000 inheritance that Kim is to receive shortly as already detailed in the Client Data Form). • Your assignment submission should include a list of ALL assumptions that you have incorporated (A marking guide is included as the final page of this document.) Financial Advisory Practice 2 Your SOA should include the following as a minimum: • A compliant SOA cover page, incorporating all ASIC requirements • An executive summary covering no more than 2 pages • Cash flows and balance sheet – BEFORE and AFTER recommendations • Recommendations (Should be at least three) • Anticipated outcomes – How it places the client in a better position • Appropriate disclosures and disclaimers, including details of your remuneration • Action to Proceed • Authority to Proceed GUIDE: Whilst there is no word limit

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