AYB250 Lecture Notes - Lecture 11: Tax Advisor, Cash Flow, Risk-Seeking
Document Summary
Step 1 collect and assess the financial data of the client. Step 2 determine the objectives and goals of the client. Step 3 identify any financial problems that may exist. Step 4 prepare a written plan which contains alternatives and recommendations. Step 5 implement the agreed written plan. Clients will be a diverse group, with different backgrounds, experiences, resources, concerns and goals: each will present a unique challenge. It is both a legal requirement and common sense for the financial advisor to be aware of the client"s specific circumstances. Clients are all at different stages in their lives - don"t confuse age with life stage. Each life stage presents differing issues and problems. The information in this category includes: risk tolerance assessment, financial literacy assessment. The information in this category includes: goals and objectives, preconceptions as to the client"s needs in retirement.
