Can you please assist with the creation of a SOA for financial advice. The following are questions
Question:
Can you please assist with the creation of a SOA for financial advice. The following are questions i need to give for the Case study. CAn you include diagrams please?
1. Superannuation recommendations
2. Finanancial recommendations
3. Investment recommendations
4. Risk Profiling?
5. ?Insurance recommendations
Client income details
| Income Source | Description / Notes | Owner | Gross Amount | Frequency |
| Ordinary Wages | Salary | Luke- Client | $100,000.00 | Yearly |
| Ordinary Wages | Salary | Partner | $ 60,000.00 | Yearly |
| ? | ? | ? | ? | ? |
| ? | ? | ? | ? | ? |
| ? | ? | ? | ? | ? |
| ? | ? | ? | ? | ? |
?
Expenses Details
| Expenses Type | Description / Notes | Owner | Gross Amount | Frequency |
| Living Expenses (Incl Groceries, Car exp, Maintenance) | ? | Both | $1200 | Weekly |
| Mortgage Payments | Westpac | Both | $2850 | Month (over 25 years) 23 years remaining |
| Credit Card Pmts | Westpac | Luke | $200 | Month |
| ? | ? | ? | ? | ? |
Assets & Liabilities
| Assets | Description / Notes | Owner | Value |
| Lifestyle | Motor Vehicle / Mitsubishi ASX | Client | $25,000 |
| Lifestyle | Motor Vehicle / MG SUV | Partner | $18,500 |
| Lifestyle | Household Contents / Household content | Joint | $20,000 |
| Liquid Assets | Current Savings / Savings Account | Joint | $10,000 |
| Real Estate | Primary Residence / Residential home | Joint tenants | $750,000 |
| Lifestyle | Jewellery | Partner | $ 15,000 |
| Lifestyle | Artwork | Partner | $ 5,000 |
?
Liability Details
| Liabilities | Owner | Loan Term | Repayment ($) | Interest Rate | Balance |
Primary Residence Mortgage / Westpac P & I | ? Joint | ? 25 Years | ? $2,850.00 Monthly | ? Variable 5.80% | ? $450,000 |
Credit Card Balances / Westpac Visa Credit Card | ? Client | ? | ? $200.00 Monthly | ? 13.75% | ? $8,250 |
?
?
Superannuation
Superannuation - Luke
| Fund Name | Insurance Held | Taxable Component | Tax-Free Component | Total Balance |
| AMP Custom Super | Yes | $256,536 taxed in fund | $0 | $256,536 |
? Australian Retirement Trust ? | ? Yes | ? $21,485 untaxed in fund | ? $0 | ? $21,485 |
?
?
Superannuation - Madeline
?
| Fund Name | Insurance Held | Taxable Component | Tax-Free Component | Total Balance |
? Hesta | ? Yes | ? $116,483 taxed in fund | ? $0 | ? $116,483.16 |
Insurance
| Your Personal Health | Luke | Partner |
| Current Health | Excellent | Excellent |
| Height | ? | ? |
| Weight | ? | ? |
| Regularly Consume Alcohol? | No | Yes |
| Beers Per Week | ? | ? |
| Wines Per Week | ? | ? |
| Current Smoker? | No | No |
| Smoked in the Last 6 Months? | No | No |
?
Existing Insurance Policies - Luke
| AMP | ? |
| Premium | $2,233.00 per annum - Life and TPD |
| Premium Type | Stepped |
| Life Insurance Cover | $500,000 |
| Type | Term |
| Within Super | Yes |
| Policy Owner | AMP Custom Super - Luke |
| TPD Insurance Cover | $500,000 |
| Type | Any Occupation |
| Buy Back Option | No |
| Double TPD | No |
| Within Super | Yes |
| Policy Owner | AMP Custom Super- Luke |
| Trauma Insurance Cover | Nil |
| Type | ? |
| Buy Back Option | ? |
| Policy Owner | ? |
| Income Protection Cover | Nil |
?
Existing Insurance Policies - Madeline
| Asteron Life | ? |
| Premium | $185.00 per month - Life and TPD |
| Premium Type | Stepped |
| Life Insurance Cover | $300,000 |
| Type | Term |
| Within Super | Yes |
| Policy Owner | Hesta Super - Madeline |
| TPD Insurance Cover | $300,000 |
| Type | Any Occupation |
| Buy Back Option | No |
| Double TPD | No |
| Within Super | Yes |
| Policy Owner | Hesta Super - Madeline |
| Income Protection Cover | Nil |
?
| Additional notes on your health |
| Luke - Mother (age 64) recently diagnosed with cancer |
| Madeline - Mother has early onset dementia |
?
?
This Statement of Advice (SoA) is a tailored financial plan that sets out our understanding of your current situation and objectives and details our recommendations to assist you towards achieving your stated goals and objectives. To be effective, it must be flexible and reviewed regularly over time to ensure it remains responsive to changes in personal situation, financial markets and legislation - so as things around you change, your financial plan stays on track.
?
Scope(s) covered in this advice
?
?
At your request, the advice provided in this Statement of Advice (SoA) is limited to the following areas: (Input areas covered)
?
?
?
?
?
?
Scope(s) not covered in this advice? ?(Input areas not covered)
?
?
?
?
?
The following are areas of advice that you requested and/or have confirmed that you do not require our advice on:
Limitation(s) of our advice
?
No other financial planning advice needs have been addressed in this Statement of Advice (SoA).
?
My advice expires on ..............You should not rely on my advice after that time, if you have not acted on it by then.
?
I am able to recommend products from the ................... approved product list (APL) and products that are not on the APL. If I recommend a product that is not on the ................. APL, I must seek approval from ...................
?
?
The ?APL is put together by the ...................research team and is regularly reviewed. Ask me for a copy of the list, if you are interested. When I prepared your advice, I looked only at products on that list and at your existing products. I did not look at other products available on the market.
?
?
?
?
?           |
Expert Answer:
SOLUTION Based on the information provided here is a draft SOA with diagrams and recommendations for Luke and Madeline Statement of Advice SoA 1 Super... View the full answer
Understanding Cross Cultural Management
ISBN: 9781292015897
3rd Edition
Authors: Marie Joelle Browaeys, Roger Price
