Assessment Task 1: Case Study: Scope of Advice and Goals & Objectives Summary of discussions with clients Mr. Lewis Hamilton & Mrs. Taylor Swift: Hamilton & Swift have $5,000,000 savings in their bank account not earning any interest. They also have around $1,000,000 annual cashflow surplus. Hamilton and Swift do feel like they can probably invest better. They don't want to lock all their savings away as they still would like access $1,000,000 for emergencies. Hamilton & Swift feels like their superannuation funds are a mess and can't even tell how performance, fees are tracking. They both have multiple super accounts totaling $1,000,000 for Lewis and $1,250,000 for Taylor. They both would like to consolidate their superannuation accounts, reduce fees, easy to track investments and meet what he wants in terms of the risk/return in the way it's invested. Hamilton and Swift are High Growth investors and have 90% growth risk profile. They both would like to invest into socially responsible investments. They have $50,000 credit card debt which they would like to pay-off as soon as possible. They would like to go on a cruise in 6 months' time. They believe, it will cost them $200,000. Hamilton also wants to hold insurances inside superannuation where possible, so he can reduce the impact to his cashflow. Hamilton is more concerned about his immediate cashflow. Swift doesn't want her insurances held within superannuation as she doesn't want her retirement balance to reduce due to premiums. Swift wants recommendations for any insurances to be made outside of super. Hamilton and Swift own a house valued at $10,000,000 and have $3,000,000 mortgage which they would like to pay off in 3 years' time. Both Hamilton and Swift are concerned they haven't got any protection in an event like temporary or permanent disablement. Hamilton and Swift feel they're both very outgoing people and feel like they'll be spending about the same in retirement that they're spending now (combined $1,000,000 per annum). They don't want to compromise their lifestyle. Hamilton is aged 40 and Swift is aged 35 and Hamilton would like to retire in 5 years where Swift is happy to work until she is 50 years old. Hamilton and Swift are very happy where they live, however would like to buy another holiday home for $5,000,000 in 5 years' time. They both would like to make tax-effective investments even if it means locking some of their savings until retirement age.

Required: Identify scope of advice areas that is required to be included in recommendations. (30%) Identify clients' goals and objectives that are measurable, time specific and in priority order. (70%)