FINANCIAL PLANNING ASSIGNMENT TEMPLATE.docx
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FINANCIAL PLANNING ASSIGNMENT TEMPLATE.docx
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FINANCIALPLANNINGASSIGNMENTTEMPLATE
13September2012
MrandMrsRajcevic
12BradyRoad
DandenongNorth
MelbourneVIC3175
DearMrandMrsRajcevic,
Itwasanabsolutepleasuremeetingwithyouonthe5thofSeptembertodiscussbothofyourjointfinancialgoalsandimplementationofstrategiestomakesureyouleadahappyretirement.IwouldliketothankyouforchoosingLionandAssociatesinhelpingyoureachyourgoals.Withourknowledgeandexpertiseweguaranteetolistentoourclientsandhelptheminreachingattainablegoals.Wehavecometothemutualagreementthatyouareseekingafullfinancialplan.Furthermore,goingbacktoourvaluableandimportantdiscussionsIhavenotedthatyouarecurrentlyseekingareliable,easyandtimelysavingsplantomeetyourfutureretirementneeds.Wehavealsocometotheagreementthatyourthreechildrenareindependentandoldenoughtosupportthemselves,althoughyouwanttopayforyouryoungestdaughtersuniversityexpenses.
Togetherwiththeinformationthatyouhavegivenme,Ihaveconstructedyourjointfinancialplan.Ifbyanychanceyoufindanymissingorerrors,pleasemakesureyoumakecontactwithmeassoonasitisevident.Thereasonforthisbeingisthatthefinancialplanisstructuredandbasedontheinformationthatyouhaveprovidedmewith.
Zoran,wehavediscussedthatyouwillretireattheageof66.Inmyopinion,thisgoalisachievable,aswellasimportanttoyou.Wehaveincludedthatinyourplan.Thisgoalwillneedtobetargetedandmonitoredtoachieveanexcellentoutcome.
TherecommendationsthatImakeareonlysuitedtoyou.Ihaveusedyourpersonaldetailsinreachingthoserecommendations.
TherecommendationsthatImakewillneedtobeimplementedassoonaspossibleorwithinatimeframeofonemonth.However,ifforsomereasonyoufeelthatyouarenotabletoimplementthoserecommendationsbythen,pleaseletmeknowandwewillnottakeanyfurtheractionintheplan,butwewillreviewitandmakesureyouaresatisfiedbymodifyingit.Forapeaceofmind,weencourageyoutoimplementthoseplansassoonasyoucanasfinancialregulationsandfinancialmarketschangerapidly.Althoughwecancontrolandmonitoryourfinancialgoals,weunfortunately,cannotinfluencemattersoutsideofourcontrol.Youareourmainpriorityandwewillguideyoutoastressfreeandcomfortableretirement.
Pleasefindattachedacopyofourstatementonprivacyanddetailsonthesecurityofyourpersonalinformationhandy.Weguaranteethattheinformationyouhavegivenuswillbekeptinthestrictestconfidence.OurfriendlyteamatLion&Associateswillgladlyansweranyofyourquestionsthatyouhaveaboutyourrighttoprivacy.
Westronglysuggestthatyourplanbereviewedyearly.Weneedtoevaluateandmonitoryourprogressinsavingandtheeffectivenessofyoursavingsplan.Wemayalsoneedtomakesomeadjustmentstoperhapsyourlegal,personalandeconomicchanges.
Wewillbemakingcontactwithyouviamobiletelephone,asitisyourpreference.Duringthattimewewilldiscussanyissuesorquestionsyoumayhave.Wewillthenmakeanappointmentregardingtheimplementationsofoursteps.Wewillkeepyouupdatedonyourprogress.Lion&Associateswillbewithyouthroughoutyourjourney.
Yoursrespectfully,
DraganaRajcevicBABus
AuthorisedRepresentative
(03)97897654
Financialplan:
IncludingaStatementofAdvice
Preparedfor:
MrandMrsRajcevic
12BradyRoad
DandenongNorth
MelbourneVIC3175
Preparedby:
DraganaRajcevic
LionCvetanovic
MichaelCarloDimech
ThearyJone
IMPORTANTINFORMATION
YourStatementofAdviceisaveryimportantdocument.Weadviseyoutothoroughlyreadthedocumentbeforeyoumakeanydecisionsontherecommendationswehavemade.IfyouhaveanyquestionsregardingyourStatementofAdviceoryouhavedifficultycomprehendingwhatisstated,pleasecontactoneofourfinancialadvisers.Wewillgladlyassistyou.Thisdocumentdoesstatesomerecommendationsofthepurchaseofinsuranceproducts.YouwillneedtonotethatundertheLifeInsuranceAct,a14-daycoolingoffperiodappliestoyou,whereyoumaychangeyourmindwithoutincurringanysignificantpenalties.
Lion&Associatesstronglyrecommendthatyoumakecontactwithyouraccountantorfinanceprofessionalbeforeyouactupontheserecommendations.Thereasonforthisisthatitisvitalthatyouarewellinformedaboutwhatmayaffectyou.
Scopeofouradvice
MrandMrsRajcevic,wewouldliketoinformyouthatyouareentitledtoreceiveaStatementofAdvice(SOA)wheneverLion&Associatesprovidesyouwithanypersonalfinancialadvice.Thisadvicetakesintoconsiderationallofyourwants,needs,prioritiesandfinancialobjectives.
Youhaveadvisedusthatyouareseekingafullfinancialreviewandthatwearenotlimitedinanywaytotheinformationweseek.TheStatementofAdvicethatweprovideyouwithisadocumentforyoutokeepasitisanindicatorthatwehaveprovidedyouwithpersonalfinancialadvice.Weaimtogiveasaccurateinformationaspossible.Pleaseletusknowassoonaspossibleifthereareanyomissions
Mr&MrsRajcevic,itisimportanttonotethateconomic,legalandfinancialconditionsareconstantlychanging.Youmaybeexposedtosuchfactorsindirectlyordirectly.Eitherway,weaimtotakethesethingsintoconsiderationwhenwecreateyourStatementofAdvice.
YouwillneedtoreadandmakesurethatyouhaveunderstoodourProductDisclosureStatement,FinancialGuideandourfeesandcharges.
WearecurrentuniversitystudentswhoarestudyingPersonalFinancialPlanning.Ourknowledgeislimitedbutwedoseektoprovidethebestfinancialadvicepossible.Ourbusinessisnotreal.
Wedonotguaranteeanyofthereturnsonyourcapitalorpayments.Wehavemadethesejudgementsbasedoncurrentconditionsandlogicalpredictionsaswellascalculations.Iffluctuationoccursintheeconomy,youcanexpectyourmoneytofluctuatewithit.
Finally,wewouldliketoadviseyouthatwehavebasedourinformationonourunderstandingoftaxcalculationsandlegislations.Wearenottaxadvisers.Youshouldseekseparateadviceforthatinthatareaoffinance.Wehaveincludedinthisdocumentthereviewoffeesandchargesthatyoumayreferto.
ExecutiveSummary
Thissectionprovidesyouwithasummaryofyourfinancialplan.Itisimportantthatyoureadthisplaninfullandseekanexplanationforanythingyoudonotfullyunderstand.Donotbeafraidtocontactusandraiseanyconcernsyoumayhave.
YOURCURRENTSITUATION
ZoranandMirjanaRajcevic,youareintheprocessofpayingoffyourmortgage.Yourhomehasacurrentmarketvalueof$350,000andyoubothworkfulltimeandcurrentlyearn$50,000and$41,000p.a.respectively.YourdaughterDraganaiscurrentlyadependant;howeverthisisexpectedtonolongerbethecaseattheendofnextyear.
Zoran,yoursuperannuationfundiscurrentlyat$19,398.Mirjana,yoursuperannuationfundiscurrentlyat$17,090.Mirjanacurrentlyholdsasavingsaccountwithabalanceof$21,700whichisearning5%interestannually.Youhaverecentlyreceived$10,000fromyoursonsasagift.
Draganawillhaveuniversityfeestotalling$20,000beingpayablenextyear.
YOURFINANCIALGOALS
ZoranandMirjana,yourmaingoalsareto:
-Retiredebtfreetogetherattheendof2030
-Payoffyourmortgagewithinthenextfewyears
-Payoffallcurrentdebtsassoonaspossible
-Establishanemergencyfundof$12,000
-SupportyourdaughterDraganainheryearofdependency
-Promptlypayoffyourdaughtersuniversityfeestotalling$20,000
-Buildaninvestmentportfoliowhichisconservative(riskadverse)innature
-Accumulatewealthleadinguptoandinsupportofyourretirement,withthegoalofhaving$80,000perannuminretirementusingyourcurrentassetbase
-Coveryourestateplanningandinsuranceneeds
Tomeetyourfinancialgoals,wearerecommendingincreasedsuperannuationandpersonalsavingsaswellasinvestingincashbasedassetssuchasfixedtermdepositsandamanagedcashtrust.Wealsorecommendpurchasinganaffordableinsurancepolicyandestablishinganestateplanthatwillcarryoutyourwishesandbenefityourchildren.Belowisasummaryofthekeyrecommendationswehavemade:
-Deposit$6,000intoasavingsaccounttoopenanemergencycashfund
-Useyoursonsgiftof$10,000andyourresidualincometopayofftheuniversityfees
-Continuetoprovidepaymentsof$300fortnightlytoyourdaughterfortheremainderoftheyear.Sheisexpectedtobenolongerdependantattheendofnextyear
-Yourmortgagewillreduceto$10,200attheendoftheyear.Weadviseincreasingyourmonthlyrepaymentsby$25topayoffthemortgageinthenext2years
-OpenafixedtermdepositaccountwithINGDirectwithanamountof$10,000,forthetermof24months.Therateis5.00%.
-Zoran,contribute$13,000ofyoursalarytoyoursupertosaveontaxandbuildyoursuperannuationfund
-Investaminimumof$2,000inaPerpetualCashManagementFund
EXPECTEDOUTCOMES
-Youwillmaintainanemergencycashfundof$12,000
-Yourdaughterwillbesupportedthroughdependencyandheruniversityfeespaidforinfull
-Yourmortgagewillbepaidoffinthenextfewyears
-Zoran’ssuperannuationfundisexpectedtosignificantlygrowwiththeadditionofsalarysacrificingaconsiderableportionofhisincome
-Youwillaccumulatewealthandinvestmentopportunitytosupportyourretirement
Theseexpectedoutcomesarebasedontheassumptionswhichhavebeenprovidedinthisplan.Therecanberapidchangesintheinvestmentmarketsandtheregulatoryenvir
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