Financial Planning

FSG and adviser profile

Damian was handed Financial Services Guide (FSG) version 3 010722 and my Adviser Profile at the interview on 1 September 2022. The FSG was explained to him, and he agreed to proceed.

Scope of advice

The SOA will provide advice on the achievement of wealth creation and lifestyle goals, personal insurances (that is life, total & permanent disability (TPD), income protection (IP), trauma and private health insurance), superannuation (including salary sacrifice, personal tax-deductible contributions and/or after-tax contributions) and taxation planning where relevant.

The SOA excludes any budgeting and cash flow analysis, social security and estate planning. Client advised on the risks of not receiving advice in these areas.

Current situation

Your personal profile Damian Jones
Date of birth
Current age
Marital status
Residency Status
Residential address
Telephone
Email address
Employment status
Dependents Current age & date of birth

Your health
Current health
Pre-existing medical conditions?
Member private health fund
Smoker?
Family history considerations?

 
Lifestyle Assets Value
e.g. house, cars, home contents etc

Subtotal

Financial Assets – Non-Super Value
e.g. bank accounts, shares, rental property, managed funds etc

Subtotal

Financial Assets – Super Value
Provide details of any superannuation fund(s) held

Subtotal
Assets Total

Liabilities Limit Amount outstanding Interest rate Repayment
Provide details of any liabilities

Liabilities Total
Net Worth (Assets – Liabilities) $x

Income $
Income source e.g. salary / wages, dividends, rental income etc

Income Total

Expenses – N/A for this assignment

Estimated Cash Surplus / (Deficit) per month $x

INSURANCE
Owner Insurance Type Insurance Provider Benefit Amount Waiting Period Benefit Period Premiums
e.g. Damian / super fund e.g. income protection

Potential issues / special consideration

• x

Objectives

• x

Risk profile

• x

Wealth creation & lifestyle recommendations – outside superannuation

1. Goal [holiday]

Recommended strategy:

• x

Advantages of strategy [reasons why]

• x

Disadvantages of strategy

• x

Alternatives considered

• x

2. Goal [Mia’s high school education]

Recommended strategy:

• x

Advantages of strategy [reasons why]

• x

Disadvantages of strategy

• x

Alternatives considered

• x

Wealth creation recommendations – superannuation

Goal [sort out superannuation]

Recommended strategy:

• x

Advantages of strategy [reasons why]

• x

Disadvantages of strategy

• x

Alternatives considered

• x

Wealth protection (insurance) – recommendations

1. Life insurance

• x

2. Total and permanent disability (TPD) insurance

• x

3. Income protection (IP) insurance

• x

4. Trauma insurance

• x

5. Private health insurance

• x

Other

• x

 
APPENDIX 1 – Future value (FV) calculations