BANK 2008 Introduction to Financial Planning Assignment 2 Brief

BANK 2008 Background Information:

Assume that you work as a Financial Adviser in a financial services firm where your job is to provide advice and wealth creation strategies to private clients throughout Australia. 

Assuming the client is yourself. Follow the information provided to complete the activity. 

Clients Objectives: 

• You plan to use $7,000 from your NAB savings account to make an investment. The goal is to accumulate sufficient money towards a holiday through this investment. You plan to take 3 years from now. As a family you all anticipate to spend $20,000 on this holiday. 
• Consolidate home loan and personal loan into a new home loan at the current interest rate of 3.25% p.a. for the term that matches the current home loan. You and Lynn will continue to pay regular monthly payments.
• Together you and Lynn require at least $1,400,000 for retirement. Both you and Lynn plan to retire at the age of 60 and expect to spend $70,000 p.a. during retirement.

BANK 2008 The Task: 

You are required to use your own case to generate a SOA (Statement of Advice) using the XPLAN software by completing the relevant steps based on the assumed 'scenarios'. 

You need to generate and submit the SOA in a PDF file that details your investigations, suggestions, advice, recommendation, etc. These should specifically address each of the above client objectives. 

You also need to submit any supporting evidence as appendices such as charts, tables and file notes that are generated by relevant XPLAN tools, if applicable. 

The markers will assess your work based on the SOA and any supporting evidence of the scenarios (which you submit on the course site) you model for the investment strategy, the loans, retirement goals, etc.