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| Category | Assignment | Subject | Education |
|---|---|---|---|
| University | Open Polytechnic (OP) | Module Title | FSC524 Marking Schedule |
Weighting – 30%
4. Apply the six-step advice process in a life, disability, and health insurance context.
Complete and submit your assessment according to the Open Polytechnic’s Assessments webpage. This includes information on academic integrity, formatting, word limits and referencing.
Include your name, student number and the assessment number.
Number your pages.
Submit your assessment in one file.
Submit your work through your iQualify course.
Emailed assessments will not be accepted.
You will receive an automated notice advising you of your successful submission.
By submitting your assessment, you confirm that it is your own, original work.
You are a financial adviser specialising in insurance. You hold the New Zealand Certificate in Financial Advice (Level 5) with the life, disability and health Insurance strand. For this assessment, you can be either an independent advisor or an advisor on behalf of a business.
You are required to apply the six-step advice process based on a case study provided (Appendix 1). Refer to specific details from the case study in the tasks. If you need further information, you may make reasonable assumptions, but ensure that these are clearly stated in your responses.
As you complete each task, ensure that you are adhering to the six-step advice process and applying it within a life, disability and health insurance context. Use the case study information to guide your responses and decisions, and be sure to document any relevant assumptions and information sources. Ensure that all documentation aligns with the required professional standards and best practice.
Note: as this is a case study, you can sign for the client where applicable.
A set of templates (Appendix 2) has been provided for you to use alongside the case study.
1.Clearly mark each step in your assessment. Use headings, bullet points, or numbering to make them easily identifiable. For each step, order your answer as follows:
Email to client (if applicable).
Completed templates or documents from your workplace (if applicable).
Supporting information.
2. Ensure that any supporting evidence for each step is clearly marked and included with the step it relates to.
3. Submit your assessment as one file (either a Word document or PDF).
There are free, online tools which can convert Word to PDF and combine multiple PDFs to give one file for submission.
Step One: Establish And Define The Client Relationship
Use the templates provided in Appendix 2 or documents from your workplace to complete the following documents relevant to the case study (Appendix 1):
Disclosure Statement.
Scope of Engagement.
Use your own details and information from the case study.
Once you have completed the documents, compose an introductory email to the client to accompany the documents. Briefly explain the documents and their significance and relevance in the email.
(Email word count guideline: 300 words)
(7.5 marks)
Step Two: Gather Information
Use the templates provided in Appendix 2 or documents from your workplace to complete the following documents for the clients based on the case study:
Fact Find.
Risk Profile Questionnaire.
Third Party Authority.
(7.5 marks)
Step Three: Analyse And Assess Information And Needs
Draft notes that show you have:
assessed the client’s requirements and collated calculations
identified and evaluated foreseeable changes to the client’s personal circumstances
identified and evaluated the potential impact of external events on the client’s insurance needs
undertaken relevant financial product modelling
evaluated the client’s need for specialist advice.
Ensure your notes demonstrate that considered analysis and reasoning has occurred during the financial solution short-listing and final recommendation process.
(12.5 marks)
Step Four: Develop And Present Recommendations
Complete the Statement of Advice and recommend and identify products that meet the clients’ needs, using supporting rationale and the disclosure requirements for this step in the advice process.
Write an email to your clients presenting your recommendations based on the case study provided.
Include in the email:
client calculations/valuations and commentary to explain your recommended cover amounts
any assumptions that you have made
any risks that your clients might face in following your advice
any future changes to the clients’ personal situation that you have considered
any specialist referral recommendations.
(Email word count guideline: 500 words)
(12.5 marks)
Step Five: Implement Recommendations
Draft an email that outlines the implementation of the insurance solutions that have been agreed upon.
(Email word count guideline: 500 words)
(5 marks)
Step Six: Follow Up And Review
Complete the Review Checklist using the template provided in Appendix 2 or documents from your workplace.
(5 marks)
Complete all steps in the six-step process
Ensure you have completed all six steps with the required documentation and evidence and, where relevant, that documents are signed. Failure to complete all six steps may result in you failing this assessment.
Note: you should sign for the clients where applicable.
(50 marks)
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Step 1 |
6 – 7.5 marks |
5 – 5.5 marks |
4 – 4.5 marks |
3 – 3.5 marks |
1 – 2.5 marks |
|
Use the templates provided in Appendix 2 or documents from your workplace to complete the following documents:
Once you have completed the documents, compose an introductory email to the client to accompany the documents. Briefly explain the documents and their significance and relevance in the email. |
Completely and accurately fills in required documents with all relevant information tailored specifically for the client/case study Clear, concise and wellexplained email to the client, introducing and explaining the documents and highlighting their significance and relevance in the context of the client’s situation Demonstrates a comprehensive understanding of Step 1 of the advice process |
Fills in the required documents with the required information Clear email, covering the main points of significance and relevance. Some areas could be further developed for better clarity and understanding Demonstrates a clear understanding of Step 1 of the advice process
|
Fills in the required documents with the required information, but may have minor omissions or inaccuracies Email introduces and briefly explains the documents but may require further clarification or detail to fully convey their significance and relevance to the client’s situation. May include a small amount of inaccurate/irrelevant detail impacting the effectiveness of the email Demonstrates a basic understanding of Step 1 of the advice process |
Fails to fill required documents completely or accurately, with significant omissions or inaccuracies Introduction and explanation of the documents in the email contains inaccurate information or omits essential details, leading to potential confusion for the client Demonstrates an incomplete understanding of Step 1 of the advice process |
Provides inadequate or incorrect information in the required documents, rendering them unusable Does not clearly introduce and explain the documents in the email, or email may be very brief. May include incorrect or irrelevant information, causing confusion for the client Demonstrates extremely limited understanding of Step 1 of the advice process
|
|
Step 2 |
6 – 7.5 marks |
5 – 5.5 marks |
4 – 4.5 marks |
3 – 3.5 marks |
1 – 2.5 marks |
|
Use the templates provided in Appendix 2 or documents from your workplace to complete the following documents for the client(s) based on the case study:
|
Completely and accurately fills in required documents with all relevant information tailored specifically for the client/case study Demonstrates a comprehensive understanding of Step 2 of the advice process |
Fills in the required documents with the required information Demonstrates a clear understanding of Step 2 of the advice process |
Fills in the required documents with the required information, but may have minor omissions or inaccuracies Demonstrates a basic understanding of Step 2 of the advice process. |
Fails to fill required documents completely or accurately, with significant omissions or inaccuracies Demonstrates an incomplete understanding of Step 2 of the advice process |
Provides inadequate or incorrect information in the required documents, rendering them unusable Demonstrates an extremely limited understanding of Step 2 of the advice process
|
|
Step 3 |
10 –12.5 marks |
8.5 – 9.5 marks |
6.5 – 8 marks |
5 – 6 marks |
1 – 4.5 marks |
|
Draft notes that show you have: a. assessed the client’s requirements and collated calculations b. identified and evaluated foreseeable changes to the client’s personal circumstances c. identified and evaluated the potential impact of external events on the client’s exposure to risk and general insurance needs d. undertaken relevant financial product modelling e. evaluated the client’s need for specialist advice. Ensure your notes demonstrate that considered analysis and reasoning has occurred during the financial solution short-listing and final recommendation process. |
Comprehensive and detailed notes, demonstrating a comprehensive and detailed analysis of the client’s situation, covering all of the required points Demonstrates a comprehensive understanding of Step 3 of the advice process |
Detailed notes, providing a clear analysis of the client’s situation covering all of the required points although some could be further developed Demonstrates a clear understanding of Step 3 of the advice process |
Notes analyses the client’s situation at a basic level, covering all of the required points but with limited evaluation of one point Demonstrates a basic understanding of Step 3 of the advice process |
Incomplete notes with limited analysis of the client’s situation, not addressing essential information, impacting the effectiveness of the advice process
Demonstrates an incomplete understanding of Step 3 of the advice process |
Notes have errors or omissions in the analysis of the client’s situation, leading to potential noncompliance or inaccurate advice Demonstrates an extremely limited understanding of Step 3 of the advice process
|
|
Step 4 |
10 –12.5 marks |
8.5 – 9.5 marks |
6.5 – 8 marks |
5 – 6 marks |
1 – 4.5 marks |
|
Complete the Statement of Advice and recommend and identify products that meet the client’s needs, using supporting rationale and the disclosure requirements for this step in the advice process. |
Completely and accurately completes the Statement of Advice document for the scenario provided Clear, concise and wellexplained email recommending highly suitable products to the |
Completes the Statement of Advice document for the scenario provided, covering all the required points although some could be further developed Clear email that recommends suitable products to the client, |
Fills in the Statement of Advice document for the scenario provided, covering all the required points but further clarification or detail may be required for one or two points Email provides a basic recommendation to the |
Completes the Statement of Advice document but omits essential information or needs further clarification or contains errors inaccuracies Email may contain inaccurate information or omits essential details on |
Provides inadequate or incorrect information in the completion of the Statement of Advice document, rendering it unusable Email provides an inadequate, unclear or incorrect recommendations or |
|
Write an email to your client presenting your recommendations based on the case study provided. Include in the email: a. client calculations/valuations and commentary to explain your recommended cover amounts b. any assumptions that you have made c. any risks that your clients might face in following your advice d. any future changes to the client’s personal situation that you have considered e. any specialist referral recommendations. |
client, covering all of the required points Demonstrates a comprehensive understanding of Step 4 of the advice process
|
covering all of the required points but with minor gaps or errors Demonstrates a clear understanding of Step 4 of the advice process
|
client, and covering the required points but may require further clarification. May include a small amount of inaccurate/irrelevant detail impacting effectiveness Demonstrates a basic understanding of Step 4 of the advice process
|
one of the required points, leading to potential confusion for the client or inaccurate advice Demonstrates an incomplete understanding of Step 4 of the advice process
|
information to the client. Email may be very brief Demonstrates an extremely limited understanding of Step 4 of the advice process
|
|
Step 5 |
4 – 5 marks |
3.5 – 3.5 marks |
2.5 – 3 marks |
2 – 2 marks |
1 – 1.5 marks |
|
Draft an email that outlines the implementation of the insurance solutions that have been agreed upon. |
Email clearly and concisely explains the implementation of insurance solutions accurately with all relevant information, tailored specifically for the client Addresses timeframes and responsibilities for execution and processing in a clear and organised manner Demonstrates a comprehensive |
Email explains the implementation of insurance solutions but could be more detailed or comprehensive Provides satisfactory information regarding timeframes and responsibilities for execution and processing Demonstrates a clear understanding of Step 5 of the advice process
|
Email explains the implementation of insurance solutions at a basic level but may be vague or limited in depth Addresses timeframes and responsibilities for execution and processing but may not address all relevant aspects Demonstrates a basic understanding of Step 5 of the advice process
|
Email has limited discussion the implementation of insurance solutions or significant omissions and/or inaccuracies leaving important information unaddressed Does not adequately address timeframes and responsibilities for execution and processing, impacting the implementation process |
The email to the client is unclear, poorly written and has inadequate or incorrect information about the implementation of insurance solutions Does not address timeframes and responsibilities for execution and processing, leading to potential noncompliance or misunderstandings |
|
|
understanding of Step 5 of the advice process |
|
|
Demonstrates an incomplete understanding of Step 5 of the advice process |
Demonstrates an extremely limited understanding of Step 5 of the advice process |
|
Step 6 |
4 – 5 marks |
3.5 – 3.5 marks |
2.5 – 3 marks |
2 – 2 marks |
1 – 1.5 marks |
|
Complete the Review Checklist using the template provided in Appendix 2 or documents from your workplace.
|
Completes the Review Checklist accurately with all relevant information, aligning with the case study and recommended implementation plan Provides evidence of detailed tracking of the review date and the method and timeframes for reporting and review Demonstrates a comprehensive understanding of Step 6 of the advice process
|
Fills in the Review Checklist with the required information Provides satisfactory evidence of tracking the review date and the method and timeframes for reporting and review, but may need more clarity Demonstrates a clear understanding of Step 6 of the advice process
|
Fills in the Review Checklist with the required information, but may have minor omissions or inaccuracies Offers basic evidence of tracking the review date and the method and timeframes for reporting and review, but may not address all relevant aspects Demonstrates a basic understanding of Step 6 of the advice process
|
Fails to fill in the Review Checklist completely or accurately, with significant omissions or inaccuracies Does not provide an adequate tracking method for the review date or the method and timeframes for reporting and review, impacting the effectiveness of the advice process Demonstrates an incomplete understanding of Step 6 of the advice process |
Provides inadequate or incorrect information in the Review Checklist, rendering it unusable Fails to document the review date or the method and timeframes for reporting and review, leading to potential noncompliance or misunderstandings Demonstrates an extremely limited understanding of Step 6 of the advice process |
|
|
40 – 50 marks |
32.5 – 39.5 marks |
25 – 32 marks |
20 – 24.5 marks |
1 – 19.5 marks |
|
Applies all six steps in the six-step process |
Thoroughly and equally well covers all six steps of the advice process Each step is thoroughly addressed with all relevant information tailored to the client/case study
|
Covers all six steps of the advice process, but one step may not be fully developed Each step is adequately addressed and tailored to the client/case study
|
Covers all six steps of the advice process, but some steps could be more fully developed Each step is addressed to a satisfactory extent, but could benefit from further explanation or detail
|
Some steps are not fully covered or one step is incomplete Each step is partially addressed, with some aspects left unexplained or incomplete
|
May miss one or more steps or two or more steps are incomplete One or more steps are inadequately addressed, with important information or aspects missing OR Errors in one or more steps would result in the advice process being non compliant |
Samira, 44, and Daniel, 42, are a married couple living in Dunedin with their two children. Their eldest child, Emma, 16, was born in Australia, and their youngest child, Liam, 10, was born in Dunedin.
They have been residing in Dunedin for the past 12 years after relocating from Sydney due to job opportunities and a desire for a slower-paced lifestyle.
Samira works as a marketing manager for a local company and earns an annual salary of $80,000, while Daniel is a self-employed electrician with an average income of $70,000 per year. Despite their different employment situations, they manage to maintain a comfortable lifestyle and meet all their financial obligations.
The family currently live in a three-bedroom house, which they own, and have no plans to move or sell their property in the foreseeable future. They have a mortgage balance of $400,000, with monthly repayments set at $2,595.
The couple admit that they have not thought much about long-term financial goals beyond paying off their mortgage before retirement. They have a modest KiwiSaver balance of $50,000 each. However, Both Samira and Daniel have been actively saving for their children’s education and have accumulated $29,000 in an education savings account. They aim to use this money to support their children’s tertiary education expenses in the future.
Samira’s parents, aged 68 and 72, live in Sydney, and the family spend alternate Christmas holidays in Sydney and Dunedin. Samira’s dad has recently been diagnosed as pre-diabetic and is now taking steps to make positive changes in his lifestyle to prevent the progression to full-blown diabetes.
Daniel and Samira have been motivated to reassess their financial situation and place a greater emphasis on their family’s financial security after the sudden passing of Daniel’s mother four months ago. With his mother being the one who handled their finances,
Daniel’s father is finding it challenging to navigate the financial responsibilities on his own. Daniel was surprised by the high cost of the funeral, which significantly reduced his parents’ savings, leaving his father to rely solely on a single pension.
In terms of insurance, Samira and Daniel have house and contents insurance, and comprehensive policies for both their cars. They admit that they have not considered life, disability or health insurance until now, with Daniel saying: ‘I used to think I was bulletproof, but now is the time to take stock and set things up for the future.’ Samira and Daniel are therefore seeking the guidance of a financial advisor to assess their current life, disability and health insurance needs and create a comprehensive financial plan to help them achieve their long-term goals while maintaining their desired lifestyle in Dunedin.
Samira and Daniel enjoy regular outdoor activities and prioritise spending quality time with their children as a family. The whole family enjoys mountain biking at weekends and in the school holidays.
Daniel likes to surf two to three times a week if possible.
They have a group of close-knit friends in Dunedin whom they frequently socialise with.
Samira and Daniel have a good credit history and haven’t faced any significant financial hardships in the past.
They have a healthy emergency fund of $10,000, which they have set aside for unexpected expenses or a temporary loss of income
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