FNSACC501 Provide financial and business performance information

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The product has been developed from source material copyright to the Commonwealth of Australia under creative commons license conditions. The source information is the FNS financial Services Training Package.

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ASSESSMENT 1 – STUDENT INFORMATION

This information is to be handed to each student to outline the assessment requirements

This assessment is best undertaken utilising a real client, which may be a friend or colleague of the student who runs their own business.  You will need to discuss your client choice with your assessor before commencing this assessment.

In the event that you do not have access to an appropriate contact, your assessor will role-play your client (Mr. Anthony Long).  You will need to arrange a time to interview your client to complete the task requirements as outlined below.

Once the consultation process is over, you are to develop a detailed written report of the above information.  This report should be submitted before attempting part 2

Part 2:

For part 2, instructors will review your report and plan covered in Part 1 and give feedback relating to the following:

• The time you took to complete part 1 (was it by deadline, was it early / late?)

How specific was your questioning For this assessment, you are required to liaise with your client and undertake a business needs analysis.  This can be undertaken in a business of the student’s choice in consultation with their instructor, or alternatively can be done in a simulated working environment with the instructor role-playing the part of appropriate management of a simulated business model.

Part 1:

You are to consult with appropriate personnel in order to undertake an assessment of your client’s financial needs.  You must undertake an interview / consultation process to achieve the following:

• List all the financial objectives of the client, including but not limited to:

-       Tax liability reduction goals

-       Wealth accumulation

-       Asset development

• Identify relevant legal and financial requirements that will need to be considered in order to achieve the client’s specific objectives
• Detail other processes the client will need to undertake in order to achieve their financial goals, such as:

-       Personal investment strategies

-       Business registration

-       Insurance needs

-       Tax issues / requirements

• Detail strategies to put in place to ensure the above requirements are met

• process? Did you ascertain all relevant financial requirements / goal of the client?
• How detailed was your report? Were the strategies set realistic and did they meet the client’s requirements? If not, what did you neglect to report on?
• Your instructor will also detail any changes to the client’s financial position / requirements that are relevant to the consultation process.

Once the feedback is received, you are to write a second report on how to ensure the client’s needs are being met.  You must cover the following in their report:

• Discuss the importance of constantly reviewing a client’s financial position / goals
• Review the feedback given – discuss any areas that were not covered sufficiently – how can these be rectified? Is more information needed?
• Have there been changes in the client’s financial requirements / position?  If so how can strategies be adjusted to incorporate these changes.