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A financial needs analysis is used to determine a client’s financial situation and future goals.
True
It explains and records the advice and the reasons for the advice as well as to how the advice will be used and applied.
Financial Needs Analysis
Without a proper financial needs analysis a financial adviser cannot determine the client’s financial needs nor make appropriate financial recommendations.
True
The client’s financial needs are generally based on their own personal situation and preferences.
True
As part of the needs analysis process, a representative will gather as much information on the client’s overall financial situation, financial product experience and goals as possible.
True
The information provided by the client will be analysed and a product that is considered to be suitable for the client will be recommended.
True
The client will have to carefully consider the recommendation and assess whether the product meets their needs.
True
The Needs Analysis and Record of Advice are designed to help you the representative to provide advice and allow a client the opportunity to make an informed decision.
True
FNA is legislated in the .... General Code of Conduct
FAIS
The ... and ... is a very important document and may never be partially completed or left blank.
FNA and Record Of Advice
The needs analysis is used as a guide to determine how best to identify a client’s ... situation.
Financial
People purchase insurance products to meet different needs, whether they are to meet long or short term ....
Goals
It will also serve as ... in the case of disputes and allow a client the opportunity to make an informed decision.
Evidence
The representative does not have to keep a Financial needs analysis and Record of advice that was given to client.
False
The client has lower cover or savings than required.
Shortfall
The client has more cover than required.
Surplus
