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When completing Section 5: You have to confirm that you have given the client a copy of the Financial needs analysis and Record of advice.
True
Reasons for the recommended product comments have to include why that specific product was recommended to the client.
True
When completing Section 3: Financial Position and Income, you use the clients Net salary when calculating the 15% allowable amount for assurance?
False
When completing Section 4: Recommended Products, you must only complete the financial product that you recommend?
True
When completing Section 3: Financial Position and Income, you use the clients gross salary when calculating the 15% allowable amount for assurance?
False
You must complete the client’s details in the blocks labeled Adviser Surname and Adviser First Name
False
You must write only one policy number in the For Office Use only section, even if the client has taken more than one policy.
False
The client has more cover than required.
Surplus
The client has lower cover or savings than required.
Shortfall
The representative does not have to keep a Financial needs analysis and Record of advice that was given to client.
False
It will also serve as ... in the case of disputes and allow a client the opportunity to make an informed decision.
Evidence
People purchase insurance products to meet different needs, whether they are to meet long or short term ....
Goals
The needs analysis is used as a guide to determine how best to identify a client’s ... situation.
Financial
The ... and ... is a very important document and may never be partially completed or left blank.
FNA and Record Of Advice
FNA is legislated in the .... General Code of Conduct
FAIS
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
The client will have to carefully consider the recommendation and assess whether the product meets their needs.
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
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 client’s financial needs are generally based on their own personal situation and preferences.
True
Without a proper financial needs analysis a financial adviser cannot determine the client’s financial needs nor make appropriate financial recommendations.
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
A financial needs analysis is used to determine a client’s financial situation and future goals.
True
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