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Introduction to financial products and customer needs (definitions…
Introduction to financial products and customer needs
definitions
insurance
reinsurance
pension scheme
investment scheme
derivative
needs
logical vs emotional
logical
determined after careful analysis and prep
protection against death, loss, illness, accident
accumulation for a purpose e.g. retirement
accumulation for unknown purpose (e.g. tax efficient savings)
emotional
more income than actually need
avoid guilt of not protecting dependants
current vs future
current
triggered by an event which would have immediate effect on circumstances
protection against death, loss, illness, accident
future
relates to future aspirations
accumulation for a purpose