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Understanding and satisfying customer needs (Fact Find (Completing the…
Understanding and satisfying customer needs
Financial Life Cycle
Children
NS&I
Junior ISAs
Stakeholder pensions
Students
Borrowing
Car/Holiday
Education
Young adults (20-30)
Saving
First home
Pension provisions
Established familes (40-50)
Borrowing
Larger property
Trade ups
Inheritance
Young families (30-40)
Borrowing
Increase household
Protection needs
Mature households (50-60)
Savings
Pension Provisions
Retirement (60+)
Converting savings to income
Saving Pattern
Cash
Current account
Instant access/short-notice deposit accounts
Fixed term bonds
Equity based investments
Fact Find
Personal/Family Details
Full name, address and telephone number
Date and place of birth
Marital status
Family details
Financial Situation
Employment status
Income/Benefits
Previous/Additional employment
Income spending/expenditure
Assets
Liabilities
Understanding Plans and Objectives
Soft Facts
Feelings about current arrangements
Future changes to situation
Objectives present/future
Willingness
Reason by financial views
Establishing attitudes and preferences
Attitude to risk
capacity for loss
Effects on standard of living
Understand Preferrences
Explore circumstances
Educate
Identifying needs and objectives
Areas of financial need
Protect dependants from loss of income or extra outgoings
Protect self/dependants loss of earn income
Provide retirement income
Increase/protect money saved/invested
Saving tax
Agreeing order of priority
Recommending Solutions
Adviser Objectives
Put the right amount of money
In the right form
In the right hands
At the right time
Completing the sale
Reaction of client
Understanding propsosal
Handling objections
Complete the application
Key features/illustration
Cancellation notice
Business card
After-sales care
Proactive servicing
Reactive servicing