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Kaplan FPP Assignment

Discussion in 'Financial Planning Study Group' started by hulio, 3rd Dec, 2009.

  1. hulio

    hulio New Member

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    Great to see that so many others on here have shared my frustration with this assignment. A shame because the course content up until this point has been great.

    I have a degree and I was halfway through a masters as well but I've never seen such ambiguous questions on an assignment. I understand that financial planning is never just clear cut and simple (etc..etc..) but when the problem is in the questions themselves, it's a bit unfair. Particularly when studying a course via distance learning and then getting hopeless responses from the helpline email. I don't even bother emailing now as I know that the response will be simply to look at the material provided.

    Could someone who has passed the assignment please just point me in the right direction for Q5a. When 'outlining the steps that should be followed in presenting this advice' is it referring to the presenting the SOA itself and, if so, by 'requirements' does it mean getting the authority to proceed signed off etc...

    Any help which would be MUCH appreciated. I'm at the end of my tether with this assignment but the last few questions after this seem straightforward enough at least..!

    THANKS!
     
  2. red85

    red85 Member

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    Hi,

    I agree totally with you. The questions are not very clear cut, and some of them seem like they have been thrown in there just to build bulk to the assignment. I had the same problem with your question. In the case study I just referred to Activity CS.9 for the processes. I left out the very last one as it didn't make sense to me (implementation at each state:confused: or whatever it was). Hope that helps. I have had the same problems with the emails too. I asked a question about the tax rates to use, and they said, refer to material in assignment. The reason I am asking you is because the material in the assignment makes no sense. I wanted to talk to someone but they told me that you can't actually speak to anyone for help with the assignment. I think you should be able to when your paying a fair chunk of money for the courses.
     
  3. Young Gun

    Young Gun Guest

    haven't read the question 5a as I've long since passed this course. however they would be wanting you to outline the steps you would take when presenting a SOA. From start to finish

    off the top of my head this might be something like this (but is not limited to these steps):


    1. Introduction to the SOA, what it is etc, maybe explain the advice process and where they are e.g. fact find > Research > develop plan > present plan > implement recs > review > etc)

    2. confirm that there has been no significant changes to their situation, by reviewing a summary of the data collected from the fact find. Usually under a heading of "current situation".

    3. Restate their goals & objectives that you pulled from the fact find, esentially why they came and saw you in the first place.

    4. go over the executive summary of your advice, giving a brief overview of your recommendations.

    5. go into futher detail on each recommendation and how it meets their goals & objectives.

    6. Ask questions along the way to ensure that the client understands your recommendations and provide a further explaination when needed.

    7. Provide a summary as to how you have met their goals & Objectives and highlight and address any shortfalls in their situation.

    8. Disclose the associated risks & costs to the client of taking up your recommendations.

    9. Disclose your upfront and ongoing fees and commissions to your client.

    10. Have the client sign the authority to proceed, if they have elected to take up your advice and note where they have made changes or have not elected to take up your advice.

    11. Help the client complete all the necessary paperwork

    12. organise a review meeting for a date in the near future

    13. make a file note detailing your meeting, what was discussed and which recommendations where taken up by the client.

    14. Lodge the paperwork (and monitor it until completion)
     
  4. hulio

    hulio New Member

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    Thanks for both of your comments. Great to know that someone else is in the same situation and also very helpful info from you Young Gun.

    Red85, have you had your assignment graded yet...??
     
  5. red85

    red85 Member

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    Hi,

    Yeah very ambiguous. I am handing in my assignment in on Monday, just gotta finish my risk management assignment. Currently doing FFP and RM. Handing both assignments in on Monday, hopefully pass both, then sit my exams and do the next 2 subjects. Good luck with yours. I have finished my FFP assignment, so if wanna discuss anything let me know.
     
  6. hulio

    hulio New Member

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    Thanks Red85 and best of luck with yours..!

    I'm just about done now and making some finishing touches... one thing I did want to check was insurance. Did you increase the amount of Life & TPD cover that Marco required..?
     
  7. red85

    red85 Member

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    Hi

    Yeah I increased the life and tpd. It comes to a value of just under $400K. I'm not sure if i calculated it right by using the realisable assets. I think one of my calculations actually showed he was overinsured, not sure what I did there. But when I re-calculated and played with realisable assets, it came to a figure of around $93000 or so. So I figured that must be the additional insurance he should take out. I posted my assignment tonight. Hopefully it comes back as competent.
     
  8. red85

    red85 Member

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    I passed both my FFP and Risk management assignments. Now got to study for the exams. How did you go with your assignment?
     
  9. Manav

    Manav New Member

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    Hi red85. Congrates for assignments result. I am also doing FFP assignment. How did u answerQ5(d). Marco's two concerns about the advice and ur responses to these concerns. Also I am calculating family tax benefit at maxmum rate for Marco. Is it right?
    Thanx
     
  10. red85

    red85 Member

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    I didnt mention anything about family tax benefit in any of my calculations.

    for Question 5 (b), in regards to 2 concerns, I had:

    1. Marco may not be able to afford the insurances recommended. You will have to mention that in order to reduce premium costs, marco will take on higher risk.

    2. Marco is not comfortable with his risk profile. I mentioned that if he takes a lower risk profile, he will not have the opportunity to experience growth at the rate he would like to.

    Hope that helps.
     
  11. hulio

    hulio New Member

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    Hi Red85, great news.. well done. I passed also and am now just waiting for my Risk Management coursework to arrive.

    Manav, I believe Marco is eligible for full FTB B but how much FTB A depends would be liable to change depending on his income from his investments. As long as your assumption is stated you should be fine. I stated that we would invest in managed funds with low churn and therefore less of an income tax implication.

    Good luck with the rest of the assignment. I was extremely frustrated with it at the time (and still am I guess) but it all worked out in the end..!
     
  12. squidjibo

    squidjibo Member

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    fantastic, well done
     
  13. garycon06

    garycon06 Member

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    FPP Marco assignment, contents and bibliography? Q 5. b

    hi folks coming to a conclusion with this immensly annoying assignment, did u guys put in a contents page and bibliography with your assignment or is this required i do not think it is mentioned in the assignment pack.. also for Q. 5 b what concerns did you say Marco might have with the advice that has been provided and why? any help would be much appreciated. would I be right in saying insurance as one and super as the other if so what problems can we provide.

    Thanks in advance
     
  14. POCL

    POCL New Member

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    I neither provided references nor bibliography as it was not an essay, as well they stated that all you need to know is in the subject notes - as it was. I elected for the obvious "Why do I need a new will? Just did it in 2003".
     
  15. enem

    enem Member

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    Hi everyone, I am really struggling with the Risk Management DFP2 assignment case studies. I find the information in the questions vague and inadequate. I
    Can anyone please assist me with the case studies. I could really do with some help. Thanks
     
  16. kyliejayne

    kyliejayne Member

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    Really struggling with this assignment. Grrrrrr

    To recommend or not to recommend increased insurance. There are no debts so why should I? But then again, they did include a CIMER Plan so Im guessing they want one.....???

    Can anyone help?
     
  17. chalkman

    chalkman New Member

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    I am doing that question as we speak. My thoughts is that you will need to put in the CIMER, and the client does need insurance.

    Although the clean-up funds and mortgage is zero, he will still require an income, education costs and retirement costs (which will be the biggest). I had a rough amount of $680k as being under insured.

    I have got the assignment due next week and running out of time... aaargghhh!

    Let me know if anyone disagrees with my amounts or comments..

    Cheers

    Jason
     
  18. micdan

    micdan Active Member

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    Kaplan Foundations of Financial Planning

    Hi
    I am currently working my way through the Kaplan Foundations of Financial Planning assisgnment. All of it appears to be straightforward other than Question 1 (d) whereby I am required to explain the role of the adviser and the relationship with the licensee, Wyze Financial Planning. Also I am not sure how this is to be incorporated into the SOA. The advice I have received from Kaplan is as follows:
    Wyze Financial Services would be the licencee.Tracy is an authorised representative of Burton Financial Services that operate under that licence.. that is what would need to be disclosed.
    Any help would be appreciated. I am also interested in participating in an online study group.
    Regards