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Client Data Collection for Financial Planning

The document discusses the process of gathering client data and determining goals and expectations in financial planning. It outlines topics to be covered including basic asset decisions, credit decisions, insurance decisions, investment decisions, and retirement and estate planning. It also discusses factors that affect a client's risk tolerance, the importance of collecting accurate client data, methods for collecting this data, types of documents to collect, and how to segregate the collected data. Finally, it provides guidelines for defining goals that are specific, measurable, achievable, realistic, and time-bound.

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8 views9 pages

Client Data Collection for Financial Planning

The document discusses the process of gathering client data and determining goals and expectations in financial planning. It outlines topics to be covered including basic asset decisions, credit decisions, insurance decisions, investment decisions, and retirement and estate planning. It also discusses factors that affect a client's risk tolerance, the importance of collecting accurate client data, methods for collecting this data, types of documents to collect, and how to segregate the collected data. Finally, it provides guidelines for defining goals that are specific, measurable, achievable, realistic, and time-bound.

Uploaded by

Surya
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

Module 2

Gathering Client Data and


Determining Goals and
Expectations
[Link] Asset
Decisions
[Link] Decisions
[Link]
Financial Decisions Financia
Plans [Link]
l Results

Decisions
5. Retirement and
estate decisions
Financial Concerns
To cover for future needs
To minimize income taxes
To be able to retire comfortably
To create for future generations
To cover insurance/ medical needs
Factors affecting Client’s Risk Tolerance

Client Attitude
Client Knowledge
Client Behaviour
Client Health
Client Occupation
Hazardous Activities
Why is it important to collect accurate
data from client ??
The role of financial planner in that??
Collecting data from client
Open ended questions
Close ended questions
Clues hidden in non – verbal behaviour
Probing
Documents
Documents to be collected

Income tax returns


Income Proof
Latest statements from all accounts held jointly or separately.
(Savings, Mutual Fund, Money Market, Stock Portfolio)
Statements indicating cost basis of Assets (stocks, Personal
Residence, etc.)
Statements of Assets in Retirement Plans
Latest mortgage statement
Other loan details if not already provided
All insurance policies (life, health, disability, Business/Office
overhead, automobile, homeowners liability)
Other documents
Data segregation
Personal details
 Assets & Liabilities
Income & Expenses
 Discretionary expenses
 Non- Discretionary expenses
Goals
Defining Goals

1. Specific
2. Measurable
3. Achievable
4. Realistic
5. Time bound

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