Scenario 2 Brad is a Financial Adviser. Sonia, Brad’s Client

Answer for Scenario 2 Brad is a Financial Adviser. Sonia, Brad’s Client for $5 Only (Instant Download)

financial adviser

Scenario 2 Brad is a financial adviser. Sonia, Brad’s client, is a single mother. She is financially and emotionally stressed, as her daughter has been ill and hospitalised for some time. Sonia has had to cut back on her work to care for her daughter, even though the medical expenses are ongoing Advice:

• In the initial face to face meeting Sonia appears to be distracted and has limited head space

• There are no specific fees discussed, apart from the general range of fees in the FSG.

• As Brad is currently extremely busy with his existing clients, he posts the fact finder/ client profile to Sonia and requests she post back the completed document, which Sonia does.

• Six weeks later Sonia receives a 90 page Statement of Advice (SOA) in the mail. The SOA contains a broad range of strategies and unnecessary products, including accelerated debt reduction, rolling over superannuation, wealth creation and basic life insurance.

Sonia can’t comprehend and is confused by the SOA’s summary. The SOA is accompanied by an invoice for the advice of $4,000. b) Which standards of the FASEA Code of Ethics are likely to be breached and why? (6 marks)

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