FNSACC511 Business Needs Analysis Legal and Financial Requirements Assessment

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For this assessment, students are required to liaise with your client and undertake a business needs analysis. This can be undertaken in a business of the student’s choice in consultation with their instructor, or alternatively can be done in a simulated working environment with the instructor role-playing the part of appropriate management of a simulated business model.

Part 1:

You are to consult with appropriate personnel in order to undertake an assessment of your client’s financial needs. You must undertake an interview / consultation process to achieve the following:

 List all the financial objectives of the client, including but not limited to:

– Tax liability reduction goals

– Wealth accumulation

– Asset development

 Identify relevant legal and financial requirements that will need to be considered in order to achieve the

client’s specific objectives

 Detail other processes the client will need to undertake in order to achieve their financial goals, such as:

– Personal investment strategies

– Business registration

– Insurance needs

– Tax issues / requirements

 Detail strategies to put in place to ensure the above requirements are met

Once the consultation process is over, you are to develop a detailed written report of the above information. This report should be submitted before attempting part 2

Part 2:

For part 2, instructors will review your report and plan covered in Part 1 and give feedback relating to the following:

 The time you took to complete part 1 (was it by deadline, was it early / late?)

 How specific was your questioning process? Did you ascertain all relevant financial requirements / goal of

the client?

 How detailed was your report? Were the strategies set realistic and did they meet the client’s

requirements? If not, what did you neglect to report on?

 Your instructor will also detail any changes to the client’s financial position / requirements that are

relevant to the consultation process.

Once the feedback is received, you are to write a second report on how to ensure the client’s needs are being met. You must cover the following in their report:

 Discuss the importance of constantly reviewing a client’s financial position / goals

 Review the feedback given – discuss any areas that were not covered sufficiently – how can these be

rectified? Is more information needed?

 Have there been changes in the client’s financial requirements / position? If so how can strategies be

adjusted to incorporate these changes.

Assessment Summary

You are to submit the following evidence / perform the following tasks

 Prepare for and conduct an interview with your client to determine their financial direction and

requirements (refer to explanation outlined above)

 Develop and submit a report outlining your findings

FNSACC511 Version 2.1 April 2018 Page 1 of 15