Here is the background information on your task Assessing cient suitability is extremely important. Knowing your clent as well as possible is a key fictor and driver in providing top tier advice and services in the wealth management industry in order to do this. you must gather in depth information and cany out the correct due dagence allowing you to recominend suitable and comprehensive weaith mariggement solutions that wal heip dients meet long term goals As a provider of wealth management services, your goal is to buld longterm rebtionships, based on trust. which watl ultimately make you more valuable. Advice should only be provided to clients as a result of: reviewing their risk prople and goaks to ensure an appropriate solution is being offered. This task wat help you to get comfortable with reviewing suitability: Here is your task Your task is to assess, using the provided resources and the Goodbody website, if each of trwese thene prospects are sultable clients for wealth management services. Take some time to revew each potential clients profile, and then review their financial calculations to understand their totol assets labibes expenses and net disposable income. Compare these figures to the prospecrs cbjectives ard the background information on his or her profile. When creating audio answers for this task you wit need to consider each prospects unique situation and think about the following quentions to fully aksens each profle. 1. How secure is this prospect's current and future income from salary, pensions or other investments? 2. What is this client's time horizon for investing? 3. What is the client's primary reason for seeking wealth management servicen? 4 How could this prospect benefit or not benefic from weath management services? 5. Do you have any concerns about the services you can offer after reviewing the clents prokie and financial statement? We expect ypur audio ahswer to be between 5.10 minutes long spending approimately 2.3 minates on eich potential cient. Please summarise each client's circumstances that you have internected from ho or her protie, as well as answering the questions isted above. We recommend you write your comments into a script before submitting it oraly. ADDRESS 14AABC Drive, Dublin, Ireland DATE OF BIRTH 30th May 1977 (Age 37) TAX STATUS 40% EARNINGS 150,000 (Net Income 83,250P.A or 6,960PM ) Investment Property 1: 600PM Investment Property 2: 750PM OBJECTIVE LIABILITIES Charlotte is a 37-year-old Software Engineer Property who has accumulated 950,000 in property Residential Mortgage: 300,000 (19 years busets over her career. She has focused on remaining) 1,575 per month payment career but due to the contracting nature of her 2nd Property: 100,000 (25 years remaining) job, she has the objective of building some 6850 per month payment monetary investments and pensions that are Investment Property 1: 100,000 (25 years not secured by debt via property to secure her remaining) 421 per month payment future. Due to the nature of her career, she has Investment Property 2:150,000 (25 years never paid into a pension and would like to do remaining) 600 per month payment so as soon as possible so that she can retire at age 64 (27 years) when she clears her property liabilities. She would like to consider EXPENSES maximising any available pension contribution Committed (Excluding Property Expenses) out of her current income. She would like to Car Payment: 500 per month take maximum advantage of tax relief. Utilities: 250 per month Sundry Expenses: 250 per month Discretionary 1500 per month ADDRESS 3A XYZ Drive, Dublin, Ireland DATE OF BIRTH 4th October 1999 (Age 22) MichaEl JOneS TAXSTATUs40% TIK TOK CREATOR EARNINGS OBJECTIVE100,000(Ne5,160.34PM) Michael is a 22-year-old Tik Tok Creator who is CRYPTOCURRENCY STAKING: 300PM starting to get viral attention online. As a is STOCK DIVIDENDS: 40OPM result, his income and earnings are soaring via his employnent agency. He has some LIABILITIES cryptocurrency and stock holdings in Property accumulated overtime and has an objective of Residential Mortgage: 100,000 ( 30 years creating diversity in his portfolio. Michael is oremaining) 700 per month payment looking for avenues to spread his income and earnings to give him potential for growth in the EXPENSES future. Due to the nature of his job, he has no pension as he has been working via an agency. Committed (Excluding Property Expenses) however he wants to focus on accumulating Car Payment: 300 per month liquid assets as he feels he has the time to accumulate over the next 3040 years and isn't Utilities: 450 per month interested in pension planning at this stage of Sundry Expenses: 6250 per month his life. Tik Tok Creative Costs: 500 per month Discretionary ASSETS 1500 per month RESIDENCE: Wicklow 6150,000 Tesla Stock Holdings 20,000 Apple Stock Holdings 10,000 CryptocurrencyPortfolioCash15,0005,000 Savings 3,000 Markus James ENTREPRENEUR OBJECTIVE Markus is a seasoned entrepreneur who has been successful in private equity investing over the last 15 years. He has several business interests and feels he is over-exposed with high equity value and income but low in cash holdings and liquid investments. His objective is to create more solidity in his wealth and finances in looking toward his long term future and the implications of passing his business interests to his children in retirement. He is 54 years old. He has dabbled in some of his own investments including stocks and cryptocurrency, but isn't as foresighted with these as he would be with service based businesses. He takes a small income at present as he is unfamiliar with how he can be effective in drawing funds from his interests. ASSETS RESIDENCE:CorkRealEstateBusinessEquityPaymentsCompanyEquityTeslaStockHoldingsPrivateStockPortfolioCryptocurrencyPortfolioCashSavings6300,0006300,000500,000670,000640,000610,000630,00065,000 Charlotte Sanders Task One Calculations Income Total Net lncome = All net income added together Net income is income after deductions including tax. Assets Liabilities Expenses Committed expenses are those that you have an obligation to pay including debts. Discretionary spending is what you spend month to month on your own volition. This is excluding Mortgages Committed expenies are those that you have an obligation to pay including debts. Discretionary spending is what you spend month to month on your own volision. This is exduding Mortgpes Expenses Including Mortgages Disposable Income Disposable income = Net Income - Expenses Pensions In Ireland Tax Rellef Alowance is Capped at 25\% of current income, with an earnings limit of f115,000. (Charlotte eams more than this) Chariotte can contribute to her pension induding relief - 25% of her income (capped at 115,000). Split inte 12 months, this is 2,395.8933 per month. As Charlotte pays 40% tax on her income, the is elgble for 40W relief on the maximum contribution. Tax Rellef 40k Relief perannum C 2,395.83 per month per annum C. 1,437.50 per month (before tax relief added) Therefore, Charlotte has disposable income to cover this pension maximisation for tax purposes. Here is the background information on your task Assessing cient suitability is extremely important. Knowing your clent as well as possible is a key fictor and driver in providing top tier advice and services in the wealth management industry in order to do this. you must gather in depth information and cany out the correct due dagence allowing you to recominend suitable and comprehensive weaith mariggement solutions that wal heip dients meet long term goals As a provider of wealth management services, your goal is to buld longterm rebtionships, based on trust. which watl ultimately make you more valuable. Advice should only be provided to clients as a result of: reviewing their risk prople and goaks to ensure an appropriate solution is being offered. This task wat help you to get comfortable with reviewing suitability: Here is your task Your task is to assess, using the provided resources and the Goodbody website, if each of trwese thene prospects are sultable clients for wealth management services. Take some time to revew each potential clients profile, and then review their financial calculations to understand their totol assets labibes expenses and net disposable income. Compare these figures to the prospecrs cbjectives ard the background information on his or her profile. When creating audio answers for this task you wit need to consider each prospects unique situation and think about the following quentions to fully aksens each profle. 1. How secure is this prospect's current and future income from salary, pensions or other investments? 2. What is this client's time horizon for investing? 3. What is the client's primary reason for seeking wealth management servicen? 4 How could this prospect benefit or not benefic from weath management services? 5. Do you have any concerns about the services you can offer after reviewing the clents prokie and financial statement? We expect ypur audio ahswer to be between 5.10 minutes long spending approimately 2.3 minates on eich potential cient. Please summarise each client's circumstances that you have internected from ho or her protie, as well as answering the questions isted above. We recommend you write your comments into a script before submitting it oraly. ADDRESS 14AABC Drive, Dublin, Ireland DATE OF BIRTH 30th May 1977 (Age 37) TAX STATUS 40% EARNINGS 150,000 (Net Income 83,250P.A or 6,960PM ) Investment Property 1: 600PM Investment Property 2: 750PM OBJECTIVE LIABILITIES Charlotte is a 37-year-old Software Engineer Property who has accumulated 950,000 in property Residential Mortgage: 300,000 (19 years busets over her career. She has focused on remaining) 1,575 per month payment career but due to the contracting nature of her 2nd Property: 100,000 (25 years remaining) job, she has the objective of building some 6850 per month payment monetary investments and pensions that are Investment Property 1: 100,000 (25 years not secured by debt via property to secure her remaining) 421 per month payment future. Due to the nature of her career, she has Investment Property 2:150,000 (25 years never paid into a pension and would like to do remaining) 600 per month payment so as soon as possible so that she can retire at age 64 (27 years) when she clears her property liabilities. She would like to consider EXPENSES maximising any available pension contribution Committed (Excluding Property Expenses) out of her current income. She would like to Car Payment: 500 per month take maximum advantage of tax relief. Utilities: 250 per month Sundry Expenses: 250 per month Discretionary 1500 per month ADDRESS 3A XYZ Drive, Dublin, Ireland DATE OF BIRTH 4th October 1999 (Age 22) MichaEl JOneS TAXSTATUs40% TIK TOK CREATOR EARNINGS OBJECTIVE100,000(Ne5,160.34PM) Michael is a 22-year-old Tik Tok Creator who is CRYPTOCURRENCY STAKING: 300PM starting to get viral attention online. As a is STOCK DIVIDENDS: 40OPM result, his income and earnings are soaring via his employnent agency. He has some LIABILITIES cryptocurrency and stock holdings in Property accumulated overtime and has an objective of Residential Mortgage: 100,000 ( 30 years creating diversity in his portfolio. Michael is oremaining) 700 per month payment looking for avenues to spread his income and earnings to give him potential for growth in the EXPENSES future. Due to the nature of his job, he has no pension as he has been working via an agency. Committed (Excluding Property Expenses) however he wants to focus on accumulating Car Payment: 300 per month liquid assets as he feels he has the time to accumulate over the next 3040 years and isn't Utilities: 450 per month interested in pension planning at this stage of Sundry Expenses: 6250 per month his life. Tik Tok Creative Costs: 500 per month Discretionary ASSETS 1500 per month RESIDENCE: Wicklow 6150,000 Tesla Stock Holdings 20,000 Apple Stock Holdings 10,000 CryptocurrencyPortfolioCash15,0005,000 Savings 3,000 Markus James ENTREPRENEUR OBJECTIVE Markus is a seasoned entrepreneur who has been successful in private equity investing over the last 15 years. He has several business interests and feels he is over-exposed with high equity value and income but low in cash holdings and liquid investments. His objective is to create more solidity in his wealth and finances in looking toward his long term future and the implications of passing his business interests to his children in retirement. He is 54 years old. He has dabbled in some of his own investments including stocks and cryptocurrency, but isn't as foresighted with these as he would be with service based businesses. He takes a small income at present as he is unfamiliar with how he can be effective in drawing funds from his interests. ASSETS RESIDENCE:CorkRealEstateBusinessEquityPaymentsCompanyEquityTeslaStockHoldingsPrivateStockPortfolioCryptocurrencyPortfolioCashSavings6300,0006300,000500,000670,000640,000610,000630,00065,000 Charlotte Sanders Task One Calculations Income Total Net lncome = All net income added together Net income is income after deductions including tax. Assets Liabilities Expenses Committed expenses are those that you have an obligation to pay including debts. Discretionary spending is what you spend month to month on your own volition. This is excluding Mortgages Committed expenies are those that you have an obligation to pay including debts. Discretionary spending is what you spend month to month on your own volision. This is exduding Mortgpes Expenses Including Mortgages Disposable Income Disposable income = Net Income - Expenses Pensions In Ireland Tax Rellef Alowance is Capped at 25\% of current income, with an earnings limit of f115,000. (Charlotte eams more than this) Chariotte can contribute to her pension induding relief - 25% of her income (capped at 115,000). Split inte 12 months, this is 2,395.8933 per month. As Charlotte pays 40% tax on her income, the is elgble for 40W relief on the maximum contribution. Tax Rellef 40k Relief perannum C 2,395.83 per month per annum C. 1,437.50 per month (before tax relief added) Therefore, Charlotte has disposable income to cover this pension maximisation for tax purposes