HND FS GU1 stage3

The International College of Xiamen University13 SQA HND Financial ServicesUnit Name: Financial Services: Group Award Graded Unit 1 Unit Code: H0Y6 34Name:XU ZESHENGSCN:Supervisor:Submission Date: June, 8, 2015Word account: 8773.1 ApproachesTo review the above contents, primary resources and secondary resources are required to combine with each other as to provide the optimal proposals.At the beginning, the primary resources were confirmed. For collecting such information, I not only visited the old couples, but sent e-mail. Then I knew their basic situation in detail, such as the income and the assets and calculated the net gains in the property for the couples. Their wishes and hobby can be clear as to match with the several financial products.Besides, it cost me a lot of time to search the different kinds of financial products (secondary resources) from official websites and professional books for saving, investment and insurance, even the updated fiscal policy. When considering the diverse products, the most difficult for me is to select the optimal products and customer services. I took full into account the revenue of different products and made detailed comparisons with their possible risks. And I also overall considered the compensation level (FSCS) for every product. In this way, the numbers of capitals I invested in became clear. I rejected the products which involve low apparently revenue and much limits. Then to compare the risk and compensation is to maintain the products that have appropriate and high revenue. Particularly, some insurance products which contain the extra welfare were much better, such as the different coffins provided. Thus, there are so many providers that I chosen. Including the wide range of investments available allows the opportunity to diversify risk.Generally speaking, the secondary resources were identified after I knew about the old couples’ needs and actual situation, and made them one to one correspondence in order to revenue maximization and risk minimization.3.2 VariationsThe actual situation will change because of the constantly changing financial market. It led to some adjustment and new discovery for the financial planning for the old couples.To be specific, for one thing, the data form the UK government or other official websites will change every fiscal year as the official organization needs to estimate the latest situation of the existing market. For example, when making the action plan, people can save ISA with £15,000 for tax-free from 2014 to 2015, but in the 2015 to 2016 tax year, the maximum people can save for ISA with tax-free £15,240.For another, the final products which refer to many providers. Originally, the providers I would like to choose are all the big organizations, but I found that they contain much services with wide range so that investment are not diversified and analysis can not be detailed and comprehensive.Moreover, I also faced the problems that how I should allocate appropriately the net assets from the old couples to diverse products. I need to turn back to change the amount of money again and again because the latest information and consideration occurred at the first time. So it cost me a lot of time to confirm the capitals.3.3 CountermeasuresIn the first place, I paid more attention to the updated data as to ensure the information’s timeliness. In this way, I have concerned the changes of every official website at all times.In the second place, I selected different scales’providers in order to make detailed comparisons for their products and customers. Although this choice will add the workload, it in effects gives rise to many benefits.In the third place, in terms of the products and their nature, I classified the different products for saving, investment and the insurance both for the Mr. Duncan Kennedy and his wife. Besides, based on the FSCS, risks and taxation conditions, the amount of money was allocated appropriately.3.4 EffectivenessIn conclusion, this complete report involves the 3 major part contents; they are saving, investment and insurance. Thus, 11 products were confirmed from 6 different providers. Based on the basic introduction of products and providers, I also analyze the existing revenue and taxation situation and combine information with FSCS as to decrease the risks as soon as possible. In this way, the assets can be managed well and this plan will exert many efforts.To begin with, the choices realize the diversification in the investment and the risk minimization. The portfolios of optimal products and the good customers services can match with the income and assets of the couples, they do not also add any workload for the old.What is more, the choices also promote the reasonable disposition of the capitals through the repeated selections. So it is to more extent dominate the net gains fully for Mr. Duncan Kennedy and his wife.Additionally, it is normal to generate the new and unceasing problems when I continue to select products because of the latest market information and consideration. And it also made me work out some feasible countermeasures in time.According to the needs of the old couples, these suggestions ensure the effectiveness of any data, and they satisfy the couple’s needs for the investment in saving, investment and insurance as to make up the loss of income and pay for the most parts of traveling fees.。