Personal Finance Advisory
Advise customers on suitable in-house financial solutions, based on analyses of their personal financial needs
Type
Functional
Competency Area
Customer Relationship and Stakeholder Management
Levels
Develop personal financial plans based on financial needs and risk profiles
Develop professional relationships with prospective and existing customers
Analyse information on customers’’ income, expenses, taxes and savings to understand their cash flow situations
Analyse customers’ risk profiles and personal financial situations to determine their investment profiles
Analyse relevant information and current insurance policies in effect, to analyse customers’ life, health and personal general insurance needs
Assist customers in retirement planning by establishing their retirement goals and analysing their financial situations
Develop personal financial plans that sets out the financial goals, financial analysis and recommendations on how customers personal financial goals can be met
Review personal financial plans periodically with customers and alert customers of revisions required to successfully achieve financial goals
Address customers queries on existing banking and financial transactions and escalate significant matters to the management
Align personal financial plans to customers’ financial objectives and risk profiles
Present effectively the features, benefits, limitations, risks and suitability of financial products to customers with financial planning needs
Analyse customers’ sources and uses of income, debt exposure and implications on interest and principal repayment obligations, and risk profiles
Establish customers risk appetites, and analyse their risk profiles and personal financial situations for insurance planning
Review personal financial plans, based on an understanding of customers’’ financial goals and risk profiles, to ensure they meet clients’ financial objectives
Enhance comprehensiveness of financial plans for customers by incorporating business ownership considerations as part of the analysis
Recommend suitable investment products or asset allocation strategies based on customers’ investment profiles
Advise mass affluent customers by determining suitable in- house wealth management products to meet their needs
Establish customers’ estate planning needs and analyse their personal financial situations
Recommend suitable estate planning solutions, to develop
Oversee organisation’s strategies on personal financial advisory
Assess implications of emerging local and international regulatory trends and developments governing financial planning activities, on regulated financial institutions and their financial planners
Assess implications of different business structures on the personal income and wealth of customers with business ownership
Articulate the importance of integrated comprehensive financial plans for achieving overall financial planning objectives to customers
Ensure products and financial plans recommended are compliant to regulations and organisational policies
Establish the organisation’s positioning of financial advisory solutions to customers