Assignment Instructions Working papers (best interest duty strategy papers) are important when preparing to write a statement of advice. Their purpose is to document the research and rationale behind...

Best interests duty – Working papers
The purpose of this document
This document is designed to help you document that your recommendations meet the best interests duty obligations, it is mandatory that you evidence the following:
· Recommended strategy/s
· Alternative strategies
· Reasons for discounting alternative strategies
· Recommended investment product/s
· Alternative investment product/s
· Reasons for discounting alternative investment product/s
· Product comparison and replacement tables (“like for like” basis)
· If you are replacing the client’s investment/s, what is the rationale for doing so?
· Recommended ownership structure and the reasons why the alternative structures were discounted.
Considering and addressing all the above points adequately will allow you to meet Step 4 and Step 6 of the Safe Harbour obligations.
The working papers will guide you to address all the above points and is divided into the following sections:
· Goals
· Scope of Advice
· Savings and Investment
· Strategic Debt Advice
· Insurance- Limited to Income Protection
It is encouraged that you use the working papers when you prepare your A2: Statement of Advice as this will help you with your strategy and justification. You can add additional sections to cover the remaining areas of advice required for your Statement of Advice
Working papers
    SMART Goals
    Client name: Will Truman & Grace Adler
    Date: 07/11/2020
    Area of advice: Savings and investment.
Priority: High/ Medium/ Low
    Create a SMART goal here relating to your savings and investment goal.
Delete the tables below where they are not appropriate.
Students are to include SMART goals for all of the goals relating to the Statement of Advice as highlighted in the case study.
    Area of advice: Savings and investment.
Priority: High
    Create a SMART goal here:
Grace – Wants to pay $8000 every year for her daughter’s school. She wants to save $10,000 for her daughter’s college fund. For Grace’s son, Jack, special care of $15,000 is required per year because of his autism.
    Area of advice: Savings and investment.
Priority: Medium
    Create a SMART goal here
Will – Advice on whether to retain the rental property or to sell it. He likes the monthly additional income but he hates to pay land tax and additional income tax at regular intervals.
    Area of advice: Savings and investment.
Priority: High
    Create a SMART goal here
Joint – They want to save $8,000 by 12th November, 2021. Wedding venue, videographer and photographer has been paid. Additional money is needed for catering and bar tab.
    Area of advice: Savings and investment.
Priority: High
    Create a SMART goal here
Joint – Pay off full mortgage within next 10-15 months.
    Area of advice: Savings and investment.
Priority: Low
    Create a SMART goal here
Joint – A combined income of $80,000 per year debt free, on retirement.
    Area of advice: Savings and investment.
Priority: High
    Create a SMART goal here
Joint – Advice on current insurance plans.
    Area of advice: Savings and investment.
Priority: High     
    Create a SMART goal here
Joint – Review of existing Estate planning needs. If the couple break up, each of them should be financially independent. The kids should also be well looked after in case any one of them dies.
    Area of advice: Savings and investment.
Priority: Medium     
    Create a SMART goal here
Joint – Save $20,000 for each child to give them...