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The Report of Financial Service to Alexander

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Report on Alexander's

Financial Services Suggestion

Report Written by: Huang Mingming


Date: May 2009

The Report of Financial Service to Alexander

1. Planning - Action Plan

1.1 Likely resource to be used :

Textbook of Financial Service; Website of NS&I ; Website

of HMRC ; Website of EGG ; Website of First Direct.

1.2 Strategy for carrying out report :

1.2.1 Case study analysis:

Firstly, I will analyze the case study given and find out the clients' financial status, family members' information, housing condition, business operation condition, age and health, business potential. Finally I will further figure out and summarize the clients' needs in terms of financial services.

1.2.2 Relevant information collection:

I will collection the relevant information of The Flynn at once. It include about clients' financial status such as their wage and salary, family members' information such as age and health, also has the information on housing condition, business operation condition . in this step, I will find some information about clients' need and collect financial products to help clients.

1.2.3 Information sort--out

I will sort out the information which I had collected, according this figure there will be a primary plan about financial service to the Alexander. in some collected information, I will classify them, In order to easy made a good project for clients

1.2.4 Drafting :

I will use one day to make a draft which is not detailed but some important part I must involved.

1.2.5 Revising:

Then I will send the drafting to our tutor, make advance the report according to the tutor's advice.

1.2.6 Final Version

After that I will complete the report to final on 19th May, 2009.

1.3How the project will be managed

I will analyze the case study given and find out the clients' financial status according to the case we know that not only in this family there are five members, the couple could acquire 475,000 pounds every year, they will use this money to pay for the mortgage, children's school fee and build extension to their home, but also Mr. Flynn has the experience about previous redundancy, and due to the fact that he has never felt secure over the long-term future of the company, he has always been ultra-cautious with his finances. According to the factor I thought that The Flynn will need saving, mortgage, and protection.

1.4 Timescales for the project:

Number Strategy Timescale

1 Case study analysis 5th May

2 Relevant information collection 5th May

3 Information sort-out 7th May

4 Drafting 14th May

5 Revising 16th May

6 Final 19th May

1.5 Source of information

○1Textbook of Financial Service published by Scottish Qualification Authority




2 Developing-Case Study Report

2.1 Key factors in case study

The clients are Alexander his wife Janet and their three children, Alexander is 48 years old, is the Company Director and Chief Executive of a software company, which is Graphic Design Ltd, which he set up seven years with his best friend, James Emerson. The company has been extremely successful, with a turnover of over £15m last year and profits of £4m. Alexander draws a salary of £420,000 per annum from the business. Janet is aged 44 and works as Alexander's personal assistant. As his assistant is paid a salary of £55,000 per annum. The couple has three children, Adam, Sheila, Carina, aged 14, 10 and 3 respectively. The two older children attend a local private school, which charges £3,000 per child annum in school fees. The Flynn's live in a large six-bedroom bungalow in an expensive part of town, which is conservatively estimated at a value of £1.25m. they have lived for over six years and have an outstanding mortgage of £450.000 on the property. The couple has recently decided to build an extension to their home at a cost of £300,000.The mortgage was taken out over 20 years on an endowment basis but Alexander has recently received a letter from the company stating the project returns on the likely to result in a substantial shortfall in the value compared to the outstanding mortgage. Before setting up the company Alexander had been out of work for two years following redundancy. He set up the company with the funds from his redundancy payment, and a loan from the bank, which was secured against his previous family home. The rapid early success of the company allowed purchasing the new house .As a consequence of his previous redundancy, and due to the fact that he was never felt secure over the long-term future of the company, he has always been ultra-cautious with his finances.

2.2 Likely financial needs of the clients

2.2.1 Savings:

Most common reasons are to:

① Provide an emergency fund to deal with any unexpected financial difficulties

② Act as an alternative to borrowing, savings may be set aside to pay for large and more expensive items such as a car, TV, a dream holiday etc.

③ Provide down a deposit for the purchase of a house



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