Take into account what the client has stated about their particular views. For example, if they are ethical investors, don’t just ignore it, talk through the implications – both good and bad – for the potential investment outcomes.
Make firm recommendations; do not just say, “Let’s meet to talk about it. ”Make sure that you clearly reason your recommendations. “I recommend that you have XYZ policy” is unlikely to fit the bill here. Explain how the recommendation helps to meet the client’s objectives. Does it protect an income stream? Does it provide a lump sum on death or disability? If so, how will that be invested to meet the client’s needs?
Ensure that the client can afford the cost of any recommendations. You will have already calculated their disposable income, so ensure that you adjust the amount to take account. Do not spend more than the client has.
If there is no mention of the client having a power of attorney or a will then assume that they do not have them. It is important – in all circumstances – to ensure that a client thinks about what their wishes are in these situations and how these solutions can help.
Do not pack any explanations with jargon without explaining it first. Don’t confuse the client by stating simple things and then being overly technical. Be consistent.
When explaining investments, ensure your recommendations are in line with the client’s attitude to and need to take risk, and their capacity for loss. If you are using the outputs from cashflow-modeling software, whether home-grown or proprietary, do not bamboozle clients with lots of tables of numbers and charts etc. without clearly explaining them. Phrases like, “Obviously you can see from the chart below...” when the judges can’t see that at all are not helpful (to the judges and therefore to the candidate).
Imagine yourself
Explain how you see the imaginary client’s situation. Think about what you would say if this were a real client sat in front of you. If you get to the final shortlist you will have to talk to people face to face.
One note of caution: if you pick a case study that is not a familiar area for you technically then ensure that you do your homework and brush up on your knowledge. It is clear, particularly with regard to estate planning, when some entrants do not have the technical knowledge to operate effectively in some fields.
How will your recommendations be tracked? Are there any particular aspects of your recommendations that should be implemented as a priority? If so, state them clearly.
