SOLUTION: Case Study Scenario | My Assignment Tutor

Part 1: Case Study Scenario To complete this part of the assessment, read the Case Study Scenario and complete your responses to questions 1 – 5 in the spaces provided. Please ensure you take note of the volume of response requirement where indicated. Your responses must demonstrate your ability to: • Explain how you would apply Cavanagh’s “Three Reflective Spaces” model • Explain how the use of the model impacts the client experience. All responses must: • address all parts of each question with examples as appropriate • use clear and concise language to ensure the intended meaning is understood • provide references where required Once completed, submit this assessment to your Teacher/Assessor for marking. Case Study Scenario: Both Financial Advisers and Accountants often need to give their clients bad news. Write a scenario in which you are either an accountant or financial adviser and state the bad news you need to give the client. Note – the client does not expect this news. Using the scenario you develop, respond to the questions below. Part 2: Short answer Read each question carefully. Each answer should be a approximately 100 words. Overall word limit 800 words total. At the meeting of financial planning process, I will have to tell the client about her retirement. Jane is not financially able to retire. She is a manager who has been working in education industry; however, her saving is not enough for after retirement. We have met before, discussed her private life, interest and financial goals. She was satisfied and expecting next meeting. This news is might not meet her expectation. What you as a financial advisor is doing- thoughts or action wise Jane, 50, is Manager of Private High School, has been worked for educational industry for almost 30 years. She came to meet me at the suggestion of her colleague because she mentioned her retirement and needs of financial advice. When she was telling her story, she looked like she was somehow argued with her director, had not effective relationship with her son, her self-esteem low. Although she does not travel and play sports and, she likes to go shopping and does not save money into savings. I did not show judgmental and unsupportive communication, so she finished her story in comfortable way because she is inactive and slow talking with flat tone. When Jane talked about her family, she has goals to save enough money for him. In time I invited her to take a deeper look at her, noticed that she is kind and thoughtful person. In my perspective, she is introverted, likely to hide her emotions. Moreover, I explored that she spent her income for great number of inexpensive items of purchasing such as clothes and jewelleries. When she was talking about her personal information, she likely to avoid face-face contact and had unstable emotion. After having observed, I suggested that she could pick one issue and review it in more depth. After discussion, she decided that she would like to tackle the spending. With help of investigation, Jane considered that her spending over her income has impacted by her mum. As from financial planner perspective, she chose right issue because this job is the main income resource for her and her son. She felt that she needs to support her mum under any situations. I spent time understanding Jane’s point of view and offered her to look other side. For example: It is not only her responsibility. She can come with her mum to educate financial planning and give understanding about savings and its advantage. She also became emotional due to interpersonal conflicts. The fact that Jane had come voluntarily was right-minded action. She was acting in her own behalf. Her willingness to explore problem situations and respond fairly inciting to me were indication. She has written herself about her financial situations and future goals. It has mentioned the money spending on her mum’s demands and times spent on this process. She has already opened bank savings for her son. Moreover, she told her mum about her future financial planning and she can support her at urgent occasion. It was her initial response. I suggested that she could come with her mother to meeting about financial stability. Her mother agreed to come at the second meeting. With a bit of guidance, they quickly moved to possible options for cutting their expenses. Some possibilities included declineing new product offer, transfer fixed amount of money into bank account when her salary and her mum’s retirement received, renewed household budget, some kind of career for How will you apply Step 6 (Processing and New Understanding)? Reference List Marking Guide – Portfolio 2 Read each question carefully. Each answer should be approximately 100 words. Overall word limit 800 words Explain the details of your scenario and the news you are giving to your client. Include if you are a tax or financial adviser. (Total marks 18) Total: 2 marks (a) 0.5 for identifying some bad news that is appropriate to the client adviser relationship (b) 1.5 for explaining how it applies: 0.5 marks for basic explanation 1 mark for adequate explanation 1.5 marks for holistic explanation. How will you apply Step 1 (Telling the Story)? Total: 2 marks (a) 0.5 for identifying how you will lead the client to tell their story (b) 1.5 for explaining how this step applies: 0.5 marks for basic explanation 1 mark for adequate explanation 1.5 marks for holistic explanation. 3. How will you apply Step 2 (Listening and Noticing)? Total: 2 marks (a) 0.5 marks for explaining each element that you are listening for and what you are noticing in your particular scenario.4. How will you apply Step 3 (Processing)? 2 marks – (a) 0.5 marks for an explanation of each element you are processing in relation to your scenario.5. How will you apply Step 4 (Responding)? 2 marks – (a) 0.5 marks for explaining each element of how you would respond to the client6. How will you apply Step 5 (Listening 2)? Marks 2 (a) 0.5 marks for explaining each element of how you would respond to the client (make it slightly different to the earlier listening step because you have now responded to the client).7. How will you apply Step 6 (Processing and New Understanding)? Marks 2 0.5 marks for explaining each element of how the client has processed the information and the details of their new understanding8. What impact do you think this has on the client? Marks 4 (two impacts are expected) (a) 0.5 marks for identifying each impact (b) 1.5 for explaining how it applies: 0.5 marks for basic explanation 1 mark for adequate explanation 1.5 marks for holistic explanation.