We introduced the Fact Finder in our earlier discussions in this Module, and as we begin to discuss the gathering of financial information about the potential property investor, we refer you again to the Fact Finder.
Its role is threefold.
Module 2 of this training series addresses the legal and regulatory environment within which you operate. That module covers the need to be able to demonstrate that you have based your advice on the information provided to you. Careful use of the Fact Finder enables the tangible demonstration that this has been done.
There are two ways you can choose to use the Fact Finder. It may be considered preferable for you to complete it yourself during the course of the early consultations with your client or it may be preferable for the client to complete it before these meetings. This latter method prepares the client for the extensive discussions that will be required of them and it also increases the likelihood that they will have the relevant information at hand or be able to acquire it in time for consultations with you.
Please take a moment to look at the Fact Finder again. You will see reference to the Privacy Act on page 12 of the Fact Finder. When you use this form with your clients, you need to make your clients aware that the details they provide will be used only for the purpose of helping them with sound investment decisions.
|You have been provided a Fact Finder in this topic. Complete it as if you are a client, using your own details. Then consider the following questions: