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1、1 Planning Action Plan1.1 Introduction The main idea of the report is how an Investment Services Manager is well-to-do client by providing solution to their savings, borrowing and personal insurance needs. The manager of the banks Western Branch has referred Alexander Flynn and his wife Janet to me.
2、 And we will mention them in the below.1.2 Likely resources to be usedPrimary research and secondary research were used. Primary research also known as field research consists of obtaining information that previously exists. This can be through numerous forms, including questionnaires and telephone
3、interviews amongst others. The advantages of primary research are Accurate outcome Higher credibility Match organizational needs at the best. The disadvantages of primary research are Expensive Time consuming More complicated The methods of primary research: Questionnaires Focus groups Observation E
4、tc. Secondary research also known as desk research, involves the summary, collation and, or synthesis of existing research rather than primary research, where data is collected from, for example, research subjects or experiments. It uses existing information. The advantages of secondary research are
5、 Save time and quick to use Has already been analyzed and Cost effective Wide coverage of subjects The disadvantages of secondary research are Out of date information and Huge screening work Maybe irrelevant to your needs Not specific to organization and anyone can use The methods of secondary resea
6、rch: search on the internet journal articles government statistics1.3 Strategy for carrying out reportStep1: Customer needs know the customers Ensure the needs of clients Step2: About products found products Compare products Choose products Step3: To persuade the clients to buy your products1.4 How
7、the project will be managedThe strategy need to be distribution time as follow diagram:ProjectStep1Step2Step3Time(day)1020101.5 Timescales for projectThe distribution of the specific time is shown below：Step1:Customer needs (10 days)Know the customers (4 days)Ensure the needs of clients (6 days)Step
8、2:About products (20 days)Found products (8 days)Compare products(14 days)Choose products (8 days)Step3:To persuade the clients to buy your products (10 days)1.6 Sources of informationLloyds bakings Official website: http:/ Santander Companys Official website: http:/ AVIVA Companys Official website:
9、 http:/ Developing Case Study Report2.1 Key factors in case study and Suggestions for improvementsAlexander Flynn is a client who is 48 years old, is the Company Director and Chief Executive of a software company .Alexander draws a salary of 420，000 per annum from the business. Janet is his wife who
10、 is aged 44, she is paid a salary of 55,000 per annum. And the couple has three children, aged 14,10 and 3 and two older attend a local private school, it charges 3,000 per child per annum in school fees. And they live in a large six-bedroom bungalow which is conservatively estimated at a value of 1
11、.25m. They have lived there 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.According to the case study, Alexanders family needs the services of savings, mortgage needs and protec
12、tion needs.2.2 Likely financial needs of the clients2.2.1 Savings:The cost of daily life, every family needs daily expenses, Alexanders family is no exception yet. So they need a current saving, like the debit card.Alexander is 48 years old and he can get 420,000 as salary per annum form his busines
13、s. Janet is 44 years old and her salary is 55,000 per annum. So they need a product that can save much money.At the same time, because the high salary, they need hand in the heavy taxation. Then they need a product that has a low taxation.Adam , the eldest child of the couple, whose age is 14. Sheil
14、a, the second elder child of the couple, whose age is 10. This two older chilren study in a local peivate school, which cost 3,000 per child per year as the school fees. Carina, the youngest child of the couple, whose age is 3. She is too young to go to school. But Alexander and Janet plans to send
15、her to the same school when she grows up. So they need a long-term returns and lower risks product.2.2.2 Mortgage needs:The Flynns have an outstanding mortgage of 450,000 on the property. The mortgage was taken out over 20 years on an endowment basis. Now the product caused a loss to them，so they mu
16、st turn mortgage and they need a product with low repayment interest rates.The couple decided to build an extension to their home at a cost of 300,000. So they need a house loans, but they has not pledge.2.2.3 Protection needs:Alexander is 48years old and Janet is 44years old. The age to retirement
17、is 65-year old in UK. So they need a life assurance.Alexander and Janet are all working for the Chief Executive and Company Director of Graphic Design Ltd software company. If the company go bankrupt, they are both loss their work and loss source of income. So the couple needs an income protection i
18、nsurance.This family live in a large six-bedroom bungalow in an expensive part of town, the house be estimated at a high value of 1.25m. And the couple decides to extend their house that cost 300,000. So they need a home and contents insurance, to prevention the house be damaged.Due to their childre
19、n are too young and they are not adult. So they need a personal accident insurance.2.3 Likely providersAbout the savings and loan:Lloyds banking group:It was formed in 1765. The banks and financial services group which build in the UK, mainly engaged in bank loans, mortgages, savings, investment and
20、 insurance business, and it have more than 2,400 branched worldwide. It is a leading British financial institution with its head office in Edinburgh, Scotland and operations that span the globe including the US, Europe, middle east and Asia. Lloyds TSB also became the first mainstream bank to launch
21、 a share-compliant business account, with the Islamic business and corporate account being the latest financial product to be run in line with share principles.Santander Company: It was formed in northern Spain in 1857, it is a commercial and retail bank with a presence in 10 core markets in Europe
22、and north and South America. It is the largest bank in the euro zone by market capitalization and the fourth largest bank in the world by profit in 2010 with a distribution capability across more than 1,400 branches and 25 corporate business centers combined with a broadening commercial product rang
23、e. And look ahead, Santander is extremely well- positioned to continue to grow, with expansion focused primarily through organic means, while assessing selected acquisition opportunities as they arise.Standard Chartered Bank:It was founded in 1853. It is the authority bank in the world, the business
24、 focus on Asia, the subcontinent, Africa, the Middle East and Latin America and other emerging markets. Its principal activities include retail banking services (such as mortgages, investment services, credit cards and personal loans), commercial banking services (including cash management, trade fi
25、nance, capital and managed service). It has 600 branches worldwide, over 56 countries. It is committed to providing commitment of all stakeholders, focusing on personnel management, to provide service beyond expectations, active interest in communities and working with regulators to long-term view o
26、f corporate behavior.Royal bank of Scotland:It was formed in 1727, and it is the leading financial service group in Europe. It is the largest bank in the UK, which operates in the Britain and around the world. It is the first in the UK legal persons, individuals and overseas banking industry, and th
27、e second in retail banking and private motor insurance industry. It has more than 2,000 branches in the UK and Ireland, and service more than 1,500 million customers. The companys continuous innovation, customer focus, coordination and implementation of a super-capacity, full respect for the value o
28、f staffs, and have owned a sound organizational structure make it be successes.About insurance:Prudential Assurance CompanyIt was founded in 1848; its main business is life insurance. After the establishment of prudential insurance, the business developed rapidly, early in 1890, has become the large
29、st life insurance company in UK, and provide comprehensive protection for the British people, and it still standing at top. Prudential expand into Asia, Europe, Canada, New Zealand and Australia, the service network around the world. It is the largest publicly traded life insurance company in the wo
30、rld, employing more than 30,000 local staffs who were trained from more than 20 countries. The company believes that employ local people can make the service better. As the largest insurance company in the UK, prudential has over 1,250 of industry, and it worth over 7 billion U.S. dollars.AVIVA Comp
31、anyIt was founded in 1695. It is the largest insurance group in the UK and the fifth in the world. Its main business is long-term savings business, fund management and general insurance. As one of the most international company in the world, it has total of 60,000 employees around the world provide
32、high quality financial and insurance services to more than 30 million customers. Its business across more than 30 countries around the world includes France, Netherlands, Spain, Italy, Ireland, Poland, turkey. Canada, Singapore and Italy and also has a high status in other countries of insurance mar
33、ket, and formed China-British Life Insurance Company in China.Standard Life Assurance CompanyIt was founded in 1825. It is the largest mutual-based insurance company in Europe; it has total assets of more than 120 billion U.S. dollars, the business focus on the UK, Canada, Ireland, Austria, Spain an
34、d Germany, and set up a joint venture in India and Hong Kong China. Company provides a wide range of financial products and services to individuals and groups, and keeps long-term stability of the investment performance and excellent financial strength, and it is sill actively expanding overseas mar
35、ket.2.4 relevant products and servicesSavingCredit Card A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holders promise to pay for these goods and services. The issuer of the card creates a revolving account an
36、d grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user. “It allows its holder to buy goods and services based on the holders promise to pay for these goods and services.” It tells us that the credit card
37、 is very useful and convenient for customers to us.Individual Saving Account The individual savings account is an account where interest and gains made on capital is not taxed at source. “It is not taxed” it means this product can help clients avoid tax.Childrens bonus bonds Childrens bonus bonds is
38、 a tax-advantaged investment account in the United States designed to encourage savings to cover future education expenses (elementary, secondary or college), such as tuition, books, uniform, etc. “It encourages savings to cover future education expenses.” It means that customers can use it to cover
39、 their children who are studying in school about their expenses (6000 per annum).Term deposit Refers to the depositor will deposit cash in the banking sector to create a regular savings account, pre-agreed fixed period of time savings to get a return higher than the interest on demand deposits, afte
40、r the expiration of principal and interest will receive a savings form. “Higher than the interest in demand deposits” it means the interest rate of fixed deposit is the highest in deposit, clients can accept high interest.Mortgage Loan type Change the type from only pay interest and pay principal at
41、 last day to pay interest and principal at the same time. It means clients can reduce the risk of house mortgage.InsuranceHome and content insurance Buildings insurance protects the building itself and any items that are fixed to it. The home and contents insurance is flexible because it offers thre
42、e different levels of covers to different customers which is Bronze, Silver, and Gold respectively. “Buildings insurance protects the building itself and any items that are fixed to it” the house of the family is very important, so this insurance is necessary.Term life insurance Term life insurance
43、or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further
44、 coverage with different payments and/or conditions. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time.
45、 “a limited period of time, the relevant term” and “If the insured dies during the term, the death benefit will be paid to the beneficiary” these means the term life insurance can reduce the risk of house mortgage.Health insurance Health insurance is insurance against the risk of incurring medical e
46、xpenses. By estimating the overall risk of health care expenses, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a
47、central organization such as a government agency, private business, or not-for-profit entity. “The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity” it tells us this insurance can help clients reduce the risk of the income prob
48、lems of family if the clients are ill, and reduce some expense of medic, etc.2.5 Benefit-needs analysis and comparison among providers2.5.1 SavingSavingISAProductsBenefitClient NeedsLloyds TSB- Cash ISAAER :3.10%/tax-freeAs a new subscriber can save up to 5,350 in this tax yearOpen the interest each
49、 mouthThis product have 3.10% AER it can make more profit for Alexander and it is tax-free so can meet the demand of AlexanderManage your account onlineCurrent AccountProductsBenefitClient NeedsSantander- Current AccountGet 4.20% AER variable (3.83% Gross) interest paid monthly for balances from 5,500 up to 7,500 on your current account by adding Vantage