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The Documents Part 4 – Needs Analysis (Safe Harbour Port 1)

Safe Harbour Port 1 – Identify the client’s objectives, financial situation and needs

The first element of the safe harbour steps requires you as an adviser to determine what the client’s objectives, financial situation and needs are (based on the information that has been disclosed to you when receiving instructions from the client).

A client may communicate their instructions in a number of different ways. For example, instructions may be provided through a face-to-face meeting, by telephone or email, or by entering information into an online form or program. For an existing client, the client’s instructions could include confirming that the information previously provided remains relevant.

Depending on what a client’s instructions are and how they have been provided, you will need to exercise judgement in determining what the client’s objectives, financial situation and needs are from the instructions. For example, a client may ask you for advice in response to a life event, such as divorce, redundancy or receiving an inheritance, rather than on a specific product. In this situation, you will need to exercise judgement in identifying what the client’s objectives, financial situation and needs are based on the information disclosed by the client about the life event.

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