Question

1. Clients’ needs are not static: what are the internal and external factors that need to be identified and monitored to ensure clients financial objectives are met.
2. List and explain three ways you could use to obtain feedback on financial services.
3. From your personal experience, or from the experiences of others, what are three possible shortfalls in financial service standards? Suggest some methods to sort them out.
4. List appropriate authorities and sources from where reliable and accurate data can be sorted.
5. Briefly describe how reconciliation of date can ensure statements are accurate comply with organisational procedures and statutory requirement. 2.2

Answer 1

The internal and external factors that need to be identified and monitored to ensure clients financial objectives are met:

Internal factors

1. Business ownership: A company vs a family owned client will have different financial objectives.

2. Size and status of business: A reputed business with a large scale will have more demanding financial objectives.

3. Functional objective: A finance department in an organisation will have different objectives which may or may not be rekated to other departments.

External factors:

1. Economic conditions: Client's base and subsidiaries' locations need to be identified to understand the country specific requirements.

2. Competitive scenario: The aggressiveness will depend on the competitive landscape of the business.