Meeting Customer needs and Priorities

Seek financial advice in a personal capacity

What are Personal Customers

1. Living today

2. protection

3. income

4. pension

5. saving

6. investment

Hierarchy of Financial Needs

Often Self employed, run a small business.

Sole Traders

1. Business banking

2. loans/mortgages

3. protection

4. insurance

5. pensions

Business needs of sole traders

two or more self-employed people agree to work together

Partnerships

Business protection (if partner dies) the beneficiaries of the deceased will want their share of the business – either in cash or as a participant. The surviving partners are unlikely to have the cash to buy out the beneficiaries, and they may not want them as business partners. Partnership protection is life assurance, taken out by each partner in trust for the others. In the event of death, the survivors will receive the lump sum via the trust and can either buy out the deceased partner’s share or use the cash as they wish.

Business needs of partnerships