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IFS DipFA Fact Find exam 7th July 2016

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The Fact Find for the next exam has just been released, and there is plenty to get your teeth into!rp_finance-role1-300x200.jpg

What is covered?

The fact find covers a wide variety of topics, such as;

  • Inheritance Tax Planning
  • Final Salary Pensions
  • Investment Planning
  • Ethical Investments

and more, all to be researched and then written up in a 3 hour exam.

As always, there may also be areas or information missing or incomplete, which you will be expected to spot and account for, followed by some amendments on the day.

What does the exam look like?

Remember, the exam is there to test your knowledge, understanding, and crucially the application of that knowledge to the client’s situation and needs.

You will have to write or type out a full Suitability Report from scratch in three hours.  Whilst the report may not fully resemble a ‘real life’ report, (it is after all an exam) that is a tall order.

A good thing to remember is that you need to explain your recommendations, and why they are suitable for the clients, even if it seems ‘obvious’.

How should you prepare?

Research and Practice!

Reading and studying the required areas covered in the Fact Find is essential. Web searching the basics and then following up with the IFS Study Topic Folders is useful for most candidates.

Then once you have formulated some solid recommendations practice delivering your report in the 3 hour limit.

Remember though that anything can come up as an amendment on the day if the subject is in the syllabus!

Where can I get help?

For those looking to gain extra support on top of the IFS help and guidance, Futuretrend are running online courses and a one day course in London on 11th June 2016

However you choose to study, Good Luck to all those engaging with this exam!

Paul Davis

IFS DipFA Coursework Jan 2016 …the focus is on economics!

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Some pointers…

The IFS Coursework consists mainly of a 4,000 word essay.  The essay is marked according to QCF level 4 relevant academic standards (equivalent to the first year of a degree course).  As part of this, a bibliography meeting the required academic format is mandatory.  There are also three additional short questions on other topics.

The Coursework due for the end of January 2016 focuses on economics – OK it doesn’t actually say that but it is at heart an economics essay plus further work on investing!  You are writing an article for a magazine issued by a firm of solicitors and the potential audience is defined as “higher earners” who hold investments.  This blog covers some basic ideas about how to tackle this tough assignment.  However, there is no substitute for hard work and study!

So, what is this Coursework all about?  Well, if you hadn’t noticed, there have been a lot of significant economic events over the last few years, and those events plus the political and economic decisions that have followed them have had a major impact on investment markets.  The essay asks you to concentrate on the last 12 months.

You could talk about the economic ‘slow-down’ in China; the stalling of growth in the Eurozone and Japan; the re-emergence of growth in the USA and some other countries including the UK and Germany; the on-going Quantitative Easing in the US/UK/Eurozone and Japan; record low or negative interest rates; record low inflation or deflation; the global expansion in credit; and so it goes on…

You might then talk about the impact on investment markets and then the potential impact on people’s investments.

Don’t forget to think about different types of investments, investment products, and portfolio construction including risk, taxation and suitability, that individual clients or potential clients may hold.  Given the audience taxation is likely to be a key consideration for many candidates.

You might also want to cover professional and suitable advice.

The IFS Study Folders contain an excellent starting point for research on the technical side of investing and taxation.  Significant further reading and research is also required as part of this assignment.

It is essential for candidates to understand the referencing and bibliography requirements, and focus on a solid and thought-out structure, with clear headings.  (And don’t forget the other three short questions!)

For those looking for further support in addition to that provided by the IFS, why not consider booking onto the Futuretrend Distance Learning Course?

Paul Davis, BA (Hons), Cert Mgmt.(Open), Dip. PFS.

IFS DipFA Coursework Due 30/10/15

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Some pointers…

The IFS Coursework consists mainly of a 4,000 word essay.  The essay is marked according to QCF level 4 relevant academic standards (equivalent to the first year of a degree course).  As part of this, a bibliography meeting the required academic format is mandatory.  There are also three additional short questions on other topics.

The Coursework due for the end of October focuses on Inheritance Tax Planning (IHT).  You are writing an article for a lifestyle magazine and the potential audience is defined as “high net worth” readers.  This blog covers some basic ideas about how to tackle this tough assignment.  However, there is no substitute for hard work and study!

So, what is this Coursework all about?  There is a lot of confusion amongst the general public about what IHT is, how it works, and whether planning for it should take place, or whether such tax planning can be achieved sensibly and legally.  Understanding the pros and cons of such tax planning is also a key area.

You could talk about what IHT is and why it exists.  Plus how much tax revenue IHT creates and what it is spent on.  You could explain how IHT is calculated and how it works.  You could discuss whether and how IHT should be planned for, and if so, what are the legitimate planning and mitigation options available?  Remember to focus on the audience mentioned in the question.

As you are describing holistic financial planning, you should not just restrict yourself to financial products – you also need to talk about professional and suitable advice.

The IFS Study Folders contain an excellent starting point for research on how the IHT taxation regime operates, plus technical guidance and knowledge around specific potential planning and mitigation.  Significant further reading and research is also required as part of this assignment.

It is essential for students to understand the referencing and bibliography requirements, and focus on a solid and thought-out structure, with clear headings.

For those looking for further support in addition to that provided by the IFS, why not consider booking onto the Futuretrend DipFA Coursework Distance Learning Course?

IFS DipFA Coursework (Due 31/10/14)

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IFS DipFA Coursework (Due 31/10/14)

Some pointers…

The IFS Coursework consists mainly of a 4,000 word essay.
The essay is marked according tofinance-role1
QCF level 4 relevant academic standards (equivalent to the first year of a degree course).  As part of this, a bibliography meeting the required academic format is mandatory.  There are also three additional short questions on other topics.

The Coursework due for the end of October focuses on the use of discretionary fund management, covering the types of investment available, the tax treatment of such investments, how such investments can be beneficial or inadvisable for clients, specific compliance issues, and the potential for such investment by High Net Worth clients.

As investment into discretionary services appears to be becoming more popular, this is an important area, and thus the IFS have provided students with a relevant topic for this submission.

In preparation for one of our courses, the IFS Study Folders contain an excellent starting point for research on why and how the UK taxation regime operates, and the effects on higher earners.  By combining this information with relevant product and investment theory knowledge that shows the reader the pros and cons of such investments, students will make a start to providing a well researched essay.  Further reading and research is also required as part of this assignment.

It is essential for students to understand the referencing and bibliography requirements, and focus on a solid and thought-out structure.

Further support can be found by booking attendance at one of Futuretrend’s DipFA courses, either via the remote support option  or one-to-one tuition.

Paul Davis, BA (Hons), Cert Mgmt, Dip. PFS, Futuretrend Tutor.

 

IFS DipFA Fact Find exam date 10/04/14

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IFS DipFA Fact Find exam date 10/04/14exam analyst

Some pointers…

The Exam due for the April provides a relatively straight forward financial planning scenario, based as it is on a single fictional client, Alexander Eyre.

Many of the issues present in the exam are very similar to “real life” scenarios so the IFS have provided a suitable exam challenge for students looking to qualify as financial advisers.

 

However, as in all fact find exams, regardless of how “life like” or not the exam is, the scenario is actually there to test your knowledge, and crucially, the application of that knowledge, to the client’s circumstances, needs and objectives.

 

This blog summarises some of the key issues students will need to consider for this exam, and some pointers that students may find useful to review and refresh themselves of in addition to other study – this blog is not a comprehensive guide to the exam but should get you started.

 

As always, a solid understanding of taxation is required.  Anyone not fully clued up on the tax treatment of income and investments should immediately head to the IFS Study Folders (issued by the IFS when they started the DipFA course), and look up the Taxation folder.  This is particularly crucial as Mr Eyre has both self employment and paid employment income, as well as various liquid assets already accumulated.

Additionally some specific areas to consider are;

Trust Rules and taxation plus Trust investment planning

Retirement planning

Needs based Protection planning

 

This is most definitely not a comprehensive list, and of course don’t forget, anything in the syllabus can be considered relevant for the exam.  The amendments on the day can cover any issue covered in the Study Folders, or related to these areas.  Students would be well advised to at least review the sections of the Study Folders for areas of advice they are not familiar with prior to the exam itself.  According to recent Examiner’s reports, many students are missing out on marks as a result of not sufficiently addressing the amendments on the day.  If there are gaps in your knowledge compared to the syllabus, you run the risk of being caught out!

Further support can be found by booking attendance at one of Futuretrend’s DipFA courses.

Paul Davis, Dip. PFS, Futuretrend Tutor.

 

Some pointers for IFS DipFA Factfind Exam 10/10/13

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exam analystby Paul Davis

IFS DipFA Exam (date 10/10/13)

Some pointers…

The Fact Find presents us with a fictional scenario for a Mr and Mrs Clark.  In my opinion the scenario and advice requirements in this exam are actually fairly close to many “real life” cases that many Advisers may have seen during their career.  Additionally, the Fact Find presents a number of challenges for students, mainly around the retirement objective and the interest only mortgage, amongst others.

However, regardless of how life-like or not Students may feel the scenario is; it is of course actually there to test your knowledge, and crucially, the application of that knowledge to the client’s circumstances and the suitability of your advice.

This blog summarises some of the key issues students will need to consider for this exam, and some pointers that students may find useful to review and refresh themselves of in addition to other study – this blog is not a comprehensive guide to the exam but should get you started.

As always, a solid understanding of taxation is required.  Anyone not fully clued up on the tax treatment of income and investments should immediately head to the IFS Study Folders (issued by the IFS when they started the DipFA course), and look up the Taxation folder.  This is particularly crucial as Mr Clark is a high earner.

Additionally, in preparation for one of our courses, some of the required subject specific areas to consider for further study are;

  • Mortgage Advice around re-mortgaging and the suitability of interest only mortgages
  • Inheritance Tax Mitigation
  • Retirement Planning
  • Protection Advice
  • Investment and Portfolio Planning

This is most definitely not a comprehensive list, and of course don’t forget, anything in the syllabus can be considered relevant for the exam.  The amendments on the day can cover any issue covered in the Study Folders, or related to these areas.  Students would be well advised to at least review the sections of the Study Folders for areas of advice they are not familiar with prior to the exam itself.  According to recent Examiner’s reports, many students are missing out on marks as a result of not sufficiently addressing the amendments on the day.  If there are gaps in your knowledge compared to the syllabus, you run the risk of being caught out!

Further support can be found by booking attendance at one of Futuretrend’s Dipfa courses, or  requesting info about the remote support option.

Good Luck.

Paul Davis, Dip. PFS, Futuretrend Tutor.

IFS DipFA Exam (date 16/0513)

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IFS DipFA Exam (date 16/0513)

Some pointers…

The Fact Find presents us with a scenario for a Mr & Mrs Atkinson.  The scenario presented provides a number of challenges for students across a diverse range of advice areas.  Students must remember that the scenario presented is there to test your knowledge, and crucially, the application of that knowledge to the client’s circumstances and the suitability of your advice.

This blog summarises some of the key issues students will need to consider for this exam, and some pointers about specific parts of the IFS DipFA Study Folders that students may find useful to review and refresh themselves of in addition to other study – this blog is not a comprehensive guide to the exam but should get you started.

Anyone not fully clued up on taxation basics should immediately head to the IFS Study Folders (issued by the IFS when they started the DipFA course), and look up Topic 2 and Topic 3 in the Taxation folder.

Additionally, in preparation for one of our courses, some specific areas to consider for further study are;

  • Defined Benefit (final salary) schemes, in Retirement Topic 5.3.2
  • Tax efficient saving and investing, in Investments Topic 12
  • Protection Planning, in Protection Topic 9
  • Clients attitude to Risk, in Investments Topic 14.2.1
  • Retirement Planning Topic 7

This is most definitely not a comprehensive list, and of course don’t forget, anything in the syllabus can be considered relevant for the exam.

You will be presented with amendments to the Fact Find on the day.  The amendments on the day can cover any issue covered in the Study Folders, or related to these areas.  Students would be well advised to at least review the sections of the Study Folders for areas of advice they are not familiar with prior to the exam itself.

Further support can be found by booking attendance at one of Futuretrend’s DipFA Fact find courses, or on the remote support option.

Paul Davis, Dip. PFS, Futuretrend Tutor.

 

Some pointers for IFS DipFA Exam (07/03/13)

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IFS DipFA Exam (date 07/03/13)

Some pointers…

The Fact Find presents us with a scenario for a Mr and Mrs Franey.  In my opinion the scenario in this exam is not a million miles removed from any number of real life cases that many Advisers may have seen during their career.

However, regardless of how life-like or not Students may feel the scenario is; it is of course actually there to test your knowledge, and crucially, the application of that knowledge to the client’s circumstances and the suitability of your advice.

This blog summarises some of the key issues students will need to consider for this exam, and some pointers about specific parts of the IFS DipFA Study Folders that students may find useful to review and refresh themselves of in addition to other study – this blog is not a comprehensive guide to the exam but should get you started.

In this scenario, the clients have exposure to income tax and national insurance as both an employee and as a sole trader.  A solid understanding of the rules relating to Income Tax and National Insurance (N.I.) is essential.  Anyone not fully clued up on these basics for both employed and self employed clients should immediately head to the IFS Study Folders (issued by the IFS when they started the DipFA course), and look up Topic 2 and Topic 3 in the Taxation folder.  Also be aware of N.I. Contributions once over State Retirement Age.

Additionally, in preparation for one of our courses, some of the required subject specific areas to consider for further study are;

  • Defined Benefit (Final Salary) pensions.  See Retirement Topic 5.3.2
  • Needs Based Protection Planning.  See Protection Topic 9
  • Investment Advice.  See Investments Topic 14

This is most definitely not a comprehensive list, and of course don’t forget, anything in the syllabus can be considered relevant for the exam.  The amendments on the day can cover any issue covered in the Study Folders, or related to these areas.  Students would be well advised to at least review the sections of the Study Folders for areas of advice they are not familiar with prior to the exam itself.  According to recent Examiner’s reports, many students are missing out on marks as a result of not sufficiently addressing the amendments on the day.  If there are gaps in your knowledge compared to the syllabus, you run the risk of being caught out!

Further support can be found by booking attendance at one of Futuretrend’s DipFA Exam Workshops, or on the remote support option.

Good Luck!

Paul Davis, Dip. PFS, Futuretrend Tutor.

Some pointers for IFS DipFA Exam (14/02/13)

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IFS DipFA Exam (date 14/02/13)

Some pointers…

The Fact Find presents us with a scenario for a Mr Teague.  As usual, the IFS Exam Fact Find details a client scenario that stretches the imagination…the client is 28 years old with a child to provide for and yet has somehow managed to accumulate some £129,000 in liquid assets in his own name!

However, the scenario is of course not necessarily meant to be representative of real life, it is actually there to test your knowledge, and crucially, the application of that knowledge to the client’s circumstances and the suitability of your advice.  So, as usual, let’s not get hung up over how realistic or not the scenario is.

This blog summarises some of the key issues students will need to consider for this exam, and some pointers about specific parts of the IFS DipFA Study Folders that students may find useful to review and refresh themselves of in addition to other study – this blog is not a comprehensive guide to the exam but should get you started.

  • In this scenario, the client has exposure to income tax and national insurance as both an employee and as a self employed freelancer.  A solid understanding of the rules relating to Income Tax and National Insurance is essential

Anyone not fully clued up on these basics for both employed and self employed clients should immediately head to the IFS Study Folders (issued by the IFS when they started the DipFA course), and look up Topic 2 and Topic 3 in the Taxation folder.

Additionally, in preparation for one of our courses, some specific areas to consider for further study are;

  • Investments including Investment (Stocks & Shares) ISA accounts see Investment Topics 12.1 for ISAs; and 10.2 for Unit Trusts as well as 11.2 for With Profits Investments
  • Student Loan repayments and liabilities
  • Enterprise Investment Schemes see Investments 12.5
  • Warrants see Investment Topic 5.1

This is most definitely not a comprehensive list, and of course don’t forget, anything in the syllabus can be considered relevant for the exam.  The amendments on the day can cover any issue covered in the Study Folders, or related to these areas.  Students would be well advised to at least review the sections of the Study Folders for areas of advice they are not familiar with prior to the exam itself.

Further support can be found by booking attendance at one of Futuretrend’s DipFA Factfind Course, or on the remote support option.

Paul Davis, Dip. PFS, Futuretrend Tutor.

Some pointers for IFS DipFA Exam (date 17/01/13)

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IFS DipFA Exam (date 17/01/13)

Some pointers…

The Fact Find presents us with a scenario for a Mr & Mrs Barlow.  As usual, the IFS Exam Fact Find details a client scenario most practising advisers would find hard to recognise…a young family with significant equity, decent liquid assets, and a high income to boot!  Most advisers can only dream of having working clients able to afford to pay regular premiums of £1,000 per month gross into their personal pension (Mr Barlow)!

However, the scenario is of course not necessarily meant to be representative of real life, it is actually there to test your knowledge, and crucially, the application of that knowledge to the client’s circumstances and the suitability of your advice.  So, as usual, let’s not get hung up over how realistic or not the scenario is.

This blog summarises some of the key issues students will need to consider for this exam, and some pointers about specific parts of the IFS DipFA Study Folders that students may find useful to review and refresh themselves of in addition to other study – this blog is not a comprehensive guide to the exam but should get you started.

In this scenario, students of course need to understand the basics around taxation – Income Tax, National Insurance, and Capital Gains Tax.  Anyone not fully clued up on these basics for both employed and self employed clients should immediately head to the IFS Study Folders (issued by the IFS when they started the DipFA course), and look up Topic 2 and Topic 3 in the Taxation folder.

Additionally, in preparation for one of our courses, some specific areas to consider for further study are;

  • Defined Benefit (final salary) schemes, in Retirement Topic 5.3.2
  • Tax efficient saving and investing, in Investments Topic 12
  • Interest Only Mortgages, can be found in Section 10 of the CEMAP Module 2 Revision Notes (available from the IFS website under your log in)
  • Protection Planning, in Protection Topic 9
  • Clients attitude to Risk, in Investments Topic 14.2.1
  • Retirement Planning Topic 7

This is most definitely not a comprehensive list, and of course don’t forget, anything in the syllabus can be considered relevant for the exam.  The amendments on the day can cover any issue covered in the Study Folders, or related to these areas.  Students would be well advised to at least review the sections of the Study Folders for areas of advice they are not familiar with prior to the exam itself.

Further support can be found by booking attendance at one of Futuretrend’s DipFA Factfind courses, or on the remote support option.

Paul Davis, Dip. PFS, Futuretrend Tutor.