Fact Finder & Needs Analysis
The "Fact Find and Needs Analysis" document is a comprehensive questionnaire designed to gather detailed financial and personal information from clients to support tailored financial planning by insurance advisors.
It covers estate planning (wills, power of attorney), financial goals (short- and long-term), net worth (assets, liabilities, income), retirement planning (RRSPs, TFSAs, pensions), existing insurance and investments, living benefits (disability, critical illness), financial needs at death (immediate and ongoing), and household budget (income, expenses).
The document ensures advisors understand clients' financial situations, priorities, and risk profiles to recommend suitable products, with a checklist for required statements and a sample email emphasizing its importance for client files, as mandated by firms like Equitable Life.