Essay
U1: Financial Services for Individuals
- Institution
- PEARSON (PEARSON)
Essay of 1 pages for the course Unit 1 - Financial Services for Individuals at PEARSON (essay a star)
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Product analysisCustomer: Michael 50
Service / Product (name Stocks and shares isa
and basic description):
Provider (specific product Moneyfarm
linked to customer)): https://www.moneyfarm.com/uk/isa/
(You can cut and paste the
providers information here,
but please remember to
include the hyperlink)
Key Features (in our own The key features include flexibility along with full transparency
words): and there are no transfer fees nevertheless there is less hassle.
Why would someone have Someone would have this service if they are a risktakers and
this service? would like to get more for their money as they can invest in
stocks and shares with expertise help from moneyfarm also this
isa helps someone have an additional income which they don’t
have to declare and pay tax on.
Add ons & Special offers
Benefits;
Outline: You don’t need to pay tax upto £20000
Linked to customers’ This can be a huge benefit for customers as they don’t have to pay
life cycle: tax on any capital made upto £20000 this can be perfect for
customers in the maturity/middle age life cycle as this can help them
save a lot of money which they can spend on other investment
Linked to personal I also believe that this is a perfect benefit for Michael as he can make
requirements: aan extra £20000 tax free and still be workijg in his present job this
extra money could be put forward to his savings
Drawbacks;
I believe that this investement is great for Michael as he can earn an extra £20000 a year tax free
Outline: A drawback could be the risk
which he can use to reinvest or he can put it towards his savings nevertheless Michael can invest for
his future as a pensioner and earn extra money now by stocks and shares and he can use it during his
Linked to customers’ This can be a disadvantage as there are risks with all investments but
retirement to travel the world on ataking
life cycle: cruiserisks
shipatwith his partner.
this stage in life could have a lot of outcomes as a
customer has a lot to lose from their home to their car and personal
possession if they lose too much .
Linked to personal This is drawback can be very dangerous for Michael as he has a few
requirements: debts and adding another one wouldn’t help him but could lead to
him losing his personal possesions so Michael should be careful.
*remember to consider requirements based on their life cycle and circumstances.
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