IntroductionLinda Best, a Certified Financial Planner (CFP) from Sarnia, Canada is the founder and sole shareholder of Best Financial Services Inc. which was established on January 1, 2001. Sarnia, the largest city in South Ontario, bordered the United States and was heavily populated with aging baby boomers and blue-collar workers. Best Financial earned its revenues mainly from blue-collar workers nearing retirement. Best financial had formed strong relationships with many clients throughout Sarnia and managed over 1000 financial plans allowing a steady revenue and profit growth. The key services provided by Best Financial are risk management, tax preparation and professional money management. The company’s Assets under Management were
* Since Best Financial Services Ltd is a sole proprietary concern, there is a lack of proper management framework since the entire gamut of company’s activities are handled by a team of three people. So, as such, there was no proper management framework as compared to the large financial corporations. * One percent of the total clients have contributed to more than 20% of the total assets under management and the credibility of the company has taken a hit when one of the major clients falling under that bracket decided to switch financial advisors. This shows that if the company loses one or two major clients, their revenues as well as the profit figures would take a serious hit.As it is mentioned in the weaknesses, there is too much reliance on a single person which would eventually limit the number of clients. Thus, it would be prudent for the company to hire a new advisor so that the workload can be shared between Linda Best and the new advisorSince the company has to grow in the future, it has to focus on increasing the investment in advertising and promotion so that the reach is maximized.Q3. Complete a consumer analysis and analyze Best Financial’s client base.Answer:The financial planning ,as a field , is a framework that assists people to maximize the potential of their