Discussing Financial Institution Scenarios
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Select the most appropriate financial institution type for each of the following scenarios. Explain your selection and describe at least the several features of each of your selections.
Scenario A
A young, married, professional couple with high debt, yet also a high combined income, is looking for long-term insurance and investment financial accounts. Which financial institution is best for this couple? Why is the financial institution you selected the best one for this couple? Describe at least 3 features of the financial institution you selected for this couple.
Scenario B
A university student needs her first financial savings and checking accounts. The student has little to no existing credit and is looking at establishing credit references and a long-term financial relationship. The student lives on campus and prefers to join a local financial institution. Which financial institution is best for this student? Why is the financial institution you selected the best one for this student? Describe at least 3 features of the financial institution you selected for this student.
Scenario C
A small business owner is planning her expansion strategy. She will need banking availability within several regional cities and will also need to have a variety of business accounts including checking, money market, savings, and possibly even investing accounts. Access to financial resources is of the utmost importance for her business. Which financial institution is best for this small business owner? Why is the financial institution you selected the best one for this small business owner? Describe at least 3 features of the financial institution you selected for this small business owner.
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Solution Summary
This solution describes the appropriate financial institution type for various scenarios.
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Scenario A:
The best financial institution for the young, married, professional couple with high debt and income is an asset management firm. Their objective is to establish a relationship with an institution which can provide them with long term insurance and an investment account. From the situation presented, I assumed that the couple wants to better manage their finances given that they are earning a lot, but indebted quite heavily too.
An asset management firm will be able to provide the best option and service for the couple with regards to their financial management. Asset management firms manage different securities and assets in conjunction with the preferences of the investors and to meet the investors' financial goals. As to the long-term insurance, the couple can always instruct the asset management firm to allocate a portion of their portfolio to a long term insurance product.
One of the services provided by an asset management firm is the design and maintenance of the couple's portfolio. A portfolio is the mix of financial assets optimal to the couple's financial objectives, ...
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