Role Play

Finding a Financial Advisor

Set Up:

Trainer should print out 5-6 copies of this activity, including one for the trainer. Tell the class that they will be conducting a role play, with volunteers from the class each playing a part.

Characters:

SYNOPSIS

Emily

/ I have been doing a lot of thinking about my retirement plan and think I’m ready to set up my EPS IRA. How should I go about it?
Natalie / Great! Well, first it is called a SEPIRA– Simplified Employee Pension Individual Retirement Account, not an EPS. I can tell you what I have done.
Emily (takes out her planner and begins to take notes) / Okay…let me take some notes so I don’t embarrass myself!
Natalie / Well, I think it maybe best for you to do some research first on the internet about SEPs. Then talk with some financial advisors.
Fortunately, I know a bit about investing and set up my own plan on the internet. If you’re comfortable in doing that, it’s quite easy.
Emily / Nope, I ‘m not comfortable with that….I didn’t even know what an SEP was!
Natalie / I would go to your bank and ask them if they have services to help you set up your SEP.
It may seem like you are taking a hit financially, but it will help you on your tax deductions and also you will have money for your retirement.
Emily / How much and how often do you put into your SEP account?
Natalie / I put in about 30% of my income and do it on a quarterly basis. It’s really up to you on how much and when.
Emily / Okay, sounds simple enough. This is going to be my plan of action:
  1. Do more research on the internet about SEP IRAs.
  2. Call Dawn (the bank manager) about their retirement plans.
  3. Find a financial advisor.
  4. Figure out how much I can put into my retirement.
Natalie, thanks so much…..
Narrator / Phone rings……
Sherry
(An All NDN Bank Representative) / Hello, this is Sherry with All NDN Bank, how may I help you?
Emily / Yes, is Dawn Bright in?

Sherry

/ Yes she is, but she’s with a customer. Can I help you?

Emily

/ Can you let her know that Emily Little Boy phoned? I would like to discuss with her about your Investment services.

Sherry

/ Sure, give me your number, also, when is a good time for her to call you back?

Emily

/ 555-777-222 is my number and I will be in my office until 4:30 P.M.

Narrator

/ Emily continues to do her research on the internet about SEP IRAs
The phone rings……
Emily / Hello, this is Emily.
Dawn / Hi Emily, it’s me Dawn. How have you been?
Emily / Great – thanks for calling me back. I wanted to set up an SEP and ask you if you can recommend a financial advisor ?
Dawn / Well, All NDN Bank has does have an investment branch.
I’ve worked with Thomas Begay on my retirement plan and he is absolutely great.
Let me give you his number and I’ll give him a call about your interest. Also, since you’re a loyal customer, your first two initial meetings with him are free.
Emily / Great! Thanks so much.
Dawn / Not a problem – good luck.
Narrator / Phone rings
Emily / Hello, may I speak with Thomas?
Thomas / This is Thomas. How may I help you?
Emily / Hi Thomas, my name is Emily. Dawn with All NDN Bank referred me.
Thomas / Ahh, yes. Dawn actually called me yesterday about you. How can I help you?
Emily / Well, I have been self-employed for about three years now and found out that I could set up my own retirement plan.
I did some research on the internet and would like to set up a SEP account for myself.
Thomas / Great, I can definitely help you.
Let’s set up an in-person meeting and go over exactly what you want and set up an account.
May I suggest that you write a list of questions you have and we can go over them during our meeting?
I am open next week on Tuesday or Thursday in the mornings.
Also, I will be more than happy to meet you at your bank branch.
Emily / Awesome, let’s meet Tuesday morning at 10:00 a.m.
Thomas / Great – see you then and don’t forget to write your list of questions!
Narrator / Emily goes onto the internet and puts “questions to ask your financial advisor” in the search engine.
Later, she calls her friend Natalie and ask for suggested questions to ask the financial advisor.
Emily walks into the bank and Dawn greets her.
Dawn / Hi Emily, glad you made it. Let ‘s meet in my office. Thomas is waiting for you.
Emily / Okay.
Dawn / Thomas, this is Emily. Emily, Thomas.
I will let you both meet in my office. Please make yourself comfortable and if you would like some water, I’ve placed two water bottles on the table.
Emily / Thanks again Dawn.
Thomas / Hi Emily, how are you today?
Emily / Good. Thanks. A little nervous and also excited.
Thomas / No need to be nervous. Let’s begin with your list of questions.
Emily / Okay!
Narrator / Emily pulls out her sheet of questions and they begin to go thru each question.
Thomas / So now that we have answered your questions, are you comfortable in moving forward in learning about how we can set up your SEP?
Emily / Sure, are you okay with the time before we move forward?
Thomas / Yes, absolutely. I allotted our session until noon.
Emily / Okay, let’s begin.
Narrator / As Thomas was explaining the various options, Emily was a bit confused about the level of risks she could chose from for her plan.
Thomas drew several diagrams about how the plans varied and also about what kind of fees each plan had.
Narrator / An hour later, Emily is feeling confident about setting up her plan, but would like to schedule another meeting to think about her final decision.
Thomas is completely fine about Emily’s decision and they both schedule another meeting in another week.
A week later, Emily set up her retirement plan! She filled out some paperwork that Thomas provided her with and sent in a check to open her SEP IRA account. After she set up her retirement account, she asked Thomas about education plans for her children.
They scheduled another meeting to go over the benefits of setting up a 529-college savings plan.

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