Jack Liu, is a new client who has recently immigrated from China. He is seeking advice on establishing a managed fund portfolio. As is the usual procedure with new clients, you undergo the fact finding process with Jack and you also decide to do an assessment of his financial literacy as this will help to tailor your communication approach with Jack. Explain how you would assess his financial literacy and how you would consider his cultural background, as an aspect of behavioural finance, which might affect this assessment