Course Title: Establish client relationship and analyse needs
Part B: Course Detail
Teaching Period: Term2 2017
Course Code: BAFI5225C
Course Title: Establish client relationship and analyse needs
School: 650T Vocational Business Education
Campus: City Campus
Program: C4369 - Certificate IV in Banking Services
Course Contact: Callie Harvey
Course Contact Phone: +61 3 9925 5772
Course Contact Email: callie.harvey@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Michael Elliot
michael.elliot@rmit.edu.au
Nominal Hours: 50
Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Pre-requisites and Co-requisites
None
Course Description
This unit describes the skills and knowledge required to interpret and comply with industry regulations and codes of practice when considering the characteristics of financial products and services for individual client needs.
It applies to individuals with excellent communication skills who are authorised as Australian Securities and Investments Commission (ASIC) registered Australian financial services licence (AFSL) holders to provide advice on deposit products, non-cash payment facilities and general insurance products at Tier 2 level.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSASIC301 Establish client relationship and analyse needs |
Element: |
1. Establish relationship with client |
Performance Criteria: |
1.1 Use range of communication and interpersonal skills to establish knowledge level of client 1.2 Respond to enquiries in relation to products and services by explaining range available and associated fee and charging schedule 1.3 Inform client of role of adviser and licensee or principal responsible for adviser's conduct, including procedures for complaints handling and circumstances in which they should be engaged |
Element: |
2. Identify client objectives, needs and financial situation |
Performance Criteria: |
2.1 Employ range of communication and interpersonal skills to gather client personal, financial and business details 2.2 Identify client's needs and product risk profile by encouraging expression of objectives and short-term, medium-term and long-term goals as relevant to product 2.3 Establish and confirm client expectations of cash flow and relevant taxation obligations |
Element: |
3. Analyse client objectives, needs, financial situation and risk profile |
Performance Criteria: |
3.1 Undertake assessment of client's needs, using all information gathered and taking into account client's product expectations and specific needs 3.2 Consult client throughout analysis for further clarification where necessary 3.3 Analyse need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required 3.4 Complete product risk profile of client that demonstrates correct application of ASIC generic and specialist knowledge relevant to products being offered |
Learning Outcomes
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.
The self-paced activities will be delivered thought various technology platforms and include your contribution to web based research and discussion threads, portfolios of evidence quizzes and interactive sessions.
The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
The delivery for this course is a two-hour class per week and two hours of online work. You are expected to complete two hours of structured online study for this course each week for 16 weeks. This online learning should consist of reading the material within the learning hub and completing scheduled exercises.
You are also expected to undertake additional research in identifying key financial terms used in the industry and completing web based searches to assist in completion of both in class activities and assignments.
You are expected to participate and contribute in all scheduled activities.
Teaching Schedule
Induction Session
Prior to training commencement a program level induction session will be conducted that comprises the following:
- Program overview and requirements
- MyRMIT/Blackboard
- Overview of assessment requirements
- Pre-Training Review including:
o Recognition of Prior Learning and Credit Transfers
o Assessment of current skills and knowledge
- Competency/Grading Criteria
- Plagiarism
- Appeals
- Extensions
- Feedback
- Privacy
- Submission requirements
- Resubmission policy
- Where to get support
- Student responsibilities
The Teaching Schedule for this course is attached to this document (Part B) but please note that it is subject to
change. The nominal hours associated with this are a guide only and represent the total teaching time and student effort
required to successfully complete the course. This may include not only scheduled classes but also the amount of
effort required to undertake, evaluate and complete all assessment requirements, including any non classroom
activities including the self paced activities in the workbooks.
This cluster is delivered face to face for two hours per week and two hours per week via structured online learning for 16 weeks
Learning Resources
Prescribed Texts
References
Other Resources
Online learning materials can be accessed by going into the RMIT web sites Online Learning Hub.
The online learning materials listed include:
Course outlines
Power point Presentations
Course Workbooks
Supporting Reading material
Industry relevant articles
Activities
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
Evidence of the ability to:
- work effectively with clients to collect relevant personal and/or business information that will enable identification of their objectives, needs, expectations, financial situation and risk profile
- interpret and comply with relevant industry regulations and codes of practice requirements that relate to the provision of financial product advice
- analyse client information and assess client risk profile to determine the characteristics of financial products and services relevant to client needs
Knowledge Evidence
To complete the unit requirements safely and effectively, the individual must satisfy the knowledge requirements relevant to the products and activities in which advice is given.
For general insurance, deposit products and non-cash payments and relevant first home saver account products the individual must:
- explain the legal environment including disclosure and compliance covering:
- role of the representative or adviser
- relevant legal principles including the Corporations Act, Financial Services Reform Act (FSRA), Competition and Consumer Act, Insurance Contracts Act and Australian Securities and Investments Commission (ASIC) Act
- the relationship between ethics and regulatory requirements including good faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser’s recommendation
- name relevant industry codes of practice and conduct
- identify complaints resolution procedures (internal and external)
- outline relevant ASIC regulatory guidelines.
For general insurance the individual must:
- summarise the characteristics and participants of Australian insurance markets and the roles played by intermediaries, and identify insurance products including:
- definition of an insurance product
- conditions, exclusions and level of coverage of risk transfer products
- types of insurance products
- pricing of risk products
- identify taxation issues relating to insurance products
- explain advisory functions including:
- role of the representative, broker or adviser
- participants in the insurance advisory services market
- range of services provided
- profile and financial information of the client
- appropriateness of a risk assessment
- summarise the specific product knowledge for the general insurance products in which advice is given including:
- standard cover (and deviations)
- policy wordings
- taxes and charges
- insurance claims
- premium rating and risk selection
- reporting
- product development
- underwriting.
For deposit products and non-cash payment facilities the individual must:
- name the types of deposit products and non-cash payment products
- summarise the product characteristics.
For first home saver accounts the individual must:
- name the types of first home saver account products including the range of accounts, associated risks and alternative products
- summarise the product characteristics – eligibility and withdrawal, and government conditions
- explain the taxation issues relating to first home saver accounts
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial services and products advice field of work and include access to:
- common office equipment, technology, software and consumable
- financial services product information.
You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.
Feedback
Feedback will be provided throughout the semester in class and/or online discussions. You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.
You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.
Assessment Tasks
Overview of Assessment
This course is co-delivered and co-assessed with the following competencies:
FNSASIC302 Develop, present and negotiate client solutions
FNSCRD503 Promote understanding of the role and effective use of consumer credit
FNSINC402 Develop and maintain in depth knowledge of products and services used by an organisation sector
Critical Aspects of assessment are described above in the performance evidence for this course.
The assessments for this course have been designed to allow participants to apply their learning to particular simulated work scenarios and demonstrate their competence in a variety of ways.
Task 1 – Assignment (Due Week 5, 1st August)
This assessment has been designed for you to further develop your knowledge and skills to develop your knowledge of products and services used in the organisations or sector. You will further enhance your skills in establishing client relationship, analyse their needs and develop financial solutions that meets the client needs as well as presenting and negotiating client solutions including in consumer credit.
You are required to demonstrate your knowledge by completing a series of theory and problem solving questions that involve research and the application of concepts relevant to compliance and professional practices.
The purpose of this assignment is to enhance your understanding and ability to apply the knowledge to practice in the following areas relevant to the financial services industry.
For this assessment task you are required to demonstrate your knowledge by completing a series of ten short answer questions that address the topics covered in weeks 1 to 4 including building rapport with a client, Spam Act, National Consumer Credit Protection, Credit Representatives, Australian Credit License, Approved product lists, fact finds.
Students will be expected to engage in conversation in class to enhance their understanding of the topics and work on the relevant questions of the assignment. The teacher will provide guidance on the format of the assessment and assistance in the completion of the questions.
Your teacher, when giving feedback may ask you to identify key issues or clarify your understanding of specific information given in the assessment.
You are required to satisfactorily complete all questions in this task to satisfy the requirements of this task.
Task 2 – Partnered Assignment handed out on week 7 (14/8) Due in Week (Week 12)
The purpose of the assessment is to enable you to demonstrate a breadth of understanding across all of the course material at an independent level. It assesses the knowledge you have obtained through undertaking the topic, your communication skills in presenting that knowledge and your problem-solving skills in answering the questions posed.
You are required to pair with one of your peers to that involves the following:
- Undertake research of various questions related to financial services within the banking sector and document the findings into a business format document. The information should be written in plain English that can be easily read and understood by an everyday consumer.
- Understand and display knowledge of the various questions asked within the assignment.
The assessment will be available on Blackboard in Week 7 and your teacher will provide you with guidance on how to address the requirements. You will have the opportunity to seek advice from your teacher on a number of check points throughout the semester referred to as learning audit dates. You are required to satisfactorily complete all questions in this task.
Learning Audit Dates
You will be required to show drafts of your work to the teacher to received regular feedback before the final submission. The Assessment Schedule includes the weeks of the scheduled Learning Audit Dates.
Task 3 – Final Assessment Supervised Assessment (Week 15, 16/10)
For this Assessment Task you are required to demonstrate your knowledge by completing an open book in class supervised assessment comprised of a series of theoretical and practical questions including: short answer and mini case studies. The purpose of this Task is to assess your understanding of the concepts and issues included in the topics from weeks 4 to 13.
This assessment will take place during your normal scheduled class time.
You are required to satisfactorily complete all questions in this task.
Your teacher, when giving feedback may ask you to identify key issues or clarify your understanding of specific information given in the assessment.
You must successfully complete all assessment tasks to satisfactorily meet the requirements of this course.
Grading will be applied once you have been deemed competent for this competency.
Assessment Matrix
Please refer to the program shell for detailed information.
Other Information
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Submission Requirements You should:
Late Submission Procedures You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates. If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days. More Information: http://www.rmit.edu.au/students/assessment/extension Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination. More Information:http://www.rmit.edu.au/browse;ID=g43abm17hc9w (unresolved) Form to use:http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf Resubmissions (VET Programs): If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible. Grading & re-submissions Re-submissions do not contribute to your overall grade for the course. Adjustments to Assessment In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website: More Information:http://rmit.edu.au/browse;ID=7usdbki1fjf31 Marking Guide (Competency): You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying. You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.
Marking Guide (Grading)
After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:
Final Grades table: | |||
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CHD |
Competent with High Distinction |
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CDI |
Competent with Distinction |
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CC |
Competent with Credit |
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CAG |
Competency Achieved – Graded |
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NYC |
Not Yet Competent |
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DNS |
Did Not Submit for assessment |
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Further information regarding the application of the grading criteria will be provided by your teacher.
Course Overview: Access Course Overview