Course Title: Provide advice in financial planning

Part A: Course Overview

Program: C5343 Diploma of Financial Planning

Course Title: Provide advice in financial planning

Portfolio: BUS Portfolio Office

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.

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

BAFI5211C

City Campus

TAFE

650T Vocational Business Education

Face-to-Face or Internet

Term2 2016,
Term1 2017

Course Contact: Callie Harvey

Course Contact Phone: +61 3 9925 5772

Course Contact Email: callie.harvey@rmit.edu.au



Course Description

This unit describes the skills and knowledge required to analyse client needs and provide advice ethically and professionally in financial planning, in compliance with industry regulations and codes of practice. It addresses the training requirements of current Australian Securities and Investments Commission (ASIC) and Australian financial services (AFS) licensing at Tier 1 level.

It applies to individuals who use well-developed interpersonal skills and excellent communication and self-management skills to perform a specialist advisory role in financial planning. 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 ASIC for specific guidance on requirements.

Pre-requisite Courses and Assumed Knowledge and Capabilities

None



National Competency Codes and Titles

National Element Code & Title:

FNSASICZ503 Provide advice in financial planning

Elements:

1. Establish relationship with client

2. Identify client’s objectives, needs and financial situation

3. Analyse client’s objectives, needs, financial situation and risk profile

4. Develop appropriate strategies and solutions

5. Present appropriate strategies and solutions to client

6. Negotiate financial plan, policy and/or transaction with client

7. Coordinate implementation of agreed plan, policy and/or transaction

8. Complete and maintain necessary documentation

9. Provide ongoing service where requested by client


Learning Outcomes


Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

Evidence of the ability to:

  • interpret and comply with industry regulations and codes of practice
  • analyse client’s needs, financial situation and risk profile, and prepare appropriate strategies or solutions relating to financial planning
  • provide accurate and ethical advice on financial planning products and services
  • implement the plan, policy or transaction once agreed by the client and complete documentation accurately

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

Generic knowledge  

  • analyse and provide an overview of the economic environment including:
    • characteristics and impact of economic and business cycles
    • interest rates and exchange rates
    • inflation
    • government monetary and fiscal policy
  • analyse and provide a detailed explanation of the operation of financial markets including:
    • roles played by intermediaries and issuers
    • structure and interrelationships within the financial markets
    • interrelationship between industry sectors
  • outline financial products, including:
    • concept of a financial product – general definition, and specific inclusions and exclusions
    • types of financial investment products
    • types of financial risk products.

Specialist knowledge 

  • outline theories of investment, portfolio management and management of investment and risk including:
    • range of financial products
    • types of investment products including cash, fixed interest, property, equities and managed investments
    • types of financial risk products including risk insurance and derivatives
    • investment concepts
    • investment strategies
    • identification of types of risk
    • client risk profile
  • provide an analysis of advisory functions covering:
    • role of financial planner
    • participants in the advisory services market
    • range of services provided
    • financial planning process
    • profile and financial information of the client
    • appropriateness of a risk assessment
  • discuss the legal environment including disclosure and compliance covering:
    • role of the representative or adviser
    • relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Privacy Amendment (Private Sector) Act, Financial Services Reform Act (FSRA) and Competition and Consumer Act
    • 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
    • relevant industry standards and codes of conduct
    • regulators’ guidelines including ASIC Regulatory Guide (RG)146 requirements
    • complaints resolution procedures (external and internal)
  • provide an overview of the Australian taxation and social security systems covering:
    • relevant taxation laws and regulations
    • effects of taxation on particular financial products
    • effects of taxation on financial strategies of individuals and entities
  • explain theories of estate planning including allowable investments, enduring and non-enduring powers of attorney, and share purchase agreements
  • outline management and investment strategies relevant to estate planning
  • explain taxation laws and regulations relevant to estate planning.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered 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 consumables
  • 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.