Course Title: Provide advice in financial planning

Part B: Course Detail

Teaching Period: Term1 2018

Course Code: BAFI5211C

Course Title: Provide advice in financial planning

School: 650T Vocational Business Education

Campus: City Campus

Program: C5343 - Diploma of Financial Planning

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

Sanjay Dsouza

sanjay.dsouza@rmit.edu.au 

 

Andrew Shiangolis

Program Coordinator Financial Services

andrew.shiangolis@rmit.edu.au

+61 3 9925 5982

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 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.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSASICZ503 Provide advice in financial planning

Element:

1. Establish relationship with client

Performance Criteria:

1.1 Establish client's knowledge about financial products and services by using range of communication and interpersonal skills

1.2 Respond to enquiries about financial planning products and services by explaining range of products and services available and their relevant fee and charging methodology

1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct 1.4 Inform client about procedures for handling complaints and circumstances in which they should be engaged

Element:

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

Performance Criteria:

2.1 Use range of communication and interpersonal skills to gather client's personal, financial and business details

2.2 Ask about client's short-term, medium-term and long-term objectives and goals relating to product

2.3 Identify product risk profile of client

2.4 Obtain understanding of client's attitudes and expectations of cash flow and relevant taxation obligations

Element:

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

Performance Criteria:

3.1 Undertake assessment of client needs, using all information gathered and taking into account client's product expectations and specific needs

3.2 Consult client throughout analysis and seek further clarification where necessary

3.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required

3.4 Conduct product risk profile assessment and obtain agreement from client about assessment

3.5 Apply ASIC generic and specialist knowledge in analysing client needs and risk profile

Element:

4. Develop appropriate strategies and solutions

Performance Criteria:

4.1 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs

4.2 Undertake relevant research, analysis and product modelling as required

4.3 Draft and present appropriate solution (plan, policy or transaction) to client

Element:

5. Present appropriate strategies and solutions to client

Performance Criteria:

5.1 Demonstrate appropriate product knowledge when presenting product or service

5.2 Explain and discuss proposed transaction with client in clear and unambiguous way

5.3 Reinforce all relevant details, terms and conditions of product and service with client

5.4 Disclose all impacts and possible risks of solution in clear and concise manner

5.5 Provide written supporting documentation and guide client through key aspects of documentation

Element:

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

Performance Criteria:

6.1 Clarify and discuss any concerns and/or issues client has regarding proposed plan, policy and/or transaction

6.2 Seek confirmation that client understands proposed plan, policy and/or transaction

Element:

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

Performance Criteria:

7.1 Obtain client's formal agreement to proposed plan, policy and/or transaction

7.2 Clearly explain and confirm associated fee and cost structures and confirm client understands these details

7.3 Clearly explain and confirm timeframes for execution and processing, and confirm client understands these details

Element:

8. Complete and maintain necessary documentation

Performance Criteria:

8.1 Ensure all statutory, transactional and proposal documents are completed and signed off by client

8.2 Ensure that copies of signed agreement and other relevant documentation are exchanged

Element:

9. Provide ongoing service where requested by client

Performance Criteria:

9.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client

9.2 Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details

9.3 Provide ongoing service as required


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 wikis and discussion threads, reflective journals, 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.
We expect you to participate and contribute in all scheduled learning activities.


Teaching Schedule

 

This course is comprised of three competencies that are co-delivered and co-assessed (delivered and assessed together).

FNSASICZ503 Provide Advice in Financial Planning

FNSFPL503 Develop and Prepare a Financial Plan

FNSIAD501 Provide Appropriate Services, Advice & Products to Clients

 

Prior to training commencement a program level induction session will be conducted that comprises the following:

  • Program overview and requirements
  • MyRMIT/Canvas
  • Overview of assessment requirements
  • Pre-Training Review including:
    • Recognition of Prior Learning and Credit Transfers
    • 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.

Weekly Schedule

Week

Topic

Readings and Activities

Assessment

Week 1 – 05/02/18

 

Introduction to course schedules

 

Part 1:   Provide Advice in Financial Planning 

Topic 1:

What is the Financial Planning Process?

Topic 2:

Six steps in the financial planning process

Course Workbook

Manage Client Relationship: Chapter 3 & 4

Financial Planning Advice, All chapters

Overview of the Financial Services: Chapter 1, 3 & 4

 

 

 

Week 2 – 12/02/18

 

Part 1:   Provide Advice in Financial Planning 

Topic  3:

Preparation prior to commencing the process

Topic 4:

The first step

Course Workbook

Manage Client Relationship, Chapter 3 & 4

Financial Planning Advice, All chapters

Overview of the Financial Services, Chapter 1, 3 & 4

 

 

Week 3 – 19/02/18

 

Part 1:   Provide Advice in Financial Planning 

 

Topic 5:

The second and third steps

 

Topic 6:

The fourth step

Course Workbook

Manage Client Relationship, Chapter 3 & 4

Financial Planning Advice, All chapters

Overview of the Financial Services, Chapter 1, 3 & 4

 

 

Week 4 – 26/02/18

 

Part 1:   Provide Advice in Financial Planning 

 

Topic 7:

The fifth step

Topic 8:

 The sixth step

Course Workbook

Manage Client Relationship, Chapter 3 & 4

Financial Planning Advice, All chapters

Overview of the Financial Services, Chapter 1, 3 & 4

 

Week 5 – 05/03/18

 

Part 2:   Develop and Prepare Financial Plans  

 

Topic 1

Introduction Statement of Advice (SoA)

Course Workbook

Manage Client Relationship, Chapter 3 & 4

Financial Planning Advice, All chapters

Overview of the Financial Services, Chapter 1, 3 & 4

 

Week 6 – 12/03/18

 

Part 2:   Develop and Prepare Financial Plans  

Topic 2

Strategy development and solutions

Course Workbook

Manage Client Relationship, Chapter 3 & 4

Financial Planning Advice, All chapters

Overview of the Financial Services, Chapter 1, 3 & 4

 

Week 7 – 19/03/18

 

Part 2:   Develop and Prepare Financial Plans  

Topic 3:

 

Statement of Advice  construction

Topic 4:

Statement of Advice format

Course Workbook

Manage Client Relationship, Chapter 3 & 4

Financial Planning Advice, All chapters

Overview of the Financial Services, Chapter 1, 3 & 4

Assignment Task 1 – Research and Application Assignment – Due Date 19/03/18 – Week 7

Week 8 – 26/03/18

 

Part 2:   Develop and Prepare Financial Plans 

 

Topic 5

Compliance

Course Workbook

Manage Client Relationship, Chapter 3 & 4

Financial Planning Advice, All chapters

Overview of the Financial Services, Chapter 1, 3 & 4

 

Week 9 – 09/04/18

 

Part 3:   Present services, advice and products 

 

Topic 1

Create rapport with clients

 

Topic 2

Client decision making

Course Workbook

Manage Client Relationship, Chapter 3 & 4

Financial Planning Advice, All chapters

 

 

Week 10 – 16/04/18

 

Part 3:   Present services, advice and products 

Topic 3

Presenting the Plan

 

Topic 4

Implementation

 

Course Workbook

Manage Client Relationship, Chapter 3 & 4

Financial Planning Advice, All chapters

 

Week 11 – 23/04/18

 

Part 3:   Present services, advice and products 

 

Topic 5

Ongoing service

 

Course Workbook

Manage Client Relationship, Chapter 4 & 5

Financial Planning Advice, All chapters

 

Week 12 – 30/04/18

 

Part 4:   Estate Planning  

Topic 1

Estate planning process

 

Topic 2

The Will

Course Workbook

Financial Planning, Chapter 10

 

Week 13 – 07/05/18

 

Part 4:   Estate Planning  

 

Topic 3

Estate planning considerations 

 

Topic 4

Managing the estate after death

 

 

Course Workbook

Financial Planning, Chapter 10

Assessment Task 2 - Workplace Simulated Project – Due Date 07/05/18

Week 14 – 14/05/18

Student Feedback on Assessment

Review and Revision

Exams

Assignment 3 – In Class Supervised Assessment

Date: 14/05/18

Week 15 – 21/5/18

Feedback and Re-assessment

Feedback and Re-assessment Activities

 

Week 16 – 28/05/18

Feedback and Re-assessment

Feedback and Re-assessment Activities

 

 

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this 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.

 


Learning Resources

Prescribed Texts


References


Other Resources

 

Online learning materials can be accessed by going into the RMIT web sites Online Learning Hub/Canvas.

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:

  • 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. 


Assessment Tasks

Overview

This course is comprised of two competencies that are co-delivered and co-assessed (delivered and assessed together).

FNSASICZ503 Provide Advice in Financial Planning

FNSFPL503 Develop and Prepare a Financial Plan

FNSIAD501 Provide Appropriate Services, Advice & Products to Clients

You will demonstrate competency by undertaking three assessments, a workplace simulated project, a research and application assignment and a supervised assessment.

The assessments for this course have been designed to allow you to apply your learning to particular workplace scenarios and demonstrate your competence in a variety of ways.

Critical Aspects of assessment are described above in the performance evidence for this course.

Assignment Task 1 – Research and Application Assignment – Due Date 19/03/18 – Week 7

This is assessment Task 1 of a total of 3 assessment tasks. You must successfully complete all 3 tasks to achieve competency in this cluster. You must successfully complete all eight activities to be deemed competent in Task 1 Context/purpose of Task 1 For this Assessment Task you are required to demonstrate your knowledge by completing a series of eight theory and problem solving activities over the course of the semester from weeks 3 to 8.

For this Assessment Task you are required to demonstrate your knowledge by completing a series of eight theory and problem solving activities over the course of the semester from weeks 1 to 5. 

The purpose of the activities is to enhance your understanding and ability to apply the knowledge to practice in the following areas : 

a.      Informing  client about procedures for  complaints handling

b.      Use arrange of communication skills to gather clients, personal,  financial and business skills

c.       Outline the concept of a financial product

d.      Outline the types of financial investment products

e.      Provide an overview of the operation of financial markets and roles played by intermediaries. 

f.        Provide an overview of the interrelationships with Financial Markets & interrelationships between industry sectors

g.      Discuss the various disclosure and compliance in relation to Corps Act, ASIC Act, Privacy requirements, Financial Services Reform Act (FSRA), Competition & Consumer Act

h.      Relationship between ethics and regulatory requirements

What you need to do You must complete all prescribed tasks below including the individual requirements of each one as listed in the questions. You will require access to the course resources on the Learning hub, recommended textbooks and the website links prescribed for the program.

You will be assessed against the criteria as listed in the observation checklist of this task and how well you answer the questions asked by your assessor. To achieve a satisfactory result you will need to address all criteria satisfactorily.

 

Assessment Task 2 - Workplace Simulated Project – Conduct and prepare Best Interest Duty (BID) Strategy working Paper - Due Date 07/05/18 – Week 13

For this assessment task you are required to complete Part 1 and Part 2

Part 1 -– requires you to prepare a financial plan for a simulated client of the Swanston Banking Group (Practice Firm) which is completed in Cluster 7.

Part 2 – requires you to deliver your financial advice as prepared in Part 1 to the client in a role play. The teacher will provide further information in the class as to the format and what is expected in order to fulfil this requirement.

The Workplace Simulated Project requires you to complete three parts: Part 1, Part 2.

For this project you will assume the role of a financial planner at the Swanston Banking Group Ltd (Practice Firm) and follow the company policies and procedures as if you were a real employee of the bank.  You will need to access a specific simulated client file which will include client details, background of their particular circumstances, assets and liabilities statement, a bank statement, pay slips and a superannuation statement. You will be required to analyse all of these documents in order to prepare strategies that will help client to meet their goals, your advice and financial projection and modelling. 

 

You will use “Advice Tools” stored in the employee portal throughout this course. The tools mirror those used in industry and will prepare you to adapt to industry practice and link your studies to the workplace. The tools include industry specific calculators and documents used in every day financial services practices including Best Interest Duty file note (BID), client checklist, fact find and style guide. 

 

The purpose of the assessment is to enable you to demonstrate a breadth of understanding across the course material from weeks 1 - 13. It assesses the knowledge you have obtained through undertaking the topics, your communication skills in presenting that knowledge and your problem-solving skills in answering the questions posed in a fact find presentation meeting with a simulated client of the “Practice Firm”.

For the first part of the project you will assume the role of a para-planner at the Swanston Bank Ltd and you will prepare a financial plan that includes a cash flow, asset and liabilities based on most recent tax rates. You will be required to calculate the lump sums the client will require at retirement and forecast their approximate superannuation balances for the next five years. The forecast will be based on the client’s current investment balances and contributions.

You will be able to determine the duration that the client needs before they can expect to receive a comfortable amount to retire as in accordance with ASFA standards. The financial plan that you will prepare must include strategies to increase the client’s investment balances at retirement.

Once you have successfully completed Part 1, for Part 2 you will be required to demonstrate your adviser communication skills and present your recommendations, responses and research to your client. 

It assesses the knowledge you have obtained through undertaking the concepts of superannuation, your communication skills in presenting that knowledge and your problem-solving skills in answering the questions posed in a live presentation meeting with the simulated client.

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:

 

  1. Creating rapport with the client
  2. Collecting, analysing and organising information
  3. Discuss financial plan with the client
  4. Planning and organising activities
  5. Negotiate effectively
  6. Working with others and in teams
  7. Complete and maintain necessary documentation

 

Assessment Task 3 - Supervised In Class Assessment Date: 14/05/18 – Week 14

Overview

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 covered in this course. This assessment will take place during your normal scheduled class time.

The assessment comprises six short answer and problem solving questions style questions. . The purpose of this task is to assess your understanding of the concepts and issues included in the topics from weeks 2 to 13. The duration of the assessment is two hours. This assessment will take place during your normal scheduled class time.


Assessment Matrix

The assessment matrix that maps all the assessment is available on Canvas

Other Information

 

Submission Requirements

 

You should:

 

  • Ensure that you submit assessments on or before the due date. 
  • Always retain a copy of your assessment tasks. (hard copy and soft copy)
  • When you submit work for assessment at RMIT University you need to use the Assessment task document that includes a declaration and statement of authorship.
  • Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers.

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 Informationhttps://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work

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:https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration

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

Successful re-submissions will contribute a CAG only (Competency Achieved Grading) result 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:

https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment

 

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:

 

 

CHD

Competent with High Distinction

 

 

CDI

Competent with Distinction

 

 

CC

Competent with Credit

 

 

CAG

Competency Achieved – Graded

 

 

CA

Competency Achieved – Not Graded

 

 

NYC

Not Yet Competent

 

 

DNS

Did Not Submit for assessment

 

    

 

 

Further information regarding the application of the grading criteria will be provided by your teacher.

 

Course Overview: Access Course Overview