Course Title: Implement financial plan
Part B: Course Detail
Teaching Period: Term1 2017
Course Code: BAFI5215C
Course Title: Implement financial plan
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: email@example.com
Name and Contact Details of All Other Relevant Staff
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
This unit describes the skills and knowledge required to prepare and provide financial planning advice, which may include products, services and strategies. It encompasses establishing the actions, timings and priorities needed to implement and monitor or supervise the implementation of financial plan actions.
It applies to individuals who work within a team environment using specialised knowledge, systematic processes and managerial techniques to complete required work. 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:
FNSFPL504 Implement financial plan
1. Establish actions, timings and priorities needed to implement financial plan
1.1 Establish implementation actions which are consistent with client needs and specifications 1.2 Establish individual implementation actions, including timing and priorities designed to maximise advantage to client 1.3 Clearly identify implementation actions and obtain written agreement to actions from client 1.4 Establish implementation diaries and enter appropriate records
2. Establish procedures for implementation of financial plan
2.1 Identify and brief personnel to implement each action in plan 2.2 Identify and follow up internal and external documentation requirements and establish audit trails 2.3 Establish monitoring procedures for critical timings and priorities
3. Undertake and/or supervise implementation of financial plan actions
3.1 Check that authorised representative ensures clients have information on actions they must undertake and provides assistance where needed 3.2 Check that authorised representative ensures instructions are issued to internal and external personnel as per plan requirements 3.3 Check and follow up lodgement of documentation to ensure plan timings are met 3.4 Check that authorised representative ensures fees and charges are obtained and processed according to organisational and legislative requirements 3.5 Debrief client and address any concerns promptly and effectively
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 activities, discussion threads, reflective journals on industry updates, presentations, quizzes and interactive sessions.
The collaborative classroom based activities will include role plays, group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
You are expected to participate and contribute in all scheduled learning activities
Prior to training commencement a program level induction session will be conducted that comprises the following:
- Program overview and requirements
- Overview of assessment requirements
- Pre-Training Review including:
- Recognition of Prior Learning and Credit Transfers
- Assessment of current skills and knowledge
- Competency/Grading Criteria
- 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.
Online learning materials can be accessed by going into the RMIT web sites Online Learning Hub.
The online learning materials listed include:
- Course outlines
- Client Files
- Power point Presentations
- Course Workbooks
- Supporting Reading material
- Industry relevant articles
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Evidence of the ability to:
- establish the actions, timings and priorities needed to implement financial plans, and undertake and/or supervise the implementation of financial plan actions
- comply with relevant legislation, regulations, industry codes of practice and organisational procedures
- prepare materials and brief personnel for implementing financial plans
- gain client feedback on and/or agreement to the plan
- accurately document all planning processes and instruments, and establish appropriate audit trails.
To complete the unit requirements safely and effectively, you must:
- explain the key features of the financial planning industry, financial products, financial markets and investment characteristics
- discuss the key features and relevant issues relating to:
- financial planning legislation
- financial planning documentation requirements
- government financial and superannuation policy
- industry codes of practice
- identify and categorise:
- sources of information on financial products and markets
- state and territory legislation, charges and taxes
- explain the procedure and requirements in establishing audit trails.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial planning field of work and include access to:
- office equipment, technology, software and consumables.
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 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.
Overview of Assessment
This course is co-delivered and co-assessed with the following competencies:
FNSFPL505 Review Financial Plans and Service
FNSASICX503 Provide Advice in Life Insurance
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 apply their learning to particular simulated work scenarios and demonstrate their competence in a variety of ways.
Task 1- Portfolio Mini Problem Solving Exercises/Activities (Weeks 3 - 14)
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 14. You will be required to submit each activity as specified in the weekly schedule.
The purpose of the activities is to enhance your understanding and ability to apply the knowledge to practice in the following areas:
- holistic vs scaled advice
- FOFA Reforms
- Limitation in giving tax advice as a financial planner
- Markets and advice in superannuation, investment and insurance
- Impact of the economy on investments and the stock market
- Transferring risk and the benefit to the insurer
Task 2 - Workplace Simulated Projects (Week 13)
For the first part of the project you will assume the role of a para planner at the Swanton Bank Group Ltd and you will prepare a financial plan that includes advice in relation to the essential life insurance products relevant for the simulated client you interviewed in previous clusters. The financial plan that you will prepare must demonstrate that the needs of the client have been met.
In the second part of the assessment you will be required to interview the client at the premises of Swanston Banking Group Ltd. You will need to continue building a good rapport with the client and present the financial plan for life insurance that you drafted to them.
You will need to ensure that the client understands all the information provided particularly the concepts in reference to life insurance and life insurance products. The main aim of this part is for you is to be able to explain all the relevant terms in the financial plan, answer the questions that the client may have and to negotiate the contents of the financial plan.
You will be given one week after the initial interview Part 2 to revise and complete the advice and submit it as part 3 of this task.
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 concepts of life insurance, your communication skills in presenting that knowledge and your problem-solving skills in answering the questions posed in a live interview with the simulated client.
Learners will be given one week after the initial interview to revise their financial plan and submit it as part of this task.
A number of Learning Audit Dates have been scheduled and you are expected to progress as per the set targets throughout your studies.
Task 3 – Supervised Assessment (week 15)
For this Assessment Task you are required to demonstrate your knowledge of life insurance 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 throughout the semester. This assessment will take place during your normal scheduled class time.
You must successfully complete all assessment tasks to achieve competency.
Grading will be applied once you have been deemed competent for each competency.
• 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 a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on blackboard.
• 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. For example, Callie Harvey, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.
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. <check links are still current>
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. <check links are still current>
More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf
Resubmissions (VET Programs):
If you are found to be unsuccessful in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.
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.
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: <check link is still current>
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:
CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – 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