Course Title: Implement financial plan

Part B: Course Detail

Teaching Period: Term2 2018

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: callie.harvey@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

John Calabro

john.calabro@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 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

Element:

1. Establish actions, timings and priorities needed to implement financial plan

Performance Criteria:

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

Element:

2. Establish procedures for implementation of financial plan

Performance Criteria:

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

Element:

3. Undertake and/or supervise implementation of financial plan actions

Performance Criteria:

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


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 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

 

 


Teaching Schedule

 

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

FNSFPL504 Implement a Financial Plan

FNSFPL505 Review Financial Plans and Provide Ongoing Service

FNSASICX503 Provide Advice in Life Insurance

 

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 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 Course Schedule                                                         

Week

Topic

Readings and Activities

Assessment

Unit(s) of Competency

 FNSASICX503
Provide advice in life insurance

FNSFPL505 Review Financial  Plans and Services

FNSFPL504  Implement Financial Plan

 

Week 1

 2/07/2018

 

Topic 1:

Professional Environment

 

Course Workbook

Life Insurance, Chapter 1,2, & 4

Powerpoint slides on Canvas 

 

Assessment 1 ( Task 1 ) is due in week 10 

 

FNSASICX503
Provide advice in life insurance

 

Week 2

9/07/2018

Topic  2:

Nature of Risk

Course Workbook

Life Insurance, Chapter 1 &2

Power pointslides on Canvas 

Assessment 1 ( Task 1) is due in week 10 

 

FNSASICX503
Provide advice in life insurance

 

Week 3

 16/07/2018

Topic 3:

Risk Management

Course Workbook

Life Insurance, Chapter 2

Powerpoint Slides on Canvas 

 Assessment 1 ( Task 1) is due in week 10 

 

FNSASICX503
Provide advice in life insurance

 

Week  4

 

 23/07/2018

 

 

 

 

 

 

 

Topic 4 

Life Insurance

 

 

 

 

 

 

 

 

Course Workbook

Life Insurance, Chapter 2

 

 

 

 

 

 

 

 

 

Assessment 1 ( Task 1) is due in week 10

 

 

 

 

 

 

 

 

 FNSFPL505 Review Financial  Plans and Services

FNSFPL504  Implement Financial Plan

FNSASICX503
Provide advice in life insurance

 

Week 5

 1/08/2018

Topic 5

Disability and Trauma insurance

Course Workbook

Life Insurance, Chapter 2 and 3

Website National Insurance Brokers https://www.niba.com.au/html/why-choosea-career- in-insurance.cfm Death and disability insurance in Australia - is it worth it? What are the benefits? http://www.abc.net.au/health/consumerguid es/stories/2003/05/08/1837334.htm

 

 Assessment 1 ( Task 1) is due in week 10

 FNSASICX503
Provide advice in life insurance

Week 6

 6/08/2018

 Topic 5 

Income protection and other insurances

Course Workbook

Life Insurance, Chapter 2 and 3

Life Insurance, Chapter 2 

Income protection and other insurances Websites Income protection calculator http://www.iselect.com.au/life/calculators/ Choice on income protection https://www.choice.com.au/money/insuranc e/life/buying-guides/income-protection insurance

 

 Assessment 1 ( Task 1) is due in week 10

 FNSASICX503
Provide advice in life insurance

Week 7 

 13/08/2018

Topic 6 

The Demand for Life Insurance and Insurance Products 

Course Workbook

Life Insurance, Chapter 2 and 3

Website Two Insurance companies websites http://www.amp.com.au/http://www.onepath.com.au/personal/insura nce/life-insurance.aspx

 

 Assessment 1 ( Task 1) is due in week 10

 FNSASICX503
Provide advice in life insurance

Week 8 

 20/08/2018

 

 

 Topic 7

Death and disability Insurance in Australia - is it worth it? What are the benefits?

Pros and Cons around personal risk and the relationship with super.

 

Course Workbook Life Insurance,

   Chapter 2

 

 

 

 Assessment 1 ( Task 1) is due in week 10

  FNSASICX503
Provide advice in life insurance

27/08/2018

 Term Break 

 Mid Semester Break  - 27th August to 2nd September 

 

 

Week 9

 3/09/2018

 Topic 8

General insurance  

 

 Assessment 1 ( Task 1) is due in week 10

  FNSASICX503
Provide advice in life insurance

Week 10

10/9/2018

 

Topic 9 -

Underwriting, Claims and Taxation within Personal Insurance 

 Course Workbook Life Insurance, Chapter 3 and 4

Taxation on Insurance proceeds Websites

http://www.lifeinsurancefinder.com.au/lifeinsurance-tax-deductibility/ Other Resources Insurance Bondshttp://www.moneymanagement.com.a u/news/insurance-property/insurance-bondscan-break-free-tax-rules Class Activity Are proceeds paid under a life insurance contract taxable and do they have to be reported as income? 

 

 

 

 Assessment Tasdk 1 Due 10/09/2018

 FNSASICX503
Provide advice in life insurance

Week 11

 17/09/2018

The Insurance Regulatory Environment 

 Life Insurance workbook, Chapter 4

The Insurance Regulatory Environment Websites Financial Services Resources http://www.asic.gov.au/asic/asic.nsf/byhea dline/Financial+services+resources?openDoc ument Life Insurance Statistics http://www.apra.gov.au/lifs/Publications/Pa ges/life-and-friendly-statistics.aspx General Insurance Code of Practice http://www.codeofpractice.com.au

 

FNSASICX503
Provide advice in life insurance

Week 12

 

 24/09/2018

 

 

 

 

 

 

 Implement a Financial Plan/ Presentation of Advice / Authority to proceed

Course Workbook Manage Client Relationship, Chapter3 & 4 Financial Planning Advice, All chapters

 

 

 

FNSFPL505 Review Financial  Plans and Services

FNSFPL504  Implement Financial Plan

Week 13

1/10/2018

 Implementation Schedule

 Course Workbook Manage Client Relationship, Chapter 4 & 5 

Schedule Websites https://www.capinvest.com.au/services_finan cialplanning_ourprocess.aspx Other Resources Implement your financial plan checklist

 Assessment Task 2 is Due 1/10/2018

 

 

FNSFPL505 Review Financial  Plans and Services

FNSFPL504  Implement Financial Plan

 

Week 14 -  

 

8/10/2018

 

 

 

 

 

 

 

 

Week 15- 

 15/10/2018

 

Review Financial 

Plans nd ongoing Service

   

 

 

 

 

Exam

Manage Client Relationship, Chapter 4 & 5

Ongoing Service Packages Websites http://www.nexiaem.com.au/capabilities/fina ncial-planning/packages/ http://bankvic.com.au/wealth-andplanning/reviews-and-ongoing-service Topic 3 - Why are Reviews important Websites http://efsmackay.com.au/ourservices/specialist/annual-review/http://www.sandiegofeeonly.com/FinancialAr ticles/importanceofanannual.htm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Week 15 -Final supervised assessment 

 

 

 

 

 

Supervised In Class Assessment 17/10/2018

 

FNSFPL505 Review Financial  Plans and Services

FNSFPL504  Implement Financial Plan

FNSASICX503
Provide advice in life insurance

 

 

 

 

 

Week 16 – 22/10/18

Resubmissions and Reassessments

 

 

 

 

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
  • Client Files
  • 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:

  • 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.

Knowledge Evidence

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 Conditions

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

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 three competencies that are co-delivered and co-assessed (delivered and assessed together).

FNSFPL504 Implement a Financial Plan

FNSFPL505 Review Financial Plans and Provide Ongoing Service

FNSASICX503 Provide Advice in Life Insurance

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.

Assessment Task 1 - Portfolio of Activities - Due Date 10/09/18 – Week 10

Summary and Purpose of Assessment

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:

  1. Holistic vs Scaled advice
  2. FOFA Reforms
  3. Limitation in giving tax advice as a financial planner
  4. Markets and advice in superannuation, investment and insurance
  5. Impact of the economy on investments and the stock market
  6. Transferring risk and the benefit to the insurer

 

.

 

Where

Students are expected to complete this assessment task outside of class time.

How

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 canvas hub, recommended textbooks and the website links prescribed for the program.

You must reference all your work using the Harvard referencing System

 

Assessment Information – Task 2 – Workplace Simulated Project Financial Plan in Essential Life Insurance Products -  Due Date 01/10/18 – Week 13

 

This is the first assessment task out of a total of three assessment tasks. You must successfully complete all three tasks to satisfy the criteria for this course.

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

 

Part 1 – requires you to prepare a financial plan in life insurance for a simulated client of the Swanston Banking Group (Practice Firm). That being James and Julia Smith

 

Part 2 – requires you to conduct to deliver the financial advice as prepared in Part 1 to the client.

 

The workplace simulated project is linked to a simulated workplace environment “the practice firm”, referred as Swanston Banking Group Ltd. The practice firm has a physical presence in Building 80, level 6, room 7. The Swanston Banking Group Ltd. has been set up as a simulated publicly listed company in the Financial Services (Banking) industry offering a retail banking and customer service experience of the highest level not offered or matched by its competitors.

 

The products and services offered to its personal customers (simulated clients) include banking and investment products and financial services such as bank accounts and debit cards, savings and investment accounts, credit cards, travel money cards, overseas and local money transfers, foreign exchange, superannuation, home and personal loans and insurance.

The Swanston Banking Group has a website for prospective clients and an employee portal via the Learning Management System (Learning Hub).

 

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 files 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 analyze all of these documents in order to prepare relevant documents for the initial meeting with the client.

 

 

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 Authority to Access Information (AAI), Best Interest Duty file note (BID), client checklist, client acknowledgement form, fact find and style guide.

For the first part of the project you will assume the role of the financial planner at the Swanston Banking Group Ltd and you will prepare a financial plan that includes advice in relation to the essential life insurance products. The financial plan that you will prepare must demonstrate that the needs of the client have been met.

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(s).

 

The purpose of the assessment is to enable you to demonstrate a breadth of understanding across the course material from weeks 1 - 12. 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. The main purpose of the assessment is for you to clearly demonstrate analysis of the client’s objectives, needs, financial situation and develop appropriate strategies and solutions in the financial advice prepared and presented to the client.

 

What you need to do

 

You are required to address all questions in Part 1 and Part 2 to successfully complete this task.

 

Part 1 – Financial plan must be submitted prior to role play (2,000 - 2500 Words)

 

Part 2 – Video Recording (MP4 file) of the interview needs to be submitted via Google Drive

The word limit is only a guide for you to use as a reference as to how much details you will need to include in your answers.

 

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, John Calabro, 324567, Task 1, Cluster 5, Financial Planning Skills in Life Insurance, Page 1 of 10

 

You will required to access to the course resources on the Learning hub, recommended textbooks and the website links prescribed for the program and the list of resources below specific to this task.

You will need copies of specific industry templates from Swanston Banking Group Employee portal from the learning hub the client file the documents required to prepare for your initial fact find client interview.

 

 

Learning hub Path: Swanston banking Group/Client

 

You will need to access the following documents from the client files:

Please find attached the following: James Smith & Julia Smith ( Case study)

a) Client Brief ( highlighted in the Case Study)

d) Assets and Liabilities Statement ( again in the case study)

 

e) Schedule of Assets, Liabilities, Income and Expenses ( Students need to calculate this )

You will also need to access copies of specific industry templates from Swanston Banking Group

 

Employee portal from the learning hub:

a) Swanston Bank letter head

b) Authority to Access information

c) Best Interest Duty – Client File Note (annotated and blank)

d) Best Interest Duty – Client Checklist

e) Best Interest duty – Working paper

f) Template for Financial Plan

g) Client Acknowledgement Form

h) Fact Find

i) Plan Preparation Fee Form

j) Style Guide

You must reference all your work using the Harvard referencing System.

Available via the Library website

http://www1.rmit.edu.au/library/referencing-guides

Choose RMIT Harvard - download Harvard referencing examples document

 

Learning Audit Dates (LAD)

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.

 

List resources and specification relevant to the task

 

* Resources on the learning hub

* You will be required to access templates and samples from the banks portal under “advice tools” for example, Product disclosure statements

 

Assessment Task 3 – In Class Supervised Assessment – Date 17/10/18 – Week 15

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