Course Title: Review financial plans and provide ongoing service

Part B: Course Detail

Teaching Period: Term2 2016

Course Code: BAFI5216C

Course Title: Review financial plans and provide ongoing service

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

Nominal Hours: 40

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 monitor the implementation and progress of financial plans and establish ongoing client service arrangements. It encompasses discussing and confirming arrangements and procedures for ongoing service with clients, establishing procedures for providing ongoing service, and undertaking or supervising review of a financial plan.

It applies to individuals, working within a team, who use specialised knowledge and managerial techniques to monitor and complete their own work and/or the work of others and to build relationships and rapport with others.

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:

FNSFPL505 Review financial plans and provide ongoing service

Element:

1. Discuss and confirm arrangements for ongoing service

Performance Criteria:

1.1 Identify ongoing service options for client and recommend appropriate options 1.2 Propose ongoing standard of service for client, including quality parameters, reporting frequency and arrangements for reviews and client initiated changes 1.3 Explain and confirm fees and charges for ongoing service to client 1.4 Develop agreement for ongoing service when agreement is reached

Element:

2. Establish procedures for providing ongoing service

Performance Criteria:

2.1 Identify and brief personnel to implement each action in ongoing service arrangements 2.2 Identify and follow internal and external documentation requirements 2.3 Diarise key revision dates and establish client contact arrangements 2.4 Establish monitoring procedures for critical timings and priorities, and periodically review client objectives

Element:

3. Undertake and/or supervise review of financial plan

Performance Criteria:

3.1 Establish arrangements for reviewing ongoing relevance and performance of financial plan 3.2 Review quality of ongoing service provided by authorised representative to ensure organisational and regulatory requirements are met 3.3 Issue instructions to internal and external personnel as per plan requirements, including checks and follow ups made on lodgement of documentation to ensure plan timings are met 3.4 Ensure fees and charges are obtained by authorised representative and processed according to organisational and legislative requirements 3.5 Establish clear arrangements for clients to contact representatives at any time with concerns or queries


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

 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:
    • 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 as follows but please note that it is subject to change.

 

Week No.

Date Week Begins

Topic:

Reading and Course Workbook Tasks

1

4/7

Introduction to the course including:

  • Course requirements and support documents/resources
  • Course Blackboard access
  • Accuracy of enrolment
  • Assessment requirements/Cover Sheets
  • Reminder re Plagiarism/Appeals
  • Extensions/Resubmissions
  • Feedback in this course
  • Getting help

 

 

Part 1:   Operation of Insurance Markets 

 

Topic 1:

Professional Environment

Resources on Learning Hub

  • Presentations for each topic
  • Course Workbook – Financial Planning

 

Course Workbook

Life Insurance, Chapter 1,2, & 4

Financial Planning Advice, Chapter 8

 

Topic 1 - Professional Environment

Websites

Financial Services Resources

http://www.asic.gov.au/asic/asic.nsf/byheadline/Financial+services+resources?openDocument

Life Insurance Statistics

http://www.apra.gov.au/lifs/Publications/Pages/life-and-friendly-statistics.aspx

Other Resources

https://www.niba.com.au/html/what-is-an-insurance-broker.cfm

General Insurance Code of Practice

http://www.codeofpractice.com.au

2

11/7

Topic  2:

Nature of Risk

Topic 3:

Risk Management

Course Workbook

Life Insurance, Chapter 1 &2

Financial Planning Advice, Chapter 8

 

Topic  2 - Nature of Risk

Websites

http://www.insurancecouncil.com.au/

 http://www.rmaaustralia.org/

https://www.theinstitute.com.au/

Other Resources

http://www.business.gov.au/business-topics/tax-finance-insurance/insurance/Pages/default.aspx

Topic 3 - Risk Management

Websites

Insurance Risk Management

http://www.irmi.com/

Risk Management

http://www.business.vic.gov.au/operating-a-business/how-to-start/insurance

http://www-935.ibm.com/services/au/en/c-suite/cfo/cfo-risk-management-and-compliance.html?csr=apau_cs-20110317&cm=k&cr=google&ct=AU1AN07W&S_TACT=AU1AN07W&ck=risk_management_process&cmp=AU1AN&mkwid=skjmqMPiw-dc_13597247739_432z4y6234

Class Activity

Discuss the various ways that risk might be managed. Give examples to demonstrate your understanding.

3

18/7

Topic 4:

The second and third steps

 

 

 

 

Part 2:   The Demand for Life Insurance and Insurance Products 

 

Topic 1:

Life Insurance

Course Workbook

Life Insurance, Chapter 2

Financial Planning Advice, Chapter 8

 

Topic 4 - The second and third steps

 

Website

Two Insurance companies websites

http://www.amp.com.au/

http://www.onepath.com.au/personal/insurance/life-insurance.aspx

 

Course Workbook

Life Insurance, Chapter 2

Financial Planning Advice, Chapter 8

 

Topic 1 - Life Insurance

Website

insurance calculator

http://www.canstar.com.au/life-insurance

 

Other Resources

2014/15 CCH Australian Master Financial Planning Guide, Chapter 7

4

25/7

Topic 2:

Disability and Trauma insurance

 

Course Workbook

Life Insurance, Chapter 2

Financial Planning Advice, Chapter 8

 

Website

 

National Insurance Brokers

 

https://www.niba.com.au/html/why-choose- a-career- in-insurance.cfm

 

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

 

http://www.abc.net.au/health/consumerguides/stories/2003/05/08/1837334.htm

 

Task 1- Supervised Assessment

5

1/8

Topic 3:

 

Income protection and other insurances

 

Course Workbook

Life Insurance, Chapter 2

Financial Planning Advice, Chapter 8

 

Topic 3 - 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/insurance/life/buying-guides/income-protection-insurance

 

Health Insurance

 

https://www.humanservices.gov.au/?utm_id=9

Commission

6

8/8

Topic 4

General insurance

 

 

 

 

 

 

 

 

Part 3     Life Insurance Underwriting, Claims and Taxation

Topic 1

Underwriting

 

Topic 2:

 

Claims

 

Course Workbook

Life Insurance, Chapter 2

Financial Planning Advice, Chapter 8

 

Topic 4 - General insurance

Websites

Information on insurance for small business

 

http://www.smallbiz.nsw.gov.au/smallbusiness/Starting+in+Business/Insurance/Insurance+FAQ/

http://www.niba.com.au/html/24493.cfm

 

Information on general insurance

http://www.insurancecouncil.com.au/for-consumers/types- of-insurance

 

Course Workbook

Life Insurance, Chapter 3

Financial Planning Advice, Chapter 8

 

Topic 1 - Underwriting

Websites

http://www.lifewise.org.au/insurance-101/what-is-underwriting

http://www.investopedia.com/terms/i/insurance-underwriter.asp

Other Resources

http://www.theinstitutes.org/comet/programs/intro/assets/docs/IntroUW.pdf

Topic 2 - Claims

Websites

http://www.insurancecouncil.com.au/for-consumers/making-a-claim

Feedback on Assessment Task 1

 7

15/8

 

Topic 3:

Taxation on Insurance proceeds

 

 

Part 4 – The Insurance Regulatory Environment

 

 

 

 

 

 

 

 

Topic 1

The Insurance Regulatory Environment

 

 

Course Workbook

Life Insurance, Chapter 3

Financial Planning Advice, Chapter 8

 

Topic 3 - Taxation on Insurance proceeds

Websites

http://www.lifeinsurancefinder.com.au/life-insurance-tax-deductibility/

Other Resources

Insurance Bonds

http://www.moneymanagement.com.au/news/insurance-property/insurance-bonds-can-break-free-tax-rules

Class Activity

Are proceeds paid under a life insurance contract taxable and do they have to be reported as income?

Course Workbook

Life Insurance, Chapter 4

Financial Planning Advice, Chapter 8

 

Topic 1 -The Insurance Regulatory Environment

Websites

Financial Services Resources

http://www.asic.gov.au/asic/asic.nsf/byheadline/Financial+services+resources?openDocument 

Life Insurance Statistics

http://www.apra.gov.au/lifs/Publications/Pages/life-and-friendly-statistics.aspx

General Insurance Code of Practice

http://www.codeofpractice.com.au

Check – Point Assessment Task 2

8

22/8

Topic 2

Insurance Law

 

Topic 3

Insurance Codes and Complaints

 

Course Workbook

Life Insurance, Chapter 4

Financial Planning Advice, Chapter 8

 

Topic 2 - Insurance Law

Websites

http://www.aila.com.au/

http://www.insurancelaw.org.au/

Topic 3 - Insurance Codes and Complaints

 

Websites

http://australia.gov.au/topics/law-and-justice/complaints

https://www.moneysmart.gov.au/tools-and-resources/how-to-complain

http://www.codeofpractice.com.au/

Class Activity

Are financial planners professionals?

Provide your opinion on whether financial planners should be regarded as professionals or as industry practitioners.

Consider the role of legislation and requirements of the Financial Planning Association.

Mid-Semester Break 29/08/16 – 4/9/2016

9

5/9

Part 5 – Implement a Financial Plan

Topic 1

Presentation of Advice

 

Topic 2

Authority to proceed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Topic 3

Implementation Action Plan

 

Course Workbook

Manage Client Relationship, Chapter3 & 4

Financial Planning Advice, All chapters

 

Topic 1 - Presentation of Advice

 

Websites

http://www.onepath.com.au/business/financial-advice/what-to-expect.aspx

https://www.capinvest.com.au/services_financialplanning_ourprocess.aspx

http://fpa.com.au/about-financial-planning/how-it-works/

Class Activity

Your clients are a young couple with a mortgage and two children. They have questioned their need for insurance. What would you say relating to recommendation in the Statement of Advice to convince them that your analysis of their needs is accurate and that they should commit to your insurance plan?

Topic 2 - Authority to proceed

 

Websites

http://leishmans.snspreview8.com.au/wp-content/uploads/2015/01/Authority-to-Proceed.pdf

Topic 3 - Implementation Action Plan

Websites

http://www.truefinancialplanning.com/implementing-a-financial-plan/

Class Activity

George is an optimist. He believes his cash managed account will continue to earn 6% forever. Your assumption in the SOA is that cash will return 5.5%. What might you say to him to get him to accept the lower assumption?

Check – Point Assessment Task 2

10

12/9

Topic 4

Implementation Schedule

 

Course Workbook

Manage Client Relationship, Chapter 4 & 5

 

Topic 4 - Implementation Schedule

 

Websites

https://www.capinvest.com.au/services_financialplanning_ourprocess.aspx

Other Resources

Implement your financial plan checklist

 

Class Activity

A new client seems to be quite accepting of your recommendations until you reach the Implementation Schedule and they see all the work that has to be done. How would you work with them to gain their commitment to putting the plan in place?

11

19/9

Topic 5

Monitoring Implementation

 

 

 

 

 

 

 

 

Part 6 – Review Financial Plans and Service

Topic 1

Reviewing and Monitoring a Financial Plan

 

Course Workbook

Manage Client Relationship, Chapter 4 & 5

Financial Planning Advice, All chapters

 

Topic 5 - Monitoring Implementation

Websites

https://www.moneysmart.gov.au/media/460600/financial-advice-and-you.pdf

A new client seems to be quite accepting of your recommendations until you reach the Implementation Schedule and they see all the work that has to be done. How would you work with them to gain their commitment to putting the plan in place?

Course Workbook

Manage Client Relationship, Chapter 4 & 5

Financial Planning Advice, All chapters

 

Topic 1 - Reviewing and Monitoring a Financial Plan

 

 

Websites

http://www.infocus.com.au/about-us/our-financial-planning-process

Check – Point Assessment Task 2

12

26/9

Topic 2

Ongoing Service Packages

 

 

 

 

Topic 3

Why are Reviews important

 

Course Workbook

Manage Client Relationship, Chapter 4 & 5

 

 

Topic 2 - Ongoing Service Packages

 

Websites

http://www.nexiaem.com.au/capabilities/financial-planning/packages/

 http://bankvic.com.au/wealth-and-planning/reviews-and-ongoing-service

Topic 3 - Why are Reviews important

 

Websites

http://efsmackay.com.au/our-services/specialist/annual-review/

http://www.sandiegofeeonly.com/FinancialArticles/importanceofanannual.htm

Class Activity

When reviewing a client’s portfolio, what issues need to be considered?

Task 2- Simulated Workplace Project

13

3/10

Topic 4

The Review Process

 

 

 

 

 

 

 

 

 

 

 

Topic 5

Administration

 

Course Workbook

Manage Client Relationship, Chapter 4 & 5

Financial Planning Advice, All chapters

 

Topic 4 - The Review Process

 

Websites

http://www.planplus.com/media/Review-Process-Portrait.pdf

http://www.sixpencemedia.com.au/is-your-annual-review-process-about-you-or-your-clients/

Class Activity

 

Why are ongoing reviews so important?

Course Workbook

Manage Client Relationship, Chapter 4 & 5

Financial Planning Advice, Chapter 1

Overview of the Financial Services, Chapter 3

 

Topic 5 - Administration

14

10/10

Revision

 

 

 

Task 3- Supervised Assessment

15

17/10

Feedback and Re-assessment

Revision Activities

 

Feedback for Assessment Task 3

16

24/10

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 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.


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:

  • effectively discuss, negotiate and confirm arrangements for review of a financial plan and ongoing service with clients
  • develop ongoing service agreements for clients who:
    • comply with relevant legislation, regulations and industry codes of conduct
    • follow organisational procedures
  • review or supervise the review of financial plans, including assessment of:
    • outcomes against changing client needs
    • impacts of taxation, social security, economic and other government policy on client investment and financial requirements
  • maintain accurate documentation of records and data relating to implementation and review.

Knowledge Evidence

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

  • outline the key features of the financial planning industry, financial products, financial markets and investment characteristics
  • outline common fees and charges associated with ongoing services
  • compare and contrast:
    • financial forecasting techniques
    • methods of presenting financial data
  • describe the key features and discuss issues relating to:
    • government financial and superannuation policy
    • relevant corporations and consumer legislation
    • relevant financial legislation
    • industry codes of practice
  • identify and outline sources of information on financial products and markets
  • discuss strategies for the ongoing review and assessment of financial plans
  • outline the key requirements relating to documenting financial plans.

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 of Assessment

This course is co-delivered and co-assessed with the following competencies:

FNSFPL504 Implement Financial Plan

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 - Supervised Assessment (Due Date Week 4)

 

For this Assessment Task you are required to demonstrate your knowledge by completing an open book supervised assessment comprised of a series of multiple choice questions on the implementation of financial planning advice.

The assessment comprises 25 multiple-choice theory style questions. The purpose of this task is to assess your understanding of the concepts and issues included in the topics from weeks 1 to 3. The duration of the assessment is one hour. This assessment will take place during your normal scheduled class time.

 

Task 2 – Simulated Workplace Project (Due Date: Week 12)

 

For this Project you will assume that you are working as a financial adviser either in your own business or as part of a larger organisation. You will be presented with a case study and required to

 

a) discuss elements of the risk management process,

b) complete a risk analysis, identifying a client’s risk needs,

c) suggest strategies to mitigate against identified risks.

 

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.

The assessment will be available on Blackboard in Week 3 and your teacher will provide you with guidance. You will have the opportunity to seek advice from your teacher on a number of check points throughout the semester.

 

Task 3 – Supervised Assessment (Week 14)

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.

 

You must successfully complete all assessment tasks to achieve competency.


   


Assessment Matrix

 

 

Assessment Task

Grading

Due Date

Assessment Task 1 – Supervised assessment

Grading will be applied once you have been deemed competent in the course.

Week 4

Assessment Task 2 – Simulated Workplace Project

Grading will be applied once you have been deemed competent in the course

Week 12

Assessment Task 3 – Supervised assessment

Grading will be applied once you have been deemed competent in the course

Week 14

 

 

Assessment Tasks

FNSFPL504

Implement Financial Plan

FNSFPL505

Review Financial Plans and Service

FNSASICX503

Provide Advice in Life Insurance

Assessment Task 1 – Supervised assessment

 

 X

 

 

Assessment Task 2 – Simulated Workplace Project

 

 X

 

 X

 

X

Assessment Task 3 – Supervised assessment

 

X

 

 X

 

X

 

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 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