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:
Part 1: Operation of Insurance Markets
Topic 1: Professional Environment |
Resources on Learning Hub
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 |
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/ 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 Risk Management http://www.business.vic.gov.au/operating-a-business/how-to-start/insurance 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.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.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