Course Title: Review financial plans and provide ongoing service

Part B: Course Detail

Teaching Period: Term1 2017

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:

Name and Contact Details of All Other Relevant Staff

John Calabro

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


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


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


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


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 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

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 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.

Learning Resources

Prescribed Texts


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
  • 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:

  • 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 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 a 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.


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:

  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


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.





Assessment Matrix

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:

Form to use:

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:;ID=g43abm17hc9w

Form to use:

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:;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