Course Title: Review financial plans and provide ongoing service
Part B: Course Detail
Teaching Period: Term2 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: email@example.com
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
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
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
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
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
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.
The self-paced activities will be delivered thought various technology platforms and include your contribution to activities, discussion threads, reflective journals on industry updates, presentations, quizzes and interactive sessions.
The collaborative classroom based activities will include role plays, group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
You are expected to participate and contribute in all scheduled learning activities
Prior to training commencement a program level induction session will be conducted that comprises the following:
- Program overview and requirements
- Overview of assessment requirements
- Pre-Training Review including:
- Recognition of Prior Learning and Credit Transfers
- Assessment of current skills and knowledge
- Competency/Grading Criteria
- Submission requirements
- Resubmission policy
- Where to get support
- Student responsibilities
The Teaching Schedule for this course is attached to this document (Part B) but please note that it is subject to change.
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities including the self - paced activities in the workbooks.
Online learning materials can be accessed by going into the RMIT web sites Online Learning Hub.
The online learning materials listed include:
- Course outlines
- Client Files
- Power point Presentations
- Course Workbooks
- Supporting Reading material
- Industry relevant articles
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Evidence of the ability to:
- 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.
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 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.
This course is comprised of three competencies that are co-delivered and co-assessed (delivered and assessed together).
FNSFPL504 Implement financial plan
FNSFPL505 Review Financial Plans & Services
FNSASICX503 Provide Advice in Life Insurance
You will demonstrate competency by undertaking three assessments, a research and application assignment, workplace simulated project and 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. The assessments focus in enhancing your skills in providing advice in life insurance.
Critical Aspects of assessment are described above in the performance evidence for this course.
Task 1 - Research and Application Assignment (Week 6)
This assessment has been designed for you to further develop your knowledge and skills in the foundation areas of life insurance.
You are required to demonstrate your knowledge by completing a series of theory and problem solving questions in the operating environment of insurance.
The purpose of this assignment is to enhance your understanding and ability to apply the knowledge to practice in the following areas:
- holistic vs scaled advice
- FOFA Reforms
- limitation in giving tax advice as a financial planner
- markets and advice in superannuation, investment and insurance
- impact of the economy on investments and the stock market
- transferring risk and the benefit to the insurer
Task 2 - Workplace Simulated Project – Prepare and Deliver Financial Advice in Life Insurance (Week 13)
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).
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 file 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 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.
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 risk profile and develop appropriate strategies and solutions in the financial advice prepared and presented to the client.
The Workplace Simulated Project requires you to complete two parts: Part 1 and Part 2.
For the first part of the 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 client file which will include client details, background of their particular circumstances, a bank statement, pay slips and a superannuation statement. You will be required to analyse all of these documents in order to address the financial needs of the client.
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 expected to pair with a peer to presentation meeting the part of the client. You are to assume the role of the adviser while presenting the advice to the client. You will need to continue building a good rapport with the client from your previous meeting in Cluster 5 and present the financial plan that you drafted to them.
You will need to ensure that the client understands all the information provided particularly the concepts in reference to superannuation and retirement planning. The main aim of the second 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.
The main aim of the second part is for you to demonstrate your communication skills in delivering all the required information and present the plan you prepared in Part 1 to illustrate how it meets the particular financial needs of the client.
You need to record the presentation meeting using your smart phone or MP4 player and upload the video to Google drive and share it with your teacher. For your recording you are required to wear business attire and assume the role of a financial planner conducting a meeting with a client. You will be provided with time (Week 9-12) in the practice firm, “Swanston Banking Group Ltd. to record your presentation meeting with your peers.
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 superannuation, your communication skills in presenting that knowledge and your problem-solving skills in answering the questions posed in a live presentation meeting with the simulated client.
A number of Learning Audit Dates have been scheduled and you are expected to progress as per the set targets throughout their studies.
Task 3 – Supervised Assessment (week 15)
For this Assessment Task you are required to demonstrate your knowledge of all the topics covered in throughout the semester from weeks 1 – 13 by completing an open book in class supervised assessment. The assessment is comprised of a series of theoretical and practical questions including: short answer and mini case studies. You will only be permitted to bring a hard copy of the relevant workbook(s) and a calculator to the assessment.
The purpose of this task is to assess your understanding of the concepts and issues included in the topics covered throughout the semester with a focus on the requirements of RG146 specialist area in life insurance. This assessment will take place during your normal scheduled class time.
You must successfully complete all assessments, Task 1 – Research and Application Assignment Task 2 - Workplace Simulated Project and Task 3 - Supervised Assessment to be deemed competent.
Grading will be applied once you have been deemed competent for this competency.
• Ensure that you submit assessments on or before the due date.
• Always retain a copy of your assessment tasks. (hard copy and soft copy)
• When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on blackboard.
• Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Callie Harvey, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.
Late Submission Procedures
You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.
If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days. <check links are still current>
More Information: http://www.rmit.edu.au/students/assessment/extension
Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf
Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination. <check links are still current>
More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf
Resubmissions (VET Programs):
If you are found to be unsuccessful in a 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
Re-submissions do not contribute 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: <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