Course Title: Review financial plans and provide ongoing service

Part B: Course Detail

Teaching Period: Term2 2020

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 the Canvas learning management system and include your contribution to discussion threads, project portfolios, 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.

Remote Learning

This course will be delivered via our existing learning management system, Canvas.  This means that, for the foreseeable future, there will be no face-to-face classes in any of the units for which you are enrolled.

Classes in each of your units will still take place in their normal scheduled time-slots, but instead of being conducted in a face-to-face mode, your teachers will utilise the Collaborate Ultra platform to deliver ‘live’ online classes.  These classes delivered online will not only provide you with the required learning materials for those sessions, but they will also enable interactions with your teachers and fellow students via forums or discussion boards.

Teaching Schedule

The following courses are delivered together under the title Financial Planning Skills:

  • FNSFPL504/BAFI5215C Implement financial plan
  • FNSFPL505/BAFI5216C Review financial plans and provide ongoing service
  • FNSASICX503/BAFI5219C Provide advice in life insurance

(The following schedule is subject to change)


Course Schedule: Financial Planning Skills, Semester 2, 2020





Readings and Activities


Unit(s) of Competency

Week 1


Topic 1:

Professional Environment

Course Workbook

Life Insurance, Chapter 1,2, & 4

Powerpoint slides on Canvas 


Provide advice in life insurance

Week 2


Topic  2:

Nature of Risk

Course Workbook

Life Insurance, Chapter 1 &2

Power pointslides on Canvas 


Provide advice in life insurance

Week 3


Topic 3:

Risk Management

Course Workbook

Life Insurance, Chapter 2

Powerpoint Slides on Canvas 


Provide advice in life insurance

Week 4


Topic 4 

Life Insurance

Course Workbook

Life Insurance, Chapter 2


FNSFPL505 Review Financial  Plans and Services

FNSFPL504  Implement Financial Plan

Provide advice in life insurance

Week 5


Topic 5

Disability and Trauma insurance

Course Workbook

Life Insurance, Chapter 2 and 3

Website National Insurance Brokers 

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


Provide advice in life insurance

Week 6


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 

Choice on income protection 


Provide advice in life insurance

Week 7


Topic 6

The Demand for Life Insurance and Insurance Products 

Course Workbook

Life Insurance, Chapter 2 and 3

Website Two Insurance companies websites:




Provide advice in life insurance

Week 8


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


Provide advice in life insurance

Monday 1st-Friday 5th September 2020- Mid-Semester Break

Week 9


Topic 8

General insurance  


Assessment 1 - Portfolio of Activities due

Provide advice in life insurance

Week 10


Topic 9 -

Underwriting, Claims and Taxation within Personal Insurance 

Course Workbook Life Insurance, Chapter 3 and 4

Taxation on Insurance proceeds

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


Provide advice in life insurance

Week 11


The Insurance Regulatory Environment 

Life Insurance workbook, Chapter 4

The Insurance Regulatory Environment Websites Financial Services Resources 

Life Insurance Statistics 

General Insurance Code of Practice 


Provide advice in life insurance

Week 12


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

Course Workbook Manage Client Relationship, Chapter 3 & 4 Financial Planning Advice, All chapters


FNSFPL505 Review Financial  Plans and Services

FNSFPL504  Implement Financial Plan

Week 13


Implementation Schedule

Task 2 Due Friday 7th September 2020 

Assessment 2 - Workplace Project due

FNSFPL505 Review Financial  Plans and Services

FNSFPL504  Implement Financial Plan

Week 14


Review Financial Plans and ongoing Service

Manage Client Relationship, Chapter 4 & 5

Ongoing Service Packages Website 1

Ongoing Service Packages Website 2

Topic 3 - Why are Reviews important Websites


Blue Water Capital Management 


FNSFPL505 Review Financial  Plans and Services

FNSFPL504  Implement Financial Plan

FNSASICX503Provide advice in life insurance

Week 15


Assessment 3 - Final online assessment due

Week 16


Re submissions 




Week 17


Grade Entry






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's Learning Management System, Canvas. 

The online learning materials listed may include: 

  • Course outlines
  • Power point Presentations
  • 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


You will demonstrate competency by undertaking three assessments. You must successfully complete all assessments to be deemed competent in this unit.  

Assessment 1: Portfolio of Activities

Due: Sunday, 13/09/2020 (Week 9)

Summary and Purpose: 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:

a) Holistic vs Scaled advice
b) FOFA Reforms
c) Limitation in giving tax advice as a financial planner
d) Markets and advice in superannuation, investment and insurance 
e) Impact of the economy on investments and the stock market
f) Transferring risk and the benefit to the insurer

Assessment Instructions: Students are expected to complete this assessment task outside of class time. You must complete all prescribed tasks as outline in Canvas 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 2: Workplace Project

Due: Sunday, 11/10/2020 (Week 13)

Summary and Purpose: 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. 

Assessment Instructions: 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). Gianni and Davina

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.

Assessment 3: Online Assessment

Due: In class week 15

Summary and Purpose: For this Assessment Task you are required to demonstrate your knowledge by completing an open book online assessment comprised of a series of short answer questions. The purpose of this task is to assess your understanding of the concepts and issues included in the topics covered in this course.

Assessment Instructions: The assessment comprises six short answer questions. 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

  • 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 a footer with your name, student number, the title of the assessment, unit code and title and page numbers.

Resubmissions (VET Programs)

If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task 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.

Penalties for Late Submission 

Late submissions of assignments without special consideration or extension will automatically be considered a re-submission (see above).

Extensions, Special Consideration and Adjustment to Assessments


Extensions are available for unforeseen circumstances of a short-term nature.

An application form must be submitted to the school at least one working day before the due date of the assessment.

Extensions can be approved for a maximum of one week (seven calendar days) past the due date for an assessment. (Where students need an extension exceeding one week they must instead apply for special consideration.)

Special consideration:

Special consideration is available for unexpected circumstances outside students’ control. These include but are not limited to: unexpected short-term ill health, and unavoidable family, work, cultural or religious commitments.

An application for special consideration is made in advance of an assessment wherever possible but will normally be accepted within five working days after the assessment date

For more information, see the Special Consideration page of the RMIT website.

Adjustments to Assessment:

RMIT provides several adjustments to assessment for students experiencing ongoing or long-term circumstances. Find the right one for your circumstances here.

Changes to the Assessment Scheme

Where a change to assessment approved by the dean/head of school changes an assessment due date, students will be given at least five working days’ notice of the new due date.


You can expect to receive marks and feedback on in-course assessment work in time to improve your performance in related assessment tasks later in the course.

Academic Integrity and Misconduct

Students demonstrate academic integrity in their assessment practices by:

  • engaging with assessment activities in an honest way;
  • providing accountability for the authorship and originality of work submitted;
  • acknowledging the work of others and the re-use of original work.

Academic misconduct is addressed in accordance with the Student conduct policy

Assessment involving research with human participants, their information or their tissue, or animal subjects is carried out in accordance with the Staff ethics and integrity policy.

For further information see the Academic Integrity website.

Review and Appeal

A student may request a review of an assessment result or appeal a final course grade in accordance with the Conduct of assessment and appeals section of the Assessment Processes.

Grade Criteria

You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

The following grades are available for this course.

Vocational education grades:

CA - Competency Achieved

NYC - Not Yet Competent

DNS - Did Not Submit for assessment

Course Overview: Access Course Overview