Course Title: Provide advice in superannuation

Part B: Course Detail

Teaching Period: Term1 2017

Course Code: BAFI5218C

Course Title: Provide advice in superannuation

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: 50

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 analyse client needs and provide advice ethically and professionally on superannuation in compliance with industry regulations and codes of practice. It addresses the training requirements of current Australian Securities and Investments Commission (ASIC) and Australian financial services (AFS) licensing at Tier 1 level.

It applies to individuals who use well-developed interpersonal skills and excellent communication and self-management skills to perform a specialist advisory role in superannuation.  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 ASIC for specific guidance on requirements.                                      

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSASICU503 Provide advice in superannuation


1. Establish relationship with client and identify client’s objectives, needs and financial situation

Performance Criteria:

1.1 Establish client's knowledge about financial products and services 1.2 Respond to enquiries about superannuation products and services by explaining range of products and services available and their relevant fee and charging methodology 1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct, including procedures for complaints handling and circumstances in which they should be engaged 1.4 Ask about client's objectives and goals and obtain personal, financial and business details to identify client needs 1.5 Establish product risk profile of client, including expectations of cash flow and relevant taxation obligations


2. Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions

Performance Criteria:

2.1 Undertake assessment of client needs using all information gathered, taking into account client's product expectations and specific needs 2.2 Consult client throughout analysis for further clarification where necessary 2.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required 2.4 Assess and confirm product risk profile of client, demonstrating ASIC identified generic and specialist knowledge relevant to products being offered 2.5 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client's needs 2.6 Conduct relevant research, analysis and product modelling and draft appropriate solution, plan, policy or transaction for presentation to client


3. Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction

Performance Criteria:

3.1 Apply appropriate knowledge for service or product offered when presenting product 3.2 Clearly and unambiguously explain proposed transaction to client 3.3 Reinforce all relevant details, terms and conditions of product and/or service 3.4 Disclose impacts and possible risks of solution in clear and concise manner 3.5 Provide supporting written documentation and guide client through key aspects of documentation 3.6 Discuss and clarify any concerns or issues client has regarding proposed plan, policy or transaction 3.7 Confirm that client understands proposed plan, policy or transaction


4. Agree to plan, policy or transaction and complete documentation

Performance Criteria:

4.1 Obtain client's formal agreement to proposed plan, policy or transaction 4.2 Clearly explain and confirm client understands all associated fees, cost structures and timeframes for execution and processing 4.3 Ensure that proposal and all other statutory and transactional documents are completed and signed off by client 4.4 Exchange copies of signed agreement and other appropriate documentation


5. Provide ongoing service where requested by client

Performance Criteria:

5.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client 5.2 Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details 5.3 Provide ongoing service as required

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

Induction Session

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.

Learning Resources

Prescribed Texts


Other Resources

 The online learning materials listed include:

  • Course outlines
  • Client files
  • Power point Presentations
  • Course Workbooks
  • Supporting Reading material
  • Industry relevant articles
  • Activities


Online learning materials can be accessed by going into the RMIT web sites Online Learning Hub.

Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

Evidence of the ability to:

  • interpret and comply with industry regulations and codes of practice
  • analyse client’s needs, financial situation and risk profile, and prepare appropriate strategies or solutions relating to superannuation
  • provide accurate and ethical advice on superannuation products and services
  • implement the plan, policy or transaction once agreed by the client and complete documentation accurately.

Knowledge Evidence

To complete the unit requirements safely and effectively, you must satisfy generic, core and specialist knowledge requirements relevant to the products and activities in which advice is given.

Generic knowledge     

  • analyse and provide an overview of the economic environment including:
    • characteristics and impact of economic and business cycles
    • interest rates and exchange rates
    • inflation
    • government monetary and fiscal policy
  • analyse and provide a detailed explanation of the operation of financial markets including:
    • roles played by intermediaries and issuers
    • structure and interrelationships within the financial markets
    • interrelationship between industry sectors
  • outline financial products, including:
    • concept of a financial product – general definition, and specific inclusions and exclusions
    • types of financial investment products
    • types of financial risk products.

Specialist knowledge 

  • outline the operation and management of the superannuation industry including:
    • characteristics and structure of a superannuation product
    • roles played by intermediaries and issuers
    • types of superannuation products
    • fee structures including administration and management costs
    • types of contribution
    • annuities and pensions, allocated pensions and income stream products
    • associated risks
    • trustees appointment, duties and responsibilities
    • structure of superannuation plans management and administration of superannuation products
    • preservation rules
    • investment strategies within superannuation funds including investment concepts and strategies
    • restrictions on investment strategies
    • outline taxation issues in relation to superannuation financial products and markets in which they operate covering:
    • impact on investment earnings
    • employer and employee contributions
    • benefit payments and expenses
    • tax deductions
    • capital gains tax treatment
    • roll-overs
    • reasonable benefit limits
    • superannuation surcharge
    • social security pension eligibility
    • retirement planning
    • death benefits
    • franking credits
  • discuss the legal environment including disclosure and compliance covering:
    • role of the representative or adviser
    • relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Superannuation Industry (Supervision) Act, Privacy Amendment (Private Sector) Act, Financial Services Reform Act (FSRA) and Competition and Consumer Act
    • relationship between ethics and regulatory requirements including good faith, utmost good faith, full disclosure of remuneration and fees and any other conflicts of interest which may influence the adviser’s recommendation
    • relevant industry standards and codes of conduct
    • regulators’ guidelines including ASIC Regulatory Guide (RG)146 requirements
    • complaints resolution procedures (external and internal)
    • trustee rules
    • explain theories of investment, portfolio management and management of investment and risk:
    • investment concepts
    • investment strategies
    • identification of types of risk
    • client risk profile
  • outline key requirements of the following:
    • Retirement Savings Account Act (RSA)
    • Superannuation Industry (Supervision) Act (SIS)
    • Superannuation Guarantee Act and other relevant legislation
    • Superannuation Contribution Tax (Assessment and Collection) Act.

 Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial services and products advice field of work and include access to:

  • office equipment, technology, software and consumables
  • superannuation product information. 

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:

FNSINC501 Conduct product research to support recommendations

FNSFPL502C Conduct financial planning analysis and research

Critical Aspects of assessment are described above in the performance evidence of 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 (3 12 week)

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 8. 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. superannuation tax policy
  2. regulatory framework for the superannuation system
  3. regulatory bodies codes of practice in superannuation
  4. role of professional associations and their influence to the superannuation industry
  5. impact of superannuation on the Australian economy
  6. impact of international and local markets on the superannuation fund holders in Australia
  7. key documents that a superannuation advisor needs to explain to the client in the initial interview
  8. operation of superannuation as a tax structure


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 Ltd and you will prepare a financial plan that includes superannuation advice for the simulated client you interviewed in Cluster 2. The financial plan that you will prepare must demonstrate that the level of risk matches their risk profile and demonstrate how the needs of the client have been met.

In the second part of the assessment you will be required to interview the client for the second time at the premises of Swanston Banking Group. You will need to continue building a good rapport with the client 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. 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.  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 superannuation, 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 Workplace Simulated Project requires you to complete three parts: Part 1, Part 2 and Part 3.

A number of Learning Audit Dates have been scheduled and you are expected to progress as per the set targets throughout their studies. 

You must successfully complete all assessment tasks to achieve competency.

Grading will be applied once you have been deemed competent for each competency.

Task 3 – Supervised Assessment (week 15)

For this Assessment Task you are required to demonstrate your knowledge of superannuation 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