Course Title: Conduct complex financial planning research
Part B: Course Detail
Teaching Period: Term2 2016
Course Code: BAFI5220C
Course Title: Conduct complex financial planning research
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: 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
None
Course Description
This unit describes the skills and knowledge required to undertake research of a complex nature for use in the financial planning process. Research would involve plans for those with above average sums of money, with complex legal, regulatory or estate issues, or an above average range of products or plans for major clients.
It applies to experienced individuals who use specialised knowledge and techniques to source, evaluate and synthesise complex information to solve problems and support the planning process.
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: |
FNSFPL508 Conduct complex financial planning research |
Element: |
1. Evaluate client’s current situation and identify issues |
Performance Criteria: |
1.1 Undertake analysis of integrity of information provided by client 1.2 Ensure client objectives and expectations are identified, quantified and tested for viability by authorised representative 1.3 Establish basis for strategy development |
Element: |
2. Identify research requirements and parameters |
Performance Criteria: |
2.1 Establish aims and objectives of research, including strategy and product and performance parameters against client requirements and expectations 2.2 Clearly establish intended use of research information 2.3 Identify wide range of internal and external information resources 2.4 Identify information requirements not met by regular sources and develop strategies to access them legitimately 2.5 Establish timeframes and prioritise requests for information to ensure timelines are met |
Element: |
3. Extract and analyse information according to research requirements and parameters |
Performance Criteria: |
3.1 Establish data extraction criteria that are relevant to intended use and client requirements, and do not unduly limit scope of research 3.2 Identify trends to provide meaningful information on performance of possible strategies, products and markets 3.3 Undertake comprehensive risk assessment of products identified through research 3.4 Analyse strategies and financial products within appropriate timeframes to ensure currency of decision making 3.5 Prioritise information obtained according to client requirements and expectations 3.6 Identify issues that require specialist research or advice, and source and obtain appropriate advice |
Element: |
4. Summarise and present results of research |
Performance Criteria: |
4.1 Collate information on financial products and check against research specification 4.2 Prepare written performance, trend and risk analyses and check against research specification 4.3 Describe and document any qualifications or issues for further research 4.4 Present research findings to financial planner |
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: The Prospective Client
Topic 1: Client related issues |
Resources on Learning Hub
Course Workbook Manage Client Relationship, Chapters 1 & 2 Financial Planning Advice, Chapters 1 & 4
Topic 1 – Client related issues
Websites https://www.moneysmart.gov.au/investing/financial-advice (‘getting advice’) http://www.wealthfoundations.com.au/blog/ideal-financial-planning-client/ http://www.coredata.com.au/research/investor-sentiment-report/ (Investor sentiment research) http://partnerfinancialgroup.com.au/wp-content/uploads/Fact-Finder_Final1.pdf
Other Resources Activity Why might client perceptions of financial planners differ? |
2 |
11/7 |
Topic 2: Role of a financial planner |
Course Workbook Manage Client Relationship, Chapters 1 & 2 Financial Planning Advice, Chapters 1 & 4 Topic 2 – Role of a financial planner
Websites www.asic.gov.au(reasonable basis for advice rule sec. 945 of the Corporation Act, as has been interpreted principally in Practice Note 41. ASIC has provided guidance through PS175 on what they consider to be the personal circumstances) Planner needs to work in client’s best interest
Other Resources Review the Pre interview form (PDF) Activity What do you see as the key features displayed in the Figure provided(Figure 1)
|
3 |
18/7 |
Topic 3: Potential strategies |
Course Workbook
Manage Client Relationship, Chapters 1 & 2 Financial Planning Advice, Chapters 1, 2, 3 & 4
Topic 3 – Potential strategies
Websites www.dixon.com.au (Fact finders) www.finametrica.com (Risk profiling) https://www.myrisktolerance.com/home (Risk profiling) Other Resources Review the client needs analysis document – New Age Planners (PDF) Script following data collection (PDF) Activity As a financial planner, you see a prospective client who says all he wants you to do is recommend a portfolio of investments where he will put in $20 000 and use $50 000 in borrowed funds.
(a) What other issues might be vitally important but unknown to theclient? (b) Whatotherissuesshouldthefinancialplanner take into account? |
4 |
25/7 |
Topic 4: Relationship development
Work Simulated Project introduction in Class |
Course Workbook
Manage Client Relationship, Chapters 1 & 2 Topic 4 – Relationship development
Websites http://www.fsc.org.au/downloads/file/ConsumerInfoFactSheetsFile/FactSheet_Dollarsmart_toolkit.pdf (Dollarsmart: A financial toolkit for young Australians) Other Resources http://fpa.com.au/wp-content/uploads/2015/09/FPA_CodeofPractice_July2013.pdf Activity Which of the eight specific points listed in the FPA's Code of Ethics (Reading) are relevant when advertising or promoting a financial planner's service to the public? http://fpa.com.au/wp-content/uploads/2015/09/FPA_CodeofPractice_July2013.pdf
|
5 |
1/8 |
Part 2: Data Gathering Topic 1: Data Collection
|
Course Workbook Manage Client Relationship, Cht 1 & 2 Financial Planning Advice, Cht 1 & 4 Topic 1 – Data Collection
Websites www.dixon.com.au (Fact finders) www.finametrica.com (Risk profiling) Other Resources Activity
Task 1- In Class Supervised Assessment |
6 |
8/8 |
Topic 2:
Quantitative and qualitative data |
Course Workbook
Manage Client Relationship, Chapters 3 & 4 Financial Planning Advice, Chapters 1 & 2
Topic 2 – Quantitative and qualitative data
Websites
https://www.myrisktolerance.com/home (Risk profiling) Other Resources Review the client needs analysis document – New Age Planners (PDF) Script following data collection (PDF) Activity Make some notes about why you think a prospective client should not be given or senta client data sheet to complete at home. Case Study 1 – Client approach |
7 |
15/8 |
Part 3: Client Needs and Strategies
Topic 1 Analysis and Synthesis of data
|
Course Workbook Manage Client Relationship, Cht 2 & 3 Financial Planning Advice, All chapters
Topic 1 - Analysis and Synthesis of data
Website http://www.fsc.org.au/downloads/file/ConsumerInfoFactSheetsFile/FactSheet_Dollarsmart_toolkit.pdf (Dollarsmart: A financial toolkit for young Australians) http://www.accountcorp.com.au/files/docs/articles/financial%20planning%20checklist.pdf
Other Resources Case Study 2 – data collection |
8 |
22/8 |
Topic 2: Review complex material
|
Course Workbook Manage Client Relationship, Cht 2 & 3 Financial Planning Advice, All chapters Topic 2 - Review complex material Website http://fpa.com.au/about-financial-planning/how-it-works/(FPA financial planning process explanation) http://www.ipac.com.au/blog/financial-plan-and-saving-strategies/
Other Resources
Case Study 3 – Risk profiling Case Study 4 – client strategy Check – Point - Workplace Simulated Project Task 2 |
Mid-Semester Break 29/08/16 – 4/9/2016 | |||
9 |
5/9 |
Part 4 – Research Issues
Topic 1 Investment approach
|
Course Workbook Financial Planning Advice, All chapters Topic 1 – Investment approach Websites http://www.ibisworld.com.au/industry/independent-investment-research-services.html http://www.morningstar.com.au/Home http://www.beyond.lonsec.com.au/research-documents Other Resources Activity Over a three-year period Manager A and Manager B achieved the following results: Manager A1 : an average of 6.3 per cent return per annum Manager B1: an average of 10.2 per cent return per annum Both managers had claimed the same broad objectives as a number of other funds, which placed them all in the 'balanced' category. The average return for this category of balanced funds was 7.9 per cent per annum for the three-year period. Manager A1 concentrated on fixed interest investments while Manager B1 had a high allocation to equities.
|
10 |
12/9 |
Work Simulated Project in class |
Check – Point - Workplace Simulated Project Task 2
|
11 |
19/9 |
Topic 2 Product Research
|
Course Workbook Conduct Research Analysis Superannuation , All Chapters Financial Planning Advice, All chapters
Topic 2 – Product Research
Websites https://www.iress.com/au/solutions/financial-planning/ http://www.morningstar.com.au/Funds http://www.morningstar.com.au/Stocks Other Resources
Activity Financial planner Diana Jones is studying some product information provided by a fund manager. One of her colleagues comments, 'You can't expect to get any useful information out of a prospectus. The best advice you can give a client is to invest in a wide range of shares and stay in themarket'.
Will investing in a wide range of shares and. staying in the market satisfy the criteria of giving 'good' advice to a client or is there a place for using product information?
Check – Point - Workplace Simulated Project Task 2 |
12 |
26/9 |
Part 5 – Plan Preparation Topic 1 Plan preparation process
|
Course Workbook Manage Client Relationship, Chapters 3 & 4 Financial Planning Advice, All chapters Managed Investments, All chapters
Topic 1 – Plan preparation process
Websites https://www.vanguard.co.uk/documents/adv/literature/investor-risk-profiling.pdf http://www.ioof.com.au/_pdf-flyer/map/education_flyers_map/investing_flyers/basics_of_investing
Other Resources
Activity
Check – Point - Workplace Simulated Project Task 2 |
13 |
3/10 |
Topic 2 Selecting investments
|
Course Workbook Manage Client Relationship, Chapters 3 & 4 Financial Planning Advice, All chapters Managed Investments, All chapters
Topic 2 – Selecting investments
Websites http://www.ibisworld.com.au/industry/independent-investment-research-services.html http://www.morningstar.com.au/Home http://www.beyond.lonsec.com.au/research-documents Other Resources
Activity Discuss the implications of the following true cases of deficiencies in financial planning software:
|
14 |
10/10 |
Topic 3 Case study example to work through |
Course Workbook Manage Client Relationship, Chapters 3 & 4 Financial Planning Advice, All chapters Managed Investments, All chapters Topic 2 – Case study example to work through Case Study 5 - example to work through |
15 |
17/10 |
Revision
|
Task 2- Workplace Simulated Project Due
|
16 |
24/10 |
Feedback and Re-assessment |
Revision Activities
Feedback for Assessment Task 2 |
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:
- conduct and document research of a complex nature for use in the financial planning process that includes:
- testing and assessing the integrity of information
- specifying and justifying research objectives and strategy
- summarise and prioritise findings based on:
- assessing the impact of trends on product performance to interpret and assess available products and services and how they can be combined in a comprehensive portfolio
- assessing risks and benefits associated with using a range of products and services within a portfolio
- evaluate outcomes against client requirements to form recommendations that comply with company policy and procedures, industry codes of practice and relevant legislation.
Knowledge Evidence
To complete the unit requirements safely and effectively, you must:
- identify and outline the key features of a wide range of:
- financial products and services and their uses in portfolios
- relevant financial product information sources and research techniques
- identify and classify a wide range of available information sources and describe research strategies to obtain information not readily available
- describe the key features of:
- financial industry related Acts and regulations
- industry trends and latest research findings
- relevant legislative and code of practice requirements
- relevant organisational policy, objectives and guidelines
- identify and discuss the major risks and implications associated with financial products and services
- explain theories of investment, portfolio management and management of investment and risk
- describe issues relating to taxation and social security systems and regulations, and their effect on the specified financial products.
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
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 (Week 5)
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 multiple choice questions on client related issues
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 Capstone Project (Due Date: Week 15)
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 required to complete a capstone assignment designed to address your overall knowledge, skills and competencies. The capstone is split into two components
- Discussion of client issues, potential strategies and evaluation of progress
- Preparation of a comprehensive SOA para planning request form
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.
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 5 |
Assessment Task 2 – Simulated Workplace Capstone Project |
Grading will be applied once you have been deemed competent in the course |
Week 15 |
Assessment Tasks |
FNSFPL508 Conduct complex financial planning research |
Assessment Task 1 – Supervised assessment |
X |
Assessment Task 2 – Simulated Workplace Capstone Project |
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