Course Title: Determine client requirements and expectations
Part B: Course Detail
Teaching Period: Term2 2016
Course Code: MKTG7918C
Course Title: Determine client requirements and expectations
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: 70
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 establish a client’s financial requirements and expectations in regard to financial investment products, and includes quotations, claims and requests for service or amendments.
It applies to individuals who may provide leadership, guidance and responsibility for work outcomes.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSCUS505 Determine client requirements and expectations |
Element: |
1. Develop awareness of clients’ situation |
Performance Criteria: |
1.1 Obtain relevant facts and information courteously and professionally to determine clients' situation prior to defining their expectations, requirements and objectives 1.2 Encourage clients to disclose relevant information to determine their personal and financial situation and special needs 1.3 Develop summary analysis of clients' financial position and determine their contact category based on extent of client disclosure 1.4 Determine if clients require execution or settlement only action and, if that is the case, do not offer or provide further advice |
Element: |
2. Obtain relevant knowledge of clients’ financial position and risk profile |
Performance Criteria: |
2.1 Ascertain client s' financial position where relevant 2.2 Identify risk and fraud indicators accurately and consistently |
Element: |
3. Determine client expectations and requirements with respect to financial markets advice |
Performance Criteria: |
3.1 Encourage clients to express and clarify their requirements, expectations and concerns, and respond promptly and appropriately to any identified concerns 3.2 Determine clients' investment needs and preferences with respect to financial product selection or portfolio 3.3 Obtain specialist advice where necessary or refer clients to appropriate personnel or organisation if required services are not available or cannot be provided 3.4 Analyse all information and facts provided by clients and determine appropriate risk or reward and asset allocation strategies in accordance with client requirements, organisational policy and guidelines, and relevant legislation or industry codes of practice |
Element: |
4. Prepare and update necessary documentation |
Performance Criteria: |
4.1 Complete all relevant client facts, financial and personal histories and disclosure documents, and file in accordance with organisational policy and guidelines and relevant legislation and regulatory requirements 4.2 Create or update client records where necessary, and file client documentation and information in a format and location readily accessible to other advisers |
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
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 as follows but please note that it is subject to change.
Week No. |
Date Week Begins |
Topic: |
Activities and tasks |
1 |
04/07/16 |
Introduction to the course including:
|
Resources on Learning Hub
Overview of the Financial Services
Topic 1 – Establish the client relationship
Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning
Course Workbook – Managing Client Relationships Chapter 1 - Building Rapport Chapter 2 – Beginning the consultation |
2 |
11/07/16 |
Establish the Client Relationship: Part 1 - Overview – Keys to Successful Financial Advising, Part 2 -The Client’s Perspective Self –paced activities (Power points and Workbooks) |
Topic 1 – Establish the client relationship
Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning
Course Workbook – Managing Client Relationships Chapter 1 - Building Rapport Chapter 2 – Beginning the consultation |
3 |
18/07/16 |
Establish the Client Relationship: Part 3 – Financial Planning Process, Part 4 – Step one – Data Gathering, Self –paced activities (Power points and Workbooks) |
Topic 1 – Establish the client relationship
Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning
Course Workbook – Managing Client Relationships Chapter 1 - Building Rapport Chapter 2 – Beginning the consultation
|
4 |
25/07/16 |
Establish the Client Relationship: Part 5 – Concluding the Data Gathering Interview Self –paced activities (Power points and Workbooks)
|
Topic 1 – Establish the client relationship
Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning
Course Workbook – Managing Client Relationships Chapter 1 - Building Rapport Chapter 2 – Beginning the consultation
Task 1- Supervised Assessment |
5 |
01/08/16 |
Identify Client Objectives: Part 1 – Introduction - Identify Client Objectives, Part 2 - Identify Client Objectives, Part 3 – Client Risk Profiles Self –paced activities (Power points and Workbooks) |
Topic 2 – Identify Client Objectives
Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning
Course Workbook – Managing Client Relationships Chapter 3 - Identifying Needs and Collecting Data
Additional resources Risk Profile Questionnaire |
6 |
8/08/16 |
Cash Flow and Debt: Part 1 – Cash Flow – Introduction, Part 2 - Preparing Cash Flow Statements Self –paced activities (Power points and Workbooks) |
Topic 3 - Cash Flow and Debt
Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning Chapter 5 – Direct Investments
Web pages: https://www.moneysmart.gov.au/borrowing-and-credit/consumer-credit-regulation |
7 |
15/08/16 |
Cash Flow and Debt: Debt – Introduction, Part 4 - Use of Debt, Part 5 - Using debt to fund investment Self –paced activities (Power points and Workbooks) |
Topic 3 - Cash Flow and Debt
Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning Chapter 5 – Direct Investments Web pages: https://www.moneysmart.gov.au/borrowing-and-credit/consumer-credit-regulation
Task 2 – Check Point |
Mid-Semester Break 29/08/16 – 4/9/2016 | |||
8 |
22/08/16 |
Wealth Creation: Part 1 – Introduction - Risk Management, Part 2 - Risk, Return and Diversification, Part 3 - Asset Allocation and Risk Tolerance Self –paced activities (Power points and Workbooks) |
Topic 4 - Wealth Creation
Course Workbook – Financial Planning Chapter 2 – Analysing the Risk and Return of Investment Chapter 4 – Investment Planning Process
Additional resources Risk Profile Questionnaire |
9 |
5/09/16 |
Wealth Creation: Part 4 - Compound Interest and the Time Value of Money (Future value), Part 5 - Compound Interest and the Time Value of Money (present value), Part 6 - Multiple Cash Flows and Annuities, Part 7 – Other Wealth Creation Concepts Self –paced activities (Power points and Workbooks) |
Topic 4 - Wealth Creation
Course Workbook – Financial Planning Chapter 2 – Analysing the Risk and Return of Investment Chapter 4 – Investment Planning Process
Additional resources Risk Profile Questionnaire
Task 2 – Check Point |
10 |
12/09/16 |
Personal Taxation: Part 1- Introduction – Taxation, Part 2 - Personal Exertion Income, Part 3 – Deductions and Tax Offsets, Part 4 – Other Taxes and Concepts Self –paced activities (Power points and Workbooks) |
Topic 5 – Personal Taxation
Course Workbook – Managing Client Relationships Chapter 1 - Building Rapport
Course Workbook – Financial Planning Chapter 4 – Investment Planning Process
Web pages: |
11 |
19/09/16 |
Personal Taxation: Part 1- Introduction – Taxation, Part 2 - Personal Exertion Income, Part 3 – Deductions and Tax Offsets, Part 4 – Other Taxes and Concepts Self –paced activities (Power points and Workbooks) |
Topic 5 – Personal Taxation Course Workbook – Overview of the Financial Services Chapter 4 – Taxation and the Financial Services Industry
Web pages: https://www.ato.gov.au/rates/individual-income-tax-rates/
Task 2 – Check Point |
12 |
26/09/16 |
Personal Taxation: Part 5 - Capital Gains Tax (CGT), Part 6 - Entities and Effective Structures, Part 7 - Tax Administration, Part 8 – Tax Strategies Self –paced activities (Power points and Workbooks) |
Topic 5 – Personal Taxation Course Workbook – Overview of the Financial Services Chapter 4 – Taxation and the Financial Services Industry
Web pages: |
13 |
03/10/16 |
Personal Taxation: Part 5 - Capital Gains Tax (CGT), Part 6 - Entities and Effective Structures, Part 7 - Tax Administration, Part 8 – Tax Strategies Self –paced activities (Power points and Workbooks) |
Topic 5 – Personal Taxation Course Workbook – Overview of the Financial Services Chapter 4 – Taxation and the Financial Services Industry
Web pages: https://www.ato.gov.au/rates/individual-income-tax-rates/
Task 2- Simulated Workplace Project |
14 |
10/10/16 |
Student Feedback on Assessment 3 Review and Revision Self –paced activities |
Revision – Course Workbooks Summaries |
15 |
17/10/16 |
Review and Revision Self –paced activities Student Feedback on Assessment 2 |
Revision – Course Workbook Summaries Task 3 – Supervised Assessment |
16 |
24/10/16 |
Resubmissions and Reassessments |
Revision – Course Workbook Summaries |
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 it also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
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:
- obtain comprehensive information about clients to establish an overview of their financial situation and analyse to determine risk profile
- build rapport with clients to determine their expectations and requirements with respect to financial product or portfolio advice
- accurately prepare documentation and update client records according to organisational procedures and legislative requirements.
Knowledge Evidence
To complete the unit requirements safely and effectively, you must:
- outline key requirements of relevant legislation and industry codes of practice relating to working with clients in financial services
- describe the types of information used to determine the client’s financial situation and expectations
- explain the principles of financial product sales techniques
- explain key features of organisational policy and procedures for dealing with clients and recording information
- describe the characteristics of quality client service techniques and tools.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the customer service field of work and include access to:
- common office equipment
- an integrated client contact and information system and data
- financial services 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
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:
FNSFPL506 Determine client financial requirements and expectations
FNSCUS506 Record and implement client instructions
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 4)
For this Assessment Task you are required to demonstrate your knowledge by completing and open book in class supervised assessment comprised of a series of multiple choice on establishing Client Relationships.
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 covered in weeks 2 and 3. The duration of the assessment is one hour.
This assessment will take place during your normal scheduled class time.
Task 2 – Simulated Workplace Project (Due date: Week 13)
The assessment will be in the form of a written presentation.
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.
TASK 3 - Supervised Assessment (Week 15)
For this Assessment Task you are required to demonstrate your knowledge by completing a 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 course. This assessment will take place during your normal scheduled class time.
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 4 |
Assessment Task 2 – Simulated Workplace Project |
Grading will be applied once you have been deemed competent in the course. |
Week 13 |
Assessment Task 3 – Supervised assessment |
Grading will be applied once you have been deemed competent in the course. |
Week 15 |
Assessment Tasks |
FNSFPL506 - Determine client financial requirements and expectations |
FNSCUS505 - Determine client requirements and expectations |
FNSCUS506 - Record and implement client instructions |
Assessment Task 1 – Supervised assessment |
|
X |
X |
Assessment Task 2 – Simulated Workplace Project |
X |
X |
X |
Assessment Task 3 – Supervised assessment |
X |
X |
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