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:

  • Course requirements and support documents/resources
  • Course Blackboard access
  • Accuracy of enrolment
  • Assessment requirements/Cover Sheets
  • Reminder re Plagiarism/Appeals
  • Extensions/Resubmissions
  • Feedback in this course
  • Getting help

Resources on Learning Hub

  • Presentations
  • Course Workbook – Cluster 1 –

             Overview of the Financial                       Services

  • Course Workbook – Financial Planning
  • Course Workbook – Cluster 2 Managing Client Relationships

 

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:

 https://www.ato.gov.au/rates/individual-income-tax-rates/

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:

 https://www.ato.gov.au/rates/individual-income-tax-rates/

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