Course Title: Determine client requirements and expectations

Part B: Course Detail

Teaching Period: Term1 2007

Course Code: MKTG9301C

Course ID: 039002

Course Title: Determine client requirements and expectations

School: 650T TAFE Business

Program Code: C5179 - Diploma of Financial Services

Course Contact : Clem Simonetto

Course Contact Phone: 61 3 9925 5426

Course Contact Email: clem.simonetto@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 function of determining a client’s financial requirements and expectations in regard to financial investment products. It will focus on the client service elements throughout the lifecycle of a financial plan. That is from the first meeting with the client to establish goals and needs, right through to the review stage.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSICCUS506A Determine client requirements and expectations

Element:

Determine client expectations and requirements with respect to financial markets advice

Performance Criteria:

1. Client is encouraged to express and clarify their requirements and expectations
2. Client concerns, if any are identified and responded to promptly and appropriately
3. Client's investment needs and preferences with respect to financial product selection or portfolio are determined
4. Specialist advice is sought where necessary or client is referred to appropriate personnel or organisation where required services are not available or cannot be provided
5. All information and facts provided by client is analysed and appropriate risk/reward and asset allocation strategy/strategies are determined in accordance with client requirements, company policies and guidelines and with relevant legislation or industry codes of practice

Element:

Develop an awareness of the client's situation

Performance Criteria:

1. Relevant facts and information are obtained courteously and professionally to determine client's situation prior to defining client's expectations, requirements and objectives
2. Clients are encouraged to disclose relevant information to determine their personal/financial situation and special needs
3. Summary analysis of client's financial position is developed based on extent of client disclosure
4. Client contact is categorised based on extent of client disclosure
5. Further advice is not offered or provided if client is categorised as requiring execution/settlement only action

Element:

Obtain relevant knowledge of client's financial position and risk profile

Performance Criteria:

1. Where relevant, client financial position is ascertained
2. Risk and fraud indicators are identified accurately and consistently

Element:

Prepare and update necessary documentation where required

Performance Criteria:

1. All relevant client facts, financial/personal histories and completed disclosure documents are completed and filed in accordance with company policy and guidelines and relevant legislation and regulatory requirements
2. Client records are created or updated where necessary
3. Client documentation, information and histories are filed in a format and location readily accessible to other advisers


Learning Outcomes


As per the performance elements above.


Overview of Learning Activities


Details of Learning Activities

In this course students will undertake a range of learning activities, which will include:
An initial introduction to topics and techniques via a lecture, tutorial-based discussion groups, role-plays to explore individual reactions to particular situations, a group project (case-study, tutorial exercises in order to develop competency including underpinning skills and knowledge.


Teaching Schedule

 Weekly Schedule 
Week beginningTopicsTutorial/class work
Week 1 – 12 FebCustomer Relations
Coordinate and implement customer service strategies
Rapport, Deliver and monitor a service to customers
Week 2 – 19 FebCustomer Relations
Coordinate and implement customer service strategies/managing clients
Coordinate and implement customer service strategies
Individual case study handed out to students
Week 3 – 26 FebManaging clientsManaging clients’ case-studies
Week 4 – 5 MarCompliance requirementsRequirements of FSR Act, ASIC
Week 5 – 12 MarCompliance requirements 
Week 6 – 19 MarIdentifying Needs and Collecting Data Data collection form
Financial needs
Week 7 – 26 MarIdentifying Needs and Collecting Data Financial needs
Short term/long term needs
Client risk profile
Week 8 – 2 AprilIdentifying Needs and Collecting Data Financial needs
Short term/long term needs
Client risk profile
 Mid Semester Break (Student Vacation) – 5th to 11th April
 
Week 8 – 9 AprilIdentifying Needs and Collecting Data Financial needs
Short term/long term needs
Client risk profile
Week 9 – 16 AprilIndividual case studyIndividual case study due (20%)
Week 10 – 23 AprilThe Financial Planning ProcessRole of financial planning
Group assignment handed out.
Week 11 – 30 AprilPresenting Your Proposal (The Financial Planning Process)Beginning the Consultation
Week 12 – 7 MayPresenting Your Proposal (The Financial Planning Process)Beginning the Consultation
Presenting Your Proposal
Week 13 – 14 MayOngoing Service and ReviewOngoing Service and Review

Week 14 – 21 MayOngoing Service and ReviewOngoing Service and Review
Week 15 – 28 MayGroup assignmentGroup assignment due (30%)
Week 16 – 4 JuneRevision 
Week 17 – 11 JuneClosed book test (50%) 
Week 18 – 18 JuneFeedback on assignment & assessment 

Overview of Learning Resources


Learning Resources

Prescribed Texts

There is no prescribed textbook for this course. Extensive course notes and materials in addition to lecture overheads and tutorial questions will be available on G:/BusTAFE/Banking&Finance/ Determine client requirement & expectations from the commencement of the course.


References

A number of publications from which you can obtain more details information on the topics covered in this course:

Beal , D. and McKeown, W., (2003) Personal Finance, Second edition

John Wiley and Son CCH (2002)

Australian Master Financial Panning Guide 2003/3, Fifth edition

CCH Australia (and subsequent annual editions)


Other Resources

In addition, ASIC, APRA and the Financial Planning Association’s web sites keep the most up to date information about changes in the financial services and financial planning industry. You should get into the habit of checking these web sites regularly. Students are also encouraged to read the financial section of the daily press for articles on the role of financial services regulatory bodies and issues relating to role of financial advisers.

Additional texts are available for general use from the Business library on level 5 of Building 108. A computer access laboratory is provided on level 3 and a library on level 5 of Building 108.



Overview of Assessment

Assessment will incorporate a variety of methods including tests, individual and group assignments.
Class tests will consisting of multiple choice questions, case studies and short answer questions. The group assignment will requires students to research a financial product (s) and relate that product to needs and expectations of a client and that client’s risk profile. It will be based on a client case study.

You will receive ongoing feedback on your progress in the course. Feedback on assessment will be given in a timely manner. You will be informed about how to improve your performance in the competency/course and what you need to do to be deemed competent or to gain a pass in the assessment.


Assessment Tasks

• An individual case study on the determination of client needs and expectations worth 20% of the assessment of the course.
• A group assignment worth 30% of the assessment of the course that researches a financial product (s) and relates that product to needs and expectations of a client and that client’s risk profile.
• A closed book test worth 50% of the assessment of the course. It will be held at the end of the course. It will assess the performance elements and underpinning skills and knowledge of the course.

The final mark is based on all assessment components. To receive a pass for this course a student must achieve 50% overall.

Course Overview: Access Course Overview