Course Title: Determine client requirements and expectations

Part B: Course Detail

Teaching Period: Term2 2012

Course Code: BAFI5187C

Course Title: Determine client requirements and expectations

School: 650T TAFE Business

Campus: City Campus

Program: C5261 - Diploma of Financial Planning

Course Contact : Michael Elliot

Course Contact Phone: +61 3 9925 5519

Course Contact

Name and Contact Details of All Other Relevant Staff

Nominal Hours: 60

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

There are no pre-requisites to this course but it is co-delivered with:

FNSFPL501A Comply w financial planning practice ethical & operational guidelines & regulations
FNSINC401A Apply principles of Professional Practice to work in Fin Services Industry
BSBITU402A Develop and use complex spreadsheets
FNSCUS505A Determine client requirements and expectations
FNSCUS506A Record and implement client instructions

Course Description

This course is aimed at informing the client of the financial planning process and obtaining formtheclient relevant financial details.

The outcome is to determine the expectations of the client for their financial future and prepare the approriate documentation required.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSFPL506A Determine client requirements and expectations


Determine client expectations and requirements with respect to financial planning service offered by the representative

Performance Criteria:

3.1. Client is encouraged to express and clarify their expectations from the financial planning process with any concerns identified and responded to promptly and appropriately
3.2. Client's income and investment needs, preferences and priorities are established
3.3. Risk issues and tolerance are explored comprehensively and ethically with the client
3.4. A determination is made that the service being sought is within the capability and authority of the authorised representative
3.5. A referral to another internal representative is made if service required by client is beyond scope of the representative
3.6.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 by the practice


Inform client of the financial planning process and services

Performance Criteria:

1.1. Financial planning process and role and any limits of authority of the representative are explained to the client
1.2. The licensees and principals of the organisation and services and capacity of the organisation, including any relationship to other financial services are explained to the client
1.3. Fees and charges are explained to the client and the client's understanding of these confirmed before proceeding with delivery of service
1.4. Clients with special needs are identified and appropriate action taken or referral made
1.5.Procedures for internal and external complaints handling and resolution are explained to the client


Obtain relevant information on client's existing financial situation

Performance Criteria:

2.1. Facts and information relevant to the client's particular service request are obtained and confirmed
2.2. Client's expectations, requirements and objectives are identified with clients encouraged to disclose relevant information to determine their personal/financial situation and any special needs
2.3. Relevant information on investments and assets held by the client and their current income, expenditure and liabilities situation are obtained
2.4. A summary analysis of client's financial position is developed based on extent of client disclosure and requirements
2.5.Risk and fraud indicators are identified accurately and consistently and all information is checked for consistency and potential conflict


Prepare and update necessary documentation where required

Performance Criteria:

4.1. All relevant client facts, information and financial/personal histories are documented, checked with the client and managed confidentially in accordance with company policy and guidelines and relevant legislation and industry codes of practice
4.2. Client records are created or updated when necessary
4.3.Client documentation, information and histories are filed in a format and location that is readily accessible

Learning Outcomes

Details of Learning Activities

Learning Activities will consist of classroom collaborative delivery of course notes and relevant exercises around student centred learning and research.

Teaching Schedule

Teaching Schedule
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.

Week Week Comm                                          Topics                                                                                              Assessment
    025th  June OrientationOverview
12nd JulyPre-training review:
Familiarisation with:
• Program
• Services/facilities
• Other students
• Teacher(s)
• Where to get support
• Student responsibilities
• Course requirements
• Course support documents
• Pre-reading
• Blackboard
• Overview of assessment requirements
• Grading
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
Financial Services Industry – Module 1- Chapter 1
Spreadsheet exercises
29thJulySpreadsheet exercises
Financial Services Industry – Module 1- Chapter 1
316th July
Financial Services Industry – Module 1- Chapter 2
423rd July Financial Services Industry – Module 1- Chapter 3
Assessment on Topics from weeks 1 and 2
Excel Activity Questions Grading (CA/NYC)
530th JulyStudent Study WeekNo Formal classes
66th Aug.Financial Services Industry – Module 1- Chapter 3
713th Aug Financial Services Industry – Module 1- Chapter 4 
820th Aug Financial Services Industry – Module 1- Chapter 4
Financial Services Industry – Manage Client Services- Chapter 1
93rd Sept. Financial Services Industry – Manage Client Services- Chapter 2 
1010th Sept. Financial Services Industry – Manage Client Services- Chapter 3 
1117th Sept. Financial Services Industry – Manage Client Services- Chapter 4


1224th Sept Financial Services Industry – Manage Client Services- Chapter 5
Introduction to Role Plays (This is outlining the assessment)
Final Role Play Assessment discussion
With teacher
131st Oct. Introduction to Role Plays (This is outlining the assessment)Final Role Play Assessment Practice
With teacher
148th Oct. Completion of role Plays and Final assessment review andDiscussion Continued as per above
1515th Oct.Assessment 3 – (CA/NYC)
(From Topics covered in Weeks 3 to Weeks 14) (CA/NYC)
1622nd Oct.  Re-submissions if required 
1729th Oct. Feedback 

Learning Resources

Prescribed Texts


Other Resources

Overview of Assessment

Assessment may incorporate a variety of methods including written tests, a group assignment and final assessment.

Tests are closed book and consist of multiple choice, practical exercises and short answer questions.

The group assignment requires students to research the role and function of a financial institution or a major contemporary issue relating to the financial system and of concern to consumers.

Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure the relevant competency standards are being met. Students will be provided with feedback throughout the course to check their progress.

Assessment Tasks

Assessment Tasks
You are required to complete the following tasks. You must successfully complete these tasks to be deemed competent in this unit.

A Role Play as a client/adviser assessment on risk management.

TASK 2 (Week 15) CA/NYC
A two hour open book assessment covering Topics covered in Weeks 3 to Weeks 14

Marking Guide (competency):
Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.

You need to demonstrate you are competent in each element of the unit of competency you are studying. You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading. Please refer to the Final Grades table below.

Marking Guide (Grading)
After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.
The grading is according to the following criteria:

You are required to demonstrate a high level of ability to complete all tasks independently as per the specifications as well as demonstrating a high level of initiative in your access of information required for the assessments tasks, accuracy and quality of information presented to the client and appropriate recommendation using the information you have access, analysed and presented.

You need to show a depth of understanding of the key concepts and knowledge of the financial products covered in the assessment tasks, including personal loans and overdrafts and general insurance products. Accuracy of all related interest rates, repayment calculations, fees and charges is essential.

Demonstration of appropriate use of technology to assist in presenting all tasks clearly and suitable for the intended audience. This requires use of bank and financial institution web sites to access financial data and demonstrate a capacity to use financial calculators to calculate repayments and credit limits.

You must complete all work requirements as per course requirements and timely submission of all required assessment tasks. You need to collate data and organize it in a presentable format that meets the requirements of the assessment tasks.

You are required to work in groups to complete assessment task 3. Communication skills and teamwork is required to collaboratively complete this task. Additionally you will need to network to collate financial data for personal loan products required in assessment task 2.

Final Grade 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

Assessment Matrix

Course Overview: Access Course Overview