Course Title: Review financial plans and provide ongoing service

Part B: Course Detail

Teaching Period: Term2 2012

Course Code: BAFI5188C

Course Title: Review financial plans and provide ongoing service

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 Email:michael.elliot@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Nominal Hours: 40

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:
FNSASICX503A Provide advice in life insurance
FNSFPL504A Implement Financial Plan
BSBOHS303B Contribute to OHS hazard identification and risk management
FNSFMK503A Advise clients on financial risk

Course Description

This course considers once a financial plan is developed it must be discussed, confirmed and arranged with the client for its ongoing placement.  This course also considers the provision of ongoing service and plan review.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSFPL505A Review financial plans and provide ongoing service

Element:

Discuss and confirm arrangements for ongoing service

Performance Criteria:

1.1. Ongoing service options are identified for the client and appropriate options recommended
1.2. The ongoing standard of service is proposed for the client including quality parameters, reporting frequency and arrangements for reviews and client initiated changes
1.3. Fees and charges for ongoing service are explained and confirmed to the client
1.4.An agreement for ongoing service is developed when agreement is reached
 

Element:

Establish procedures for providing ongoing service

Performance Criteria:

2.1. Personnel to implement each action in the ongoing service arrangements are identified and briefed
2.2. Internal and external documentation requirements are identified and followed
2.3. Key revision dates are diarised and client contact arrangements established
2.4.Monitoring procedures are established for critical timings and priorities and client objectives are periodically reviewed
 

Element:

Undertake and/or supervise review of financial plan

Performance Criteria:

3.1. Arrangements are established for reviewing the ongoing relevance and performance of the financial plan
3.2. Arrangements are made for reviewing quality of ongoing service with the authorised representative ensuring the quality of ongoing service meets organisation and regulatory requirements
3.3. Instructions are issued to internal and external personnel as per plan requirements with checks and follow-ups made on lodgement of documentation to ensure plan timings are met
3.4. Fees and charges are obtained by the authorised representative and processed according to organisation and legislative requirements
3.5.Clear arrangements are established for clients to contact representatives at any time with concerns or queries
 


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 July Pre-training review:
• RPL /LLN
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
 
 
29thJulyChapter 1
Diploma of Financial Planning
Insurance Planning Module

 

 
316th July
 
Chapter 1
Diploma of Financial Planning
Insurance Planning Module
Assessment on Topics from weeks 1 and 2
 
 
Short Answer Questions Grading (CA/NYC)
423rd July Finalise Chapter 1
Diploma of Financial Planning
Insurance Planning Module
 
Assessment 1 feedback
 
530th July Student Study WeekNo Formal classes
66th Aug.Chapter 2
Diploma of Financial Planning
Insurance Planning Module

 

 
713th Aug Chapter 2
Diploma of Financial Planning
Insurance Planning Module

 

 
820th AugChapter 2
Diploma of Financial Planning
Insurance Planning Module
.
 
Assignment Handed out including discussion on assessment requirements
  Mid semester break (27th August to 31st August) 
93rd Sept. Chapter 3
Diploma of Financial Planning
Insurance Planning Module

 

 
1010th Sept. Chapter 3
Diploma of Financial Planning
Insurance Planning Module

 

 
1117th Sept. Finalise Chapter 3
Diploma of Financial Planning
Insurance Planning Module
.
 
Electronic Draft of assignment to be submitted to teacher in class
1224th SeptChapter 4
Diploma of Financial Planning
Insurance Planning Module
 
Final Assignment discussion
With teacher
 
131st Oct.Chapter 4
Diploma of Financial Planning
Insurance Planning Module
 
Final Assignment discussion
With teacher
 
148th Oct. Chapter 4
Diploma of Financial Planning
Insurance Planning Module
 
Continued as per above
Assignment due (CA/NYC)
 
1515th Oct. Assessment 3 – (CA/NYC)
(From Topics covered in Weeks 3 to Weeks 14)
 
 
1622nd Oct.Re-submissions if required 
1729th Oct.Feedback 


Learning Resources

Prescribed Texts


References


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 3 tasks. You must successfully complete all 3 tasks to be deemed competent in this unit.
TASK 1 ( Week 3)
This will consist of a multiple choice question and short answer assessment. CA/NYC
TASK 2 (Week 13) CA/NYC
An individual assignment requiring students to conduct research into risk management.
The above task will be presented in report format (approx. 300- 500 words per recommendation).

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

 

OTHER INFORMATION
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:

LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK
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.

DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING
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.

TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING
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.

WORK ORGANISATION, PLANNING AND SELF MANAGEMENT
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.

COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK
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