Course Title: Determine client requirements and expectations

Part B: Course Detail

Teaching Period: Term1 2013

Course Code: BAFI5187C

Course Title: Determine client requirements and expectations

School: 650T TAFE Business

Campus: City Campus

Program: C5317 - 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

Michael Elliot

+61 3 9925 5519

michael.elliot@rmit.edu.au

Building 80, Level 5

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

None

Course Description

This unit describes the performance outcomes, skills and knowledge required to determine client’s financial requirements and expectations. It encompasses informing the client of the financial planning process and service, obtaining relevant information on their existing financial situation and expectations with respect to financial planning service offered by the representative, and preparing and updating necessary documentation.


This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
 


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSFPL506A Determine client requirements and expectations

Element:

2. Obtain relevant information on client's existing financial situation
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
 

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
 

Element:

4. Prepare and update necessary documentation where required
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
 

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

 

Element:

1. Inform client of the financial planning process and services
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
 

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
 

Element:

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

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
 


Learning Outcomes



Details of Learning Activities

This unit is delivered using a blend of classroom based and self -paced learning activities.


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.
 
WeekWeek CommencingTopicsAssessments
111th FebPre-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
Financial Services Industry – Module 1- Chapter 1
Spreadsheet exercises
 
 
218th FebSpreadsheet exercises
Financial Services Industry – Module 1- Chapter 1
 
 
325th FebFinancial Services Industry – Module 1- Chapter 2Assessment on Topics from weeks 1 and 2
Excel Activity Questions Grading (CA/NYC)
 
44th MarchFinancial Services Industry – Module 1- Chapter 2
continued
 
 
511th MarchFinancial Services Industry – Module 1- Chapter 3 
618th MarchFinancial Services Industry – Module 1- Chapter 3
continued
 
 
725th MarchFinancial Services Industry – Module 1- Chapter 427th (Wednesday)last day of teaching before Easter break. Classes resume Thursday 4th of April
                                                                                                                                  Mid semester break (28th March to 3rd April)
88th AprilFinancial Services Industry – Module 1- Chapter 4
Continued
Financial Services Industry – Manage Client Services- Chapter 1
 
 
915th AprilFinancial Services Industry – Manage Client Services- Chapter 2 
1022nd AprilFinancial Services Industry – Manage Client Services- Chapter 3 
1129th AprilFinancial Services Industry – Manage Client Services- Chapter 4 
126th MayFinancial Services Industry – Manage Client Services- Chapter 5
Introduction to Role Plays (This is outlining the assessment)
 
Final Role Play Assessment discussion
With teacher
 
1313th MayIntroduction to Role Plays (This is outlining the assessment)Final Role Play Assessment Practice
With teacher
 
1420th MayCompletion of role Plays and Final assessment review and DiscussionContinued as per above
(CA/NYC)
 
1527th MayAssessment 3 – (CA/NYC)
(From Topics covered in Weeks 3 to Weeks 14)
 
(CA/NYC)
163rd JuneRe-submissions if required 
1710th JuneFeedback 


Learning Resources

Prescribed Texts


References


Other Resources


Overview of Assessment

Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.
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. You 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 this tasks to be deemed competent in this unit.
TASK 1 CA/NYC
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
 


Assessment Matrix

Course Overview: Access Course Overview