Course Title: Determine client requirements and expectations

Part B: Course Detail

Teaching Period: Term1 2014

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:

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

 

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

 


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
110th FebruaryPre-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
 
 
217th FebruarySpreadsheet exercises
Financial Services Industry – Module 1- Chapter 1
 
 
324th FebruaryFinancial Services Industry – Module 1- Chapter 2Assessment on Topics from weeks 1 and 2
Excel Activity Questions  (CA/NYC)
 
43rd MarchFinancial Services Industry – Module 1- Chapter 2
continued
 
 
510th MarchFinancial Services Industry – Module 1- Chapter 3 
617th MarchFinancial Services Industry – Module 1- Chapter 3
continued
 
 
724th MarchFinancial Services Industry – Module 1- Chapter 4 
831st MarchFinancial Services Industry – Module 1- Chapter 4
Continued
Financial Services Industry – Manage Client Services- Chapter 1
 
 
97th AprilContinued
Financial Services Industry – Manage Client Services- Chapter 1
 
 
1014th AprilFinancial Services Industry – Manage Client Services- Chapter 218th Good Friday Public Holiday
 21st April                             Mid semester break (18th to 27th April.) 
1128th AprilFinancial Services Industry – Manage Client Services- Chapter 3 
125th May.Financial Services Industry – Manage Client Services- Chapter 4 
1312th May

Financial Services Industry – Manage Client Services- Chapter 5

Introduction to Role Plays (This is outlining the assessment)

Final Role Play Assessment discussion
With teacher
 
1419th May.Completion of role Plays and Final assessment review and DiscussionFinal Role Play Assessment Practice
With teacher
 
1526th May.Assessment 3 – (CA/NYC)
(From Topics covered in Weeks 3 to Weeks 12)
 
Continued as per above
(CA/NYC)
 
162nd JuneRe-submissions if required(CA/NYC)


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

Excel Activity Questions (CA/NYC)

TASK 2 CA/NYC
A Role Play as a client/adviser assessment on risk management.

TASK 3 (Week 15) CA/NYC
A two hour open book assessment covering Topics covered in Weeks 3 to Weeks 12 

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:

1. LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK
We are looking for 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 approach to job roles such as a actuaries, intermediaries, managers or supervisors, marketing and sales personnel, underwriters and other relevant organisational personnel. Have the ability to confirm to work requirements, using questioning and active listening as required, liaise with others, share information, listen and understand and use language and concepts appropriate to cultural differences.

2. DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING
We are looking for depth of understanding of the key concepts and knowledge required in accessing and managing financial services information, accessing financial product and services information and interpreting documentation. We are also looking at literacy skills to read, write, edit and proofread documents to ensure clarity of meaning, accuracy and consistency of information. Students should have knowledge of the basis of actuarial analysis and decisions, risk assessment policies and procedural guidelines, underwriting policies and procedures, geographic and demographic data, insurance products, premiums, extent of insurance coverage and other conditions of the insurance contract, investment product information, data and trends. Students should also have an understanding about insurance for accidental damage, burglary/theft, business interruption, defined events, employee fraud, environment and pollution, fire and perils, general and products liability, personal accident and illness, professional indemnity, public liability, directors and officers. Students should understand about, reinsurance, the relationship between underwriting and rate making, relevant legislation, regulatory guidelines and industry sector compliance requirements, such as the Insurance Contracts Act, Privacy Act, Trade Practices and Corporations Act. Knowledge of the risk analysis/prevention methods and application and type of risk and probability of likely occurrence.

3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING
We are looking for appropriate use of technology to assist in presenting all tasks clearly and suitable for the intended audience. You also need to show an understanding of the kinds of problems that can arise in managing client services or reporting and to develop options to resolve these issues when they arise. We also want you to interpret and apply organisation policy and procedures. Apply knowledge and skills in the area of risk identification and assessment. How compliance with legislation and regulations and industry codes of practice in monitoring, analysing and determining risk ratings is determined.

4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT
We expect to see ongoing uploading of information that is relevant to the unit, full utilisation of Blackboard as per course requirements and timely submission of all required assessment tasks. Teamwork skills
problem solving skills to identify any issues that have the potential to impact on organisational skills, including the ability to plan and sequence work. Self-management skills for complying with ethical, legal and procedural requirements.

5. COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK
We expect to see contributions to relevant discussions and scheduled classroom sessions. In addition your tasks should demonstrate a very good understanding of strategies for well-developed literacy skills for analysing information on client needs and preparing clear written advice, plans and reports. This includes research skills such as: accessing and managing information, interpreting documentation and coordinating tasks.

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


Assessment Matrix

Course Overview: Access Course Overview