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
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 |
Performance Criteria: |
1.1. Financial planning process and role and any limits of authority of the representative are explained to the client
|
Element: |
3. 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 |
Element: |
2. 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 |
Element: |
4. 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 |
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. | |||
| Week | Week Commencing | Topics | Assessments |
| 1 | 10th February | 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 Financial Services Industry – Module 1- Chapter 1 Spreadsheet exercises |
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| 2 | 17th February | Spreadsheet exercises Financial Services Industry – Module 1- Chapter 1 |
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| 3 | 24th February | Financial Services Industry – Module 1- Chapter 2 | Assessment on Topics from weeks 1 and 2 Excel Activity Questions (CA/NYC) |
| 4 | 3rd March | Financial Services Industry – Module 1- Chapter 2 continued |
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| 5 | 10th March | Financial Services Industry – Module 1- Chapter 3 | |
| 6 | 17th March | Financial Services Industry – Module 1- Chapter 3 continued |
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| 7 | 24th March | Financial Services Industry – Module 1- Chapter 4 | |
| 8 | 31st March | Financial Services Industry – Module 1- Chapter 4 Continued Financial Services Industry – Manage Client Services- Chapter 1 |
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| 9 | 7th April | Continued Financial Services Industry – Manage Client Services- Chapter 1 |
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| 10 | 14th April | Financial Services Industry – Manage Client Services- Chapter 2 | 18th Good Friday Public Holiday |
| 21st April | Mid semester break (18th to 27th April.) | ||
| 11 | 28th April | Financial Services Industry – Manage Client Services- Chapter 3 | |
| 12 | 5th May. | Financial Services Industry – Manage Client Services- Chapter 4 | |
| 13 | 12th 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 |
| 14 | 19th May. | Completion of role Plays and Final assessment review and Discussion | Final Role Play Assessment Practice With teacher |
| 15 | 26th May. | Assessment 3 – (CA/NYC) (From Topics covered in Weeks 3 to Weeks 12) |
Continued as per above (CA/NYC) |
| 16 | 2nd June | Re-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