Course Title: Determine client requirements and expectations
Part B: Course Detail
Teaching Period: Term2 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
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 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: |
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 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: |
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 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: |
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 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
A range of learning activities are planned for this course including self-paced and collaborative classroom based activities. The self-paced activities will be delivered thought various technology platforms and include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.
The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
We expect you to participate and contribute in all scheduled learning activities.
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.
| 1 | 7th of 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 Financial Services Industry – Module 1- Chapter 1 Spreadsheet exercises |
|
| 2 | 14th of July | Spreadsheet exercises Financial Services Industry – Module 1- Chapter 1 |
Students are to obtain a copy of an (FSG) Financial Services Guide and a (PDS) Product Disclosure Statement. This will be a point of discussion for the adviser skills assessment |
| 3 | 21st of July | Financial Services Industry – Module 1- Chapter 2 | |
| 4 | 28th of July | Financial Services Industry – Module 1- Chapter 2 continued |
Task 1 - due Excel Activity Questions Grading (CA/NYC) |
| 5 | 4th of August | Financial Services Industry – Module 1- Chapter 3 |
|
| 6 | 11th of August | Financial Services Industry – Module 1- Chapter 3 continued |
Task 2 - due |
| 7 | 18th of August | Financial Services Industry – Module 1- Chapter 4 | Task 3 - In class Assessment |
| 8 | 25th of August | Financial Services Industry – Module 1- Chapter 4 Continued Financial Services Industry – Manage Client Services- Chapter 1 |
Final FSG/PDS Role Play Assessment Presentation Discussion |
| Mid Semester Break | Mid semester Break 1st Sept to 7th Sept. | ||
| 9 | 8th of September | Financial Services Industry – Manage Client Services- Chapter 2 | Task 4 - FSG/PDS Role Play Assessment |
| 10 | 15th of September | Financial Services Industry – Manage Client Services- Chapter 3 | Task 4 - FSG/PDS Role Play Assessment |
| 11 | 22nd of September | Financial Services Industry – Manage Client Services- Chapter 4 | |
| 12 | 29th of September | Financial Services Industry – Manage Client Services- Chapter 5 | Task 5 - Case Study Role Plays |
| 13 | 6th of October | Financial Services Industry – Manage Client Services- Chapter 5 | Task 5 - Case Study Role Plays |
| 14 | 13th of October | From Topics covered in Weeks 3 to Weeks 13 | Task 6 due - In class Assessment |
| 15 | 20th of October | Re-submissions if required | |
| 16 | 27th of October | Feedback | Feedback |
Learning Resources
Prescribed Texts
References
Other Resources
Other materials will be placed on the Blackboard and will be used when directed so by your teacher.
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
Co-delivered courses:
This course is co-delivered with the following courses:
BAFI5193C Comply with financial planning practice ethical and operational guidelines and regulations
MKTG6074C Determine client requirements and expectations
MKTG6076C Record and implement client instructions
COSC 5946C Develop and use complex spreadsheets
Critical aspects of assessment
Evidence of the following is essential:
- comply with relevant legislation and regulations and organisational operating polices and guidelines
- clearly inform clients of the financial planning process and services and obtain all relevant information on clients’ existing financial situation
- determine client expectations and requirements with respect to financial planning service offered by the representative
- identify risk and fraud indicators
- accurately record information and make summary analysis
- recognise authorities and assistance able to be offered by other advisers and organisations and determine where a referral to another adviser or organisation is appropriate.
You are required to complete 6 tasks.
You must successfully complete all 6 tasks to be deemed competent in this unit.
TASK 1 - Excel Activity (Due date: End of week 4)
For this assessment task you are required to review all the course materials for topics covered in weeks 1 and 2 and complete an Excel Activity.
Excel Activity Questions - Grading (CA/NYC)
TASK 2 - Excel Spreadsheets Assignment (Due date: End of Week 6 )
For this assessment task you are required to answer a series of questions using an excel spreadsheet.
Excel Spreadsheets Assignment - Grading (CA/NYC)
TASK 3 - In class Assessment Task (Due date: End of Week 7)
For this assessment task you will undertake an open book in class assessment requiring you to answer a series of questions in week 7 - during normal class time for the duration of one hour.
The in- class assessment will cover topics from the module financial services regulations
In class activity – Grading (CA/NYC)
TASK 4 - Role plays (Weeks 9 - 10)
For this assessment task you will participate in role plays to demonstrate your skills and knowledge in Financial Services Guide and Product Disclosure Statement
Role plays – Grading (CA/NYC)
TASK 5 - Case study role plays (Weeks 12 - 13)
For this assessment task you will participate in case study role plays to demonstrate your presentation skills and knowledge in analysing a case study and making appropriate strategic recommendations.
Case study role plays – Grading (CA/NYC)
TASK 6 In class Assessment Task (Due date: End of Week 14)
For this assessment task you will undertake an open book in class assessment requiring you to answer a series of questions in week 14, during normal class time for the duration of 2 hours. The topics that will be covered are: Module Financial Services Regulations and Manage client Services. All resources will be posted on Blackboard. The in- class assessment will cover topics from weeks 3 - 13.
In class activity – Grading (CA/NYC)
Assessment Matrix
Other Information
Submission Requirements
You should:
Ensure that you submit assessments on or before the due date.
Always retain a copy of your assessment tasks. (hard copy and soft copy)
When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on blackboard.
Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.
Late Submission Procedures
You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.
If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.
More Information: http://www.rmit.edu.au/students/assessment/extension
Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf
Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.
More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf
Resubmissions (VET Programs):
If you are found to be unsuccessful in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.
If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.
Adjustments to Assessment
In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website: http://rmit.edu.au/browse;ID=7usdbki1fjf31
Marking Guide (Competency):
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.
Marking Guide (Grading)
After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:
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
Further information regarding the application of the grading criteria will be provided by your teacher.
Course Overview: Access Course Overview