Course Title: Determine client requirements and expectations

Part B: Course Detail

Teaching Period: Term1 2015

Course Code: BAFI5187C

Course Title: Determine client requirements and expectations

School: 650T Vocational Business Education

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

Dario Bartolomeo 

E-mail - dario.bartolomeo@rmit.edu.au

Phone:  (03) 99255464

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

Induction Session


Prior to training commencement a program level induction session will be conducted that comprises the following:
• Program overview and requirements
• MyRMIT/Blackboard
• Overview of assessment requirements
• Pre-training Review including: Recognition of Prior Learning and Credit Transfers and Assessment of current skills and knowledge
• Competency/grading criteria
• Plagiarism
• Appeals
• Extentions
• Feedback
• Privacy
• Submission Requirements
• Resubmission policy
• Where to get support
• Student responsibilities
 

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.

 

<thead> <th scope="col">Week</th> <th scope="col">Week Commencing </th> <th scope="col"> Topics                                                                                                                      </th> <th scope="col">Assessment                                                                </th> </thead>
19th Feb Introduction to the Course including:
• Course requirements
• Course support documents Course Blackboard access
• Accuracy of enrolment
• Assessment requirements/cover sheets including RPF & credit
transfers
• Reminder re Plagiarism
• Reminder re Appeals
• Extensions and Resubmissions
• Feedback in the course
• Reminder re re submission requirements
• Getting help

 
 
2
 16th Feb

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

 23 Feb

Financial Services Industry – Module 1- Chapter 2

 
4 2 MarchFinancial Services Industry – Module 1- Chapter 2
 
 
59 March

Financial Services Industry – Module 1- Chapter 3

 
616 March
 
Financial Services Industry – Module 1- Chapter 3
continued
 

 

7 23 MarchFinancial Services Industry – Module 1- Chapter 4


8 30 MarchFinancial Services Industry – Module 1- Chapter 4

Financial Services Industry – Manage Client Services- Chapter 1

 

 Mid Semester Break Mid semester Break : 2 April - 8 April 
9 13 AprilFinancial Services Industry – Manage Client Services- Chapter 2Project 1 Due
10 20 AprilFinancial Services Industry – Manage Client Services- Chapter 3 
11 27 AprilFinancial Services Industry – Manage Client Services- Chapter 4 
12 4 MayFinancial Services Industry – Manage Client Services- Chapter 5 
13 11 MayFinancial Services Industry – Manage Client Services- Chapter 5

 

14 18 MayRevision

 
Project 2 Due

15 25 MayRe-submissions if required 
16 1 JuneFeedback 

Students will be provided with feedback throughout the semester.
 


Learning Resources

Prescribed Texts


References


Other Resources

Student materials will be placed on 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 and co-assessed courses:

This course is co-delivered and co-assessed 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

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 two tasks.

You must successfully complete all two tasks to be deemed competent in this unit.
 

TASK 1 - Project 1 date: End of week 9)

For this project you will assume you are working as a financial adviser either in your own business or as part of a larger organisation.
You will be required to produce a Financial Services Guide for a new staff member who is commencing work at your organisation in a financial role but who has little understanding of the industry. The Guide has 3 sections. All sections must be successfully completed to demonstrate competence in this part of the program.
 

TASK 2 - Project 2 (Due date: End of Week 14)

This project requires you to devise strategies and techniques to determine the financial situation and requirements of a simulated client to enable the development of an appropriate plan to meet their needs.
There are two parts to this project. Both parts must be successfully completed to demonstrate competency in this section of the program.
 


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