Course Title: Review financial plans and provide ongoing service

Part B: Course Detail

Teaching Period: Term1 2015

Course Code: BAFI5188C

Course Title: Review financial plans and provide ongoing service

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

Name and Contact Details of All Other Relevant Staff

John Calabro

Nominal Hours: 40

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


Course Description

This unit describes the performance outcomes, skills and knowledge required to monitor the implementation and progress of financial plans and establish ongoing client service arrangements.

It encompasses discussing and confirming arrangements and procedures for ongoing service with clients, establishing procedures for providing ongoing service and undertaking or supervising review of a financial plan.

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:

FNSFPL505A Review financial plans and provide ongoing service


1. Discuss and confirm arrangements for ongoing service

Performance Criteria:

1.1. Ongoing service options are identified for the client and appropriate options recommended
1.2. The ongoing standard of service is proposed for the client including quality parameters, reporting frequency and arrangements for reviews and client initiated changes
1.3. Fees and charges for ongoing service are explained and confirmed to the client
1.4. An agreement for ongoing service is developed when agreement is reached


2. Establish procedures for providing ongoing service

Performance Criteria:

2.1. Personnel to implement each action in the ongoing service arrangements are identified and briefed
2.2. Internal and external documentation requirements are identified and followed
2.3. Key revision dates are diarised and client contact arrangements established
2.4. Monitoring procedures are established for critical timings and priorities and client objectives are periodically reviewed


3. Undertake and/or supervise review of financial plan

Performance Criteria:

3.1. Arrangements are established for reviewing the ongoing relevance and performance of the financial plan
3.2. Arrangements are made for reviewing quality of ongoing service with the authorised representative ensuring the quality of ongoing service meets organisation and regulatory requirements
3.3. Instructions are issued to internal and external personnel as per plan requirements with checks and follow-ups made on lodgement of documentation to ensure plan timings are met
3.4. Fees and charges are obtained by the authorised representative and processed according to organisation and legislative requirements
3.5. Clear arrangements are established for clients to contact representatives at any time with concerns or queries

Learning Outcomes

Details of Learning Activities

A range of learning activities are planned for thsi course including self-paced and collaborative classroom based activities including self paced and collaborative classroom based activities.

The self-paced activities through 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, opportunities to practice skills in a s simulated work environment

We expect you ro 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



Date                             Topic                                              Assessment      
 1  9 Feb 2015

Introduction to the Course including:
• Course requirements
• Course support documents Course Blackboard access
• Accuracy of enrolment
• Assessment requirements/cover sheets including RPF & credit
• Reminder re PLagiarism
• Reminder re Appeals
• Extensions and Resubmissions
• Feedback in the course
• Reminder re re submission requirements
• Getting help


Introduction to risk and insurance

 Workbook - Module 1 - Section on risk

16 Feb 2015


Types of Risk

3 23 Feb 2015  Risk strategies and personal insurance
4   2 March 2015  Australian Insurance Market/Law of insurance  

Task 2 - Case Study Handout distributed

5  10 March 2015




6   16 March 2015  Trauma/Income protection Task 1 - In Class Assessment - Due
7   23 March 2015



8 30 March 2015  Underwriting  
    Mid semester   2 – 8 April  
9  13 April 2015 Tax and Insurance
10   20 April 2015

Tax and Insurance

11   27 April 2015
 FOFA and Risk
12  4 May 2015
  FOFA and Risk

13 11 May 2015
  FOFA and Risk
 Task 2 - Case Study Due
14 18 May 2015
  Task 3
15 25 May 2015  Revision  
 16  1 Jun 2015  Student Feedback

 Task 3 - In Class Assessment -Due

 17  8 June Re-submissions if required and feedback of Assessments  

Learning Resources

Prescribed Texts

Students have access to RMIT’s Financial Planning Course Notes that will be utilised throughout the semester for class work and self study purposes. These can be downloaded from Blackboard.


Other Resources

Students have access to Blackboard which includes:

1- Online activities

2- Self-paced learning

3- Readings

4- Course material and external resources to access

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 codelivered with the following courses:

BAFI5192C Implement financial plan

BAFI5199C Provide advice in life insurance

ACCT5332C Advise  clients on financial risk

Critical aspects of assessment:

Evidence of the following is essential:

  • comply withrelevant legislation and regulations and industry codes of conduct and meet organisational operating practises
  • effectively discuss, negotiateand confirm arrangements for ongoing service with clients including undertaking or supervising review of a financial plan and assessing outcomes against changing needs of the client
  • use in-depth knowledge of the financial planning industry, industry regulations and codes of practice, financial products, financial markets and investment characteristics
  • assess impacts of taxation, social security, economic and other government policies on client investment and financial requirements
  • recognise and act promptly upon signs that modifications to the plan are required and gain client feedback on, and agreement to, modifications
  • develop ongoing service agreements for clients and maintain accurate documentation of records and data of implementation and review.

You are required to complete 3 tasks. You must successfully complete all 3 tasks to be deemed competent in this unit.

Task 1 - In Class Assessment (Due Date Week 6)

For this Assessment Task you are required to demonstrate your knowledge by completing an open book in class assessment comprised of a series of theoretical and practical questions including a mini case study. This assessment will take place during your normal scheduled class time.

Task 2 – Case Study (Due Date Week 13)

For this assessment task you are required to work in groups of two to three students. You will work together on a case study that addresses a number of areas of financial services. You will undertake research and develop strategies based on a case study covering topics covered in from week 1 to week 9.

This assessment is divided into two parts:

Part A

Your task is to take the role of a financial adviser and provide a client(s) with a report that addresses a number of items relevant to this course including the features of insurance policies, level of cover, insurance needs, types of premiums cover and funding insurance premiums.

Part B

Once you have completed the written assessment you will be required to demonstrate your adviser communication skills and present your recommendations, responses and research to a client in a role play.
You will be expected to clearly identify the part(s) of this assessment that you contributed.

TASK 3 - In Class Assessment (Due Date Week 16)

For this assessment task you need to undertake an open book in class assessment based on all material covered in this course (Weeks 1 -15).

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:
Form to use:

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:;ID=g43abm17hc9w
Form to use:

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:

More Information:;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