Course Title: Review financial plans and provide ongoing service
Part B: Course Detail
Teaching Period: Term2 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 Email:email@example.com
Name and Contact Details of All Other Relevant Staff
Nominal Hours: 40
Pre-requisites and Co-requisites
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
1.1. Implementation actions are established which are consistent with client needs and specifications
2. Establish procedures for providing ongoing service
2.1. Personnel to implement each action in the plan are identified and briefed
3. Undertake and/or supervise review of financial plan
3.1. Authorised representative ensures client has information on actions they must undertake and assistance is provided where needed
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 to participate and contribute in all scheduled learning activities.
Prior to training commencement a program level induction session will be conducted that comprises the following:
• Program overview and requirements
• 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
• Submission Requirements
• Resubmission policy
• Where to get support
• Student responsibilities
Students will be provided with feedback throughout the semester.
NOTE: The teaching schedule may be subject to change. Students will be advised via the Blackboard and student email of any changes.
|1||6 July 2015||
Introduction to the Course including:
Introduction to risk and insurance
|Workbook - Module 1 - Section on risk|
13 July 2015
Types of Risk
|3||20 July 2015||Risk strategies and personal insurance||
|4||27 July 2015||Australian Insurance Market/Law of insurance|
Preparation for Assessment task 1
Task 2 - Case Study Handout distributed
|5||3 August 2015||Intro to Life/ TPD|
Taxation of these types of policies
|Task 1 Assessment conducted in Class. This will be conducted in the first hour.|
|6||10 August 2015||Life/TPD Insurance Concluded|
|7||17 August 2015||
Trauma Insurance/ Income Protection
|8||24 August 2015||Underwriting|
|31 Aug - 6 Sept||Mid Semester Break|
|9||7 Sept. 2015||Tax and Insurance|
|10||14 Sept. 2015||
Product Knowledge - Life/TPD
|11||21 Sept.2015||Product Knowledge - Income Protection/ Trauma||Task 2- Case Study Due|
|12||28 Sept. 2015||
Insurance and strategies within the context of FP.
FOFA and Risk
|13||5 October 2015||Preparation for Assessment|
|14||12 October 2015||Industry Presenter|
Preparation for assessment
|15||19 October 2015||Task 3 - In class Assessment||Task 3 - In Class Assessment|
|16||26 October 2015||Re-submissions and feedback||
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.
Students have access to Blackboard which includes:
1- Online activities
2- Self-paced learning
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.
Co-delivered and Co-assessed Courses:
This course is codelivered and co-assessed with the following courses:
BAFI5199C Provide advice in life insurance
BAFI5192C Implement financial plan
ACCT5332C Advise clients on financial risk
Critical aspects of assessment:
Evidence of the following is essential:
- comply with relevant legislation and regulations and industry codes of conduct and meet organisational operating practises
- effectively discuss, negotiate and 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 Week 5)
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 11)
For this assessment task you are required to work in groups of two 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 (Knowledge Component) Students must be deemed competent in Part A before completing Part B
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 Presentation Skill Component
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. Progress will be monitored by using Google shared Drive. Students will allow the teacher access so this can be monitored.
TASK 3 - In Class Assessment (Due Date Week 15)
For this assessment task you need to undertake an open book in class assessment based on all material covered in this course (Weeks 1 -14).
Students will be provided with assessments that are linked to the elements of this unit of competency.
• 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:
More Information: 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