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:michael.elliot@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

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

None.

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

Element:

1. Discuss and confirm arrangements for ongoing service
 

Performance Criteria:

1.1. Implementation actions are established which are consistent with client needs and specifications
1.2. Individual implementation actions including timing and priorities designed to maximise advantage to the client are established
1.3. Implementation actions are clearly identified and written agreement to actions from the client is obtained
1.4. Implementation diaries and other appropriate records are established and entered

Element:

2. Establish procedures for providing ongoing service

Performance Criteria:

2.1. Personnel to implement each action in the plan are identified and briefed
2.2. Internal and external documentation requirements are identified and followed and audit trails are established
2.3. Monitoring procedures are established for critical timings and priorities

Element:

3. Undertake and/or supervise review of financial plan

Performance Criteria:

3.1. Authorised representative ensures client has information on actions they must undertake and assistance is provided where needed
3.2. Authorised representative ensures instructions are issued to internal and external personnel as per plan requirements
3.3. Checks and follow-ups are made on lodgement of documentation to ensure plan timings are met
3.4. Authorised representative ensures fees and charges are obtained and processed according to organisation and legislative requirements
3.5. Client is debriefed and any concerns addressed promptly and effectively


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 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
 

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.

Week        Week Commencing                      Topic                                        Assessment      
 1 6 July 2015

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-submission requirements
  • Getting help

 Introduction to risk and insurance

 Workbook - Module 1 - Section on risk
2

13 July 2015

 Types of Risk

 
320 July 2015 Risk strategies and personal insurance
 
4  27 July 2015Australian Insurance Market/Law of insurance
Preparation for Assessment task 1
 

Task 2 - Case Study Handout distributed 
5 3 August 2015Intro 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
Taxation of these types of policies

 
824 August 2015 Underwriting 
  31 Aug - 6 Sept  Mid Semester Break 
9 7 Sept. 2015Tax and Insurance 
10  14 Sept. 2015

Product Knowledge - Life/TPD

 
11  21 Sept.2015Product Knowledge - Income Protection/ Trauma Task 2- Case Study Due
12 28 Sept. 2015

 

 Insurance and strategies within the context of FP.
FOFA and Risk
 
135 October 2015Preparation for Assessment 
1412 October 2015Industry Presenter
Preparation for assessment
 
1519 October 2015 Task 3 - In class Assessment Task 3 - In Class Assessment
 16 26 October 2015Re-submissions and feedback

 


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.


References


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 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).


Assessment Matrix

Students will be provided with assessments that are linked to the elements of this unit of competency.

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:

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