Course Title: Provide advice in Financial Planning

Part B: Course Detail

Teaching Period: Term1 2014

Course Code: BAFI5189C

Course Title: Provide advice in Financial Planning

School: 650T TAFE Business

Campus: City Campus

Program: C5317 - Diploma of Financial Planning

Course Contact : Sam Tabit

Course Contact Phone: +61 3 9925 1466

Course Contact Email:sam.tabit@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Nominal Hours: 50

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

Pre-requisites to this course:

FNSFPL501A - Comply with financial planning practice ethical and operational guidelines and regulations

FNSFPL502A - Conduct financial planning analysis and research


FNSFPL503A -Develop and prepare financial plan

FNSFPL504A - Implement financial plan


FNSFPL505A -Review financial plans and provide ongoing service

There are no co-requisites to this course.


 

Course Description

This unit when combined with industry specified units has been specifically designed to satisfy the skill requirements of current Australian Securities and Investments Commission (ASIC) regulation (Financial Services Reform Act) at Tier 1 (Diploma) level
 


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSASICZ503A Provide advice in Financial Planning

Element:

Analyse client's objectives, needs, financial situation ans risk profile

Performance Criteria:

3.1. An assessment of client needs is undertaken, utilising all information gathered and taking into account client's product expectations and specific needs
3.2. Client is consulted throughout the analysis for further clarification where necessary
3.3. The need for specialist advice is analysed and/or client is referred to appropriate adviser for higher level/specialist advice if required
3.4. Product risk profile of the client is assessed and agreed
3.5. Understanding of the ASIC identified generic and specialist knowledge relevant to the products being offered, as detailed in the evidence guide, is demonstrated
 

Element:

Negotiate financial plan, policy, transaction with client

Performance Criteria:

6.1. Concerns and/or issues the client has regarding the proposed plan/policy/transaction are discussed and clarified
6.2. Confirmation is sought from client that they understand the proposed plan/policy/transaction
 

Element:

Provide ongoing service where requested by client

Performance Criteria:

9.1. Type and form of ongoing service; including reporting on performance and review of plan/policy/transaction is agreed with the client
9.2. Fees and costs for ongoing and specifically defined service are clearly explained and confirmation of understanding gained from the client
9.3. Ongoing service is provided as required
 

Element:

coordiante implementation of agrered plan, policy or transaction

Performance Criteria:

7.1. The clients' formal agreement to the proposed plan/policy/transaction is gained
7.2. Associated fee and cost structures are clearly explained and confirmation of understanding gained from the client
7.3. Timeframes for execution and processing are clearly explained and confirmation of understanding gained from the client
 

Element:

develop appropriate strategies and solutions

Performance Criteria:

4.1. An appropriate strategy to provide for identified needs and outcomes is determined from analysis of products, client risk profile and assessment of clients' needs
4.2. Relevant research, analysis and product modelling is conducted
4.3. Appropriate solution (plan, policy or transaction) is drafted for presentation to client
 

Element:

Compelte and maintain necessary documentation

Performance Criteria:

8.1. Proposal and all other statutory and transactional documents are completed and signed off by the client
8.2. Copies of appropriate documentation and the signed agreement are exchanged
 

Element:

Establish relationship with client

Performance Criteria:

1.1. A range of communication and interpersonal skills are used to establish the knowledge level of client
1.2. Enquiries in relation to products and services are responded to by explaining the range of products and services available and their relevant fee and charging methodology
1.3. Client is informed of the role of the adviser and the licensee/principal responsible for the adviser's conduct
1.4. Familiarity with the procedures for complaints handling and the circumstances in which they should be engaged is demonstrated
 

Element:

Identify client's objectives, need and financial situation

Performance Criteria:

2.1. A range of communication and interpersonal skills are used to gather the clients’ personal, financial and business details
2.2. Client’s needs are identified by encouraging expression of their objectives and goals (short-, medium- and long-term goals as relevant to the product)
2.3. Product risk profile of the client is identified
2.4. Client’s attitudes and expectations of cash flow and relevant taxation obligations are obtained
 

Element:

Present appropriate strategies and solutions to the client

Performance Criteria:

5.1. Product knowledge appropriate for the service or product offered is demonstrated when presenting the product
5.2. The proposed transaction is explained and discussed with the client in a clear and unambiguous way
5.3. Relevant details, terms and conditions of product/service are reinforced to client
5.4. Impacts and possible risks of the solution are disclosed in a clear and concise manner to the client
5.5. Client is provided with written supporting documentation and guided through the key aspects of the documentation
 


Learning Outcomes



Details of Learning Activities

Completion: To achieve the learning outcomes of the course students are required to participate in the learning activities listed below:

• Reading of and note taking from the prescribed textbook and other references;
• Completion of tutorial exercises prior to each workshop. Tutorial exercises consist of practical problems, short answer questions, multiple choice, case studies and extension exercises;
• Attendance, participation and discussion in class (tutorials);
• Optional consultation with academic staff;
 


Teaching Schedule

 

Week

                           

Date                            Topic                                             Assessment      
 1 10 Feb 2014Introduction to Financial Planning

 The Concept of Financial Planning
 Personal Financial Statements,
 Establishing Financial Goals and
Time Frames,
 Risk and Return
 

 Assessment task 1 distributed to students.
2

17 Feb 2014

Financial Planning Skills
Obtaining and Analysing Customer Data
 Financial mathematics
 Diversification

 

 
324 Feb 2014Introduction to Taxation
• Income Tax
• Capital gains Tax
• Goods and Services Tax
• Fringe Benefits Tax
• Tax Effective Structures.
 

Assessment Task 1- Due week 3
             
4  3 March 2014Managed Investments

 Regulations
 Costs & Benefits
 Investment Techniques
 

 

 Assessment Task 2 - Case Study Handout
You will receive the feedback in week 11. If required, resubmission for this assessment is due by no later than end of week 16
 
5 10 March 2014Direct Investments
• Financial Products, including:
o Cash and Fixed Interest
o Property
o Shares
o Alternative investments
 
 
6  17 March 2014Analysis of Share Investments
 Risk & Return
 CAPM
 Dividend Growth Model
 
 
7  24 March 2014Assessment task 2  
831 March 2014The Financial Planning Profession
 The Role of the Financial Planner

 The Steps in Preparing a Plan
 The Regulatory Environment
 The Legislative Environment
 Complaints Schemes
Codes of Ethics
 

 
    
9 7 April 2014Development of a Personal Plan
 The Statement of Advice
 Ethical Considerations
 Effective Communication
Planning for Implementation
 
 
10  14 April 2014Development of a Personal Plan

 The Statement of Advice
 Ethical Considerations
 Effective Communication
 Planning for Implementation
 

 
 18th - 27th AprilMid semester Break 
11 28 April 2014Social Security
 Eligibility – Means Test
 Assets Test
 Deeming
 
 Feedback for Case Study Assessment 2
125 May 2014Social Security
• Eligibility – Strategies to achieve benefits
• Discussing Individual Needs
• Types of Benefits
 


 
1312 May 2014 Estate Planning
 Wills & Probate
 Taxation
 Power of Attorney
 
 
1419 May 2014•• Estate Planning, • Intestacy, • Trusts
• Structures, Estate/Non estate assets
 
 
1526  May 2014Revision 
 16 2 Jun2014 Final Class assessment task 3

 

 Assessment Task 3

 17 10 Jun 2014 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.


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

Assessment Tasks

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

TASK 1 (Due Date: In class week 3)

For this Assessment Task you are required to sit a demonstrate knowledge of the financial planning industry by completing a number of short answer and multiple choice questions. This task will be Class based on Writing activity.

TASK 2 (Due Date: End of Week 13)

For this assessment task you are required to research and develop strategies based on a case study covering topics covered in from week 1 to week 9. This is an group assessment.


TASK 3 (Due Date: End of Week 16)

For this assessment task you need to undertake a open book class based assessments based on all material covered and element in this unit.
 


Assessment Matrix

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

Other Information

Submission Requirements

Assessment tasks need to be submitted via Blackboard.

You should:
• Ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for Special Consideration. Information on the process and application forms is available at http://rmit.edu.au/browse;ID=ls0ydfokry9rz website.
• 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 work for assessment 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.

Turnitin Assignment Software for submissions

Before handing in an assignment students are required to also submit their assessment through the turnitin software before final submission to the teacher. The teacher will provide more information and login details during the semester. http://turnitin.com/en_us/home

Marking Guide (competency):

Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.

You need to demonstrate you are competent in each element of the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading.

Please refer to the Final Grades table below.

Marking Guide (Grading)

After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.


The grading is according to the following criteria:


1. LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK

We are looking for a high level of ability to complete all tasks independently as per the specifications as well as demonstrating a high level of initiative in your approach to developing and maintaining an OHS system.

2. DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING

We are looking for depth of understanding of the key concepts and knowledge required in managing an OHS system. You should be able to demonstrate a thorough understanding of all applicable OHS legislative requirements in all the assessment tasks.

3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING

We are looking for appropriate use of technology to assist in presenting all tasks clearly and suitable for the intended audience. You also need to show an understanding of the kinds of problems that can arise in managing OHS systems and how these might be addressed.

4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT

We expect to see ongoing uploading of information into Pebble Pad that is relevant to the unit, full utilisation of Pebble Pad and Blackboard as per course requirements and timely submission of all required assessment tasks.

5. COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK

We expect to see contributions to relevant discussions and scheduled Collaborate sessions. In addition your tasks should demonstrate a very good understanding of strategies for a collaborative approach to OHS management in the workplace.
Final Grades table:


CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
 

Course Overview: Access Course Overview