Course Title: Develop and prepare financial plan

Part B: Course Detail

Teaching Period: Term1 2015

Course Code: BAFI5191C

Course Title: Develop and prepare financial plan

School: 650T Vocational Business Education

Campus: City Campus

Program: C5317 - Diploma of Financial Planning

Course Contact : Sam Tabit

Course Contact Phone: +61 3 9925 1466

Course Contact

Name and Contact Details of All Other Relevant Staff

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


Course Description

This unit describes the performance outcomes, skills and knowledge required to develop and prepare a financial plan that meets the client’s needs. It encompasses establishing plan objectives and scope, and developing strategic assumptions, strategies and a preliminary financial plan compliant with regulatory and organisational requirements.

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:

FNSFPL503A Develop and prepare financial plan


1. Establish plan objectives and scope

Performance Criteria:

1.1. Research results are reviewed and compared to client requirements and expectations

1.2. Current client situation is analysed to determine opportunities and constraints

1.3. Desired financial resource and market parameters are identified and assessed

1.4. Plan objectives are developed for asset growth, income, risk, taxation and any other objectives developed in consultation with the client


5. Ensure compliance of financial plan with regulatory and organisational requirements

Performance Criteria:

5.1. Preliminary financial plan is checked to ensure that the role of the representative/adviser is properly documented and complies with relevant acts, regulations and regulatory guidelines

5.2. Preliminary financial plan is assessed for its ability to successfully achieve objectives

5.3. Preliminary financial plan is checked to ensure that it complies with ethical and regulatory requirements


2. Develop strategic assumptions

Performance Criteria:

2.1. Client related and economic key assumptions are developed and tested

2.2. Legislative and regulatory requirements , including taxation assumptions, are identified and tested

2.3. Clarifications are sought from client or other professionals as required and strategic assumptions documented for client review


3. Develop financial plan strategy

Performance Criteria:

3.1. Initial strategic options are developed based on strategic assumptions and client specifications

3.2. Strategic options are analysed and modelled with any inappropriate options rejected

3.3. Supporting arguments for each final strategic option are developed and included in a draft overall strategy

3.4. Any necessary client checks or consultations are made to verify the plan strategy


4. Develop preliminary financial plan

Performance Criteria:

4.1. Specific products and options are selected to meet agreed strategy with cash flow, liquidity and capital preservation or estate planning requirements incorporated as required

4.2. Recommendations for financial asset allocation structure are developed including where provision is required for equities, trusts, partnerships, allocated pensions, and superannuation and planned capital expenditure

4.3. Recommendations for changes to income and taxation arrangements are developed including referral advice to accountants or lawyers as appropriate

4.4. Recommendations on risk management strategies and products are developed and incorporated in the plan

4.5. Anticipated fees and charges are incorporated into the preliminary plan with information on internal and external complaint resolution procedures available to the client

4.6. Preliminary financial plan is documented according to organisation guidelines and procedures


6. Produce completed plan

Performance Criteria:

6.1. Financial plan is produced in accordance with organisational quality control requirements

6.2. Supporting organisation and product explanatory information is attached

6.3. Regulatory and complaints information where required is attached

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:

• 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;

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

Students will be provided with feedback throughout the semester.



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 Financial Planning

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


16 Feb 2015

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


323 Feb 2015Introduction to Taxation
• Income Tax
• Capital gains Tax
• Goods and Services Tax
• Fringe Benefits Tax
• Tax Effective Structures.

Task 1 - In Class Assessment - Due
4  2 March 2015Managed Investments

 Regulations
 Costs & Benefits
 Investment Techniques


Task 2 - Case Study Handout distributed
If required, resubmission for this assessment is due by no later than end of week 16
5 10 March 2015Direct Investments
• Financial Products, including:
o Cash and Fixed Interest
o Property
o Shares
o Alternative investments
6  16 March 2015Analysis of Share Investments
 Risk & Return
 Dividend Growth Model
7  23 March 2015Assessment task 2  
830 March 2015The 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

   Mid semester  2 – 8 April 
9 13 April 2015Development of a Personal Plan
 The Statement of Advice
 Ethical Considerations
 Effective Communication
Planning for Implementation
10  20 April 2015Development of a Personal Plan

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

11  27 April 2015Social Security
 Eligibility – Means Test
 Assets Test
 Deeming
12 4 May 2015Social Security
• Eligibility – Strategies to achieve benefits
• Discussing Individual Needs
• Types of Benefits

1311 May 2015 Estate Planning
 Wills & Probate
 Taxation
 Power of Attorney
 Task 2 - Case Study due
1418 May 2015•• Estate Planning, • Intestacy, • Trusts
• Structures, Estate/Non estate assets
1525 May 2015Revision 
 16 1 Jun2015 Final Class assessment task 3

 Task 3 - In Class Assessment - Due 

 17 8 Jun 2015 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 and Co-assessed Courses:

This course is codelivered and co-assessed with the following courses:

BAFI5189C -Provide advice in financial planning

MKTG6075C Provide appropriate services, advice and products to clients

ACCT5336C Analyse financial market products fro clients

Critical aspects of assessment:

  • comply with relevant legislation and industry codes of practice and interpret and apply organisational operational requirements policies and procedures
  • establish plan objectives and scope, and develop strategic assumptions and a financial plan strategy ensuring compliance of the plan with regulatory and organisational requirements
  • develop a detailed financial plan that maximises the client’s outcomes and reach client objectives and identify key assumptions on which the plan is based
  • analyse strategic options and make justified recommendations using use in-depth knowledge of the financial planning industry, industry regulations, codes of practice and financial products, financial markets and investment characteristics
  • assess impacts of taxation, social security, economic and other government policies on client investment and financial requirements.

Assessment Tasks

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


Task 1 - In Class Assessment (Due Date Week 3)<o:p></o:p>

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.<o:p></o:p> 

Task 2 – Case Study (Due Date Week 13)<o:p></o:p> 

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. <o:p></o:p>

This assessment is divided into two parts:<o:p></o:p> 

Part 1

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 cash flow, managed funds compared to direct investment, investment styles, strategies that would be considered based on the clients objectives and current assets and liabilities.<o:p></o:p>

Part B<o:p></o:p>

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.<o:p></o:p>

You will be expected to clearly identify the part(s) of this assessment that you contributed. <o:p></o:p> 

TASK 3 - In Class Assessment (Due Date Week 16)<o:p></o:p> 

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).<o:p></o:p>


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