Course Title: Provide advice in Superannuation
Part B: Course Detail
Teaching Period: Term2 2013
Course Code: BAFI5195C
Course Title: Provide advice in Superannuation
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
Michael Elliot- Teacher: michael.elliot@rmit.edu.au or 9925 5519
John Calabro- Teacher : <font size="3" face="Calibri">Contact only on </font><font color="#0000ff" size="3" face="Calibri">john.calabro@rmit.edu.au</font><font size="3" face="Calibri"> </font>
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 competencies to this course:
FNSINC501A - Conduct product research to support recommendations
FNSIAD501A - Provide appropriate services, advice and products to clients
FNSCUS505A - Determine client requirements and expectations
FNSCUS506A - Record and implement client instructions
There are no co-requisites to this course.
Course Description
This course describes the performance outcomes, skills and knowledge required to satisfy the training requirements of current Australian Securities and Investments Commission (ASIC) Australian Financial Services (AFS) licensing at Tier 1 level in the Superannuation specialist area.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSASICU503A Provide advice in Superannuation |
Element: |
Analyse client's objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions |
Performance Criteria: |
<font face="Times New Roman" size="3"> </font> <font face="Times New Roman" size="3">2.1. An assessment of client's needs is undertaken, utilising all information gathered and taking into account client's product expectations and specific needs</font> <font face="Times New Roman" size="3"> </font> <font face="Times New Roman" size="3">2.2. Client is consulted throughout the analysis for further clarification where necessary</font> <font face="Times New Roman" size="3"> </font> <font face="Times New Roman" size="3">2.3. The need for specialist advice is analysed and the client is referred to appropriate adviser for higher level or specialist advice if required</font> <font face="Times New Roman" size="3"> </font> <font face="Times New Roman" size="3">2.4. Product risk profile of the client is assessed and agreed demonstrating understanding of the ASIC identified generic and specialist knowledge relevant to the products being offered</font> <font face="Times New Roman" size="3"> </font> <font face="Times New Roman" size="3">2.5. An appropriate strategy to provide for identified needs and outcomes is determined from analysis of products, client risk profile and assessment of their needs</font> <font face="Times New Roman" size="3"> </font>2.6. Relevant research, analysis and product modelling is conducted and an appropriate solution, plan, policy or transaction drafted for presentation to the client |
Element: |
Establish relationship with client and identify client's objectives, needs and financial situation |
Performance Criteria: |
<font face="Times New Roman" size="3"> </font> <font face="Times New Roman" size="3">1.1. The financial products and services knowledge level of the client is established</font> <font face="Times New Roman" size="3"> </font> <font face="Times New Roman" size="3">1.2. Enquiries in relation to Superannuation products and services are responded to by explaining the range of products and services available and their relevant fee and charging methodology</font> <font face="Times New Roman" size="3"> </font> <font face="Times New Roman" size="3">1.3. Client is informed of the role of the adviser and the licensee or principal responsible for the adviser's conduct including procedures for complaints handling and the circumstances in which they should be engaged</font> <font face="Times New Roman" size="3"> </font> <font face="Times New Roman" size="3">1.4. The client's personal, financial and business details are obtained and their needs identified by encouraging expression of their objectives and goals </font> <font face="Times New Roman" size="3"> </font>1.5. Product risk profile of the client and their expectations of cash flow and relevant taxation obligations are established |
Element: |
Present appropriate strategies and solution to client and negotiate a financial plan, policy or transaction |
Performance Criteria: |
<font face="Times New Roman" size="3"> </font> <font face="Times New Roman" size="3">3.1. Product knowledge appropriate for the service or product offered is demonstrated when presenting the product</font> <font face="Times New Roman" size="3"> </font> <font face="Times New Roman" size="3">3.2. The proposed transaction is explained and discussed with the client in a clear and unambiguous way</font> <font face="Times New Roman" size="3"> </font> <font face="Times New Roman" size="3">3.3. Relevant details, terms and conditions of product/service are reinforced to client</font> <font face="Times New Roman" size="3"> </font> |
Element: |
Provide ongoing service where requested by client. |
Performance Criteria: |
<font face="Times New Roman" size="3"> </font> <font face="Times New Roman" size="3">5.1. Type and form of ongoing service including reporting on performance and review of plan, policy or transaction is agreed with the client</font> <font face="Times New Roman" size="3"> </font> <font face="Times New Roman" size="3">5.2. Fees and costs for ongoing and specifically defined service are clearly explained and confirmation of understanding gained from the client</font> <font face="Times New Roman" size="3"> </font>5.3. Ongoing service is provided as required |
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 and
Completions of three (3) assessment tasks as indicated below.
Teaching Schedule
| wk | commence | Topics | Assessement |
| 1 | 8th Jul 2013 | Overview of Superannuation Industry • The Development of Superannuation in Australia • Member Choice , • Participants in the Superannuation Industry, • Long Term Growth Impact , • Asset Allocation , • Risk and Return Trade Off , • Investment Performance , • Investment Strategy/Restrictions |
|
| 2 | 15th Jul 2013 | The Regulatory Framework •Superannuation Industry (Supervision) Act 1993 •Australian Prudential Regulatory ‘ Authority •Australian Securities & Investments ,Commission •The Australian Taxation Office ,•Authorised Representatives |
|
| 3 | 22nd Jul 2013 | The Regulatory Framework •Superannuation Industry (Supervision) Act 1993 •Australian Prudential Regulatory Authority •Australian Securities & Investments Commission •The Australian Taxation Office •Authorised Representatives |
|
| 4 | 29th Jul 2013 | Contributions to Superannuation Funds • Why Contribute to a Superannuation Fund • Who can contribute? • Types of Contributions • Government Superannuation Co contribution for Low Income Earners |
|
| 5 | 5th Aug 2013 | Contributions to Superannuation Funds • SGC the Rules • Tax Treatment of Contributions • Share dividend Imputation and • Spouse Contribution Splitting • Spouse Contributions |
|
| 6 | 12th Aug 2013 | Withdrawals from Superannuation • Payments Made as a Consequence of Termination of Employment • Preservation ,• Access to Superannuation • Conditions of Release of Superannuation Benefits • What is the Meaning of ‘Retirement’ • Employer Eligible Termination,Payments ETP’S |
|
| 7 | 19th Aug 2013 | Withdrawals from Superannuation •Superannuation Benefits ,•Taxation of superannuation pension ,benefits •Untaxed Superannuation Schemes,•Disability Payments ,•Transition to Retirement |
|
| 8 | 26th Aug 2013 | Death Benefits, Estate & Retirement Planning Issues • Superannuation Death Benefits • Death Benefit Nomination – The Options ,• Taxation of death benefit • Child Allocated Pensions (CAP) • Superannuation and Marriage Breakdown ,• Valid superannuation agreement • Anti Detriment Payment |
|
| MID-SEMESTER BREAK (2nd Sep – 8th Sep 2013) | |||
| 9 | 9th Sep 2013 | Payment of Superannuation Benefits as Income Stream Income Streams • Planning for Retirement • Government key objectives in retirement planning • Retirement Income stream products • Account based income streams • Non Account Based Income streams • Term certain annuities & pensions • Lifetime pensions annuities • Account-based pensions & annuities |
|
| 10 | 16th Sep 2013 | Payment of Superannuation Benefits as Income Stream • Term allocated income streams • Transition to Retirement Income Streams Comparison of different types of Income Steam Products • Income rules for account-based pensions and Annuities ,• Calculating income requirement for Products Prior 1 July 2007 & Post 1 July 2007,• Determining taxable component of pensions & relevant tax offset • Re-contribution strategy,• Social Security Assessment of Income Streams |
|
| 11 | 23th Sep 2013 | Social Security • Treatment of Superannuation and Rollover Investments,• Withdrawals from a Superannuation,Investment? • Accessing Superannuation Money,before Retirement |
|
| 12 | 30th Sep 2013 | <font size="3" face="Times New Roman"> </font>
Social Security <o:p></o:p>  Treatment of Superannuation and <o:p></o:p> Rollover Investments, Withdrawals from a Superannuation,Investment? <o:p></o:p>  Accessing Superannuation Money,before Retirement |
|
| 13 | 7th Oct 2013 | <font size="3" face="Times New Roman"> </font>
Self Managed Superannuation Fund <o:p></o:p>  Background to SMSFs <o:p></o:p>  What is an SMSF? <o:p></o:p>  Single Member Funds <o:p></o:p>  Small APRA Funds <o:p></o:p>  Who can establish an SMSF? |
|
| 14 | 14th Oct 2013 |
Self Managed Superannuation Funds <o:p></o:p>  Advantages of SMSFs <o:p></o:p> Where can an SMSF Invest <o:p></o:p> Considerations in Planning for an SMSF <o:p></o:p>  Establishing a SMSF <o:p></o:p> Risk Management Statement <o:p></o:p> Investment Strategy |
|
| 15 | 21st Oct 2013 | Revision | |
| 16 | 28th Oct 2013 | Final Assessment | |
Learning Resources
Prescribed Texts
RMIT Superannuation and Retirement Planning module: Access online via Blackboard |
References
Other Resources
Online sources such as asx, FPA, RBA.
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
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 all subject areas, financial planning, insurance, superannuation and invesments. This is a 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
Further information regarding the application of the grading criteria will be provided by your teacher.
Other Information
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 all subject areas, financial planning, insurance, superannuation and invesments. This is a 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.
Submission Requirements
Assessment tasks must be submitted via the course Blackboard and though Tunitin, a plagiarism checking tool. Turnitin will assess your work in approximately one minute, and return a colour coded response for the originality of the text. For information on Turnitin see:
Student FAQ, http://www.rmit.edu.au/academicintegrity/studentfaq
Student procedures and account setup (pdf),
http://www.rmit.edu.au/academicintegrity/studentprocedures
Turnitin student information page, https://www.turnitin.com/static/training/student.php
• Always retain a copy of your assessment tasks (hard and soft copy)
• Ensure that you submit assessments on or before the due date. If your performance 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 .
• When submitting any individual or group work for assessment at RMIT University you must complete, sign and submit a cover sheet in which sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet is available on blackboard.
• Each page of your assessment should include a footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Julie Macpherson, s324567, Task 2, MKTG6077C Sell financial products, Page 1 of 10.
Please note that to confirm your competency you may be questioned on any aspect of an assignment you submitted, either as an individual or as part of a group. In the case of a group assignment you may be questioned about any aspect of the assignment, even parts of it you may not have directly prepared.
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 of 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 state 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 recognised 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
Demonstrates a high level of ability to complete all tasks independently as per the specifications, a high level of initiative in interacting with a customer and selling a financial product.
2. DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING
Demonstrates depth of understanding of the key concepts and knowledge required in interacting with a customer and selling a financial product.
3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING
Shows understanding of the kinds of problems that can arise in interacting with a customer and selling a financial product. and how these may be addressed.
4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT
Demonstrates effective planning, manage and organise time through appropriately using a diary, submitting their assessments within deadlines.
5. COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK
Contribute constructively and clearly to relevant group and class discussions, also demonstrate good techniques in collecting and providing information to appropriately sell products within the employer’s guidelines.
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