Course Title: Provide advice in Superannuation

Part B: Course Detail

Teaching Period: Term2 2014

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

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:

4. Agree the plan, policy or transaction and complete documentation

Performance Criteria:

4.1. The client's formal agreement to the proposed plan, policy or transaction is gained

4.2. Associated fee and cost structures and timeframes for execution and processing are clearly explained and confirmation of understanding gained from the client

4.3. Proposal and all other statutory and transactional documents are completed and signed off by the client

4.4. Copies of appropriate documentation and the signed agreement are exchanged
 

Element:

1. Establish relationship with client and identify client’s objectives, needs and financial situation

Performance Criteria:

1.1. The financial products and services knowledge level of the client is established

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

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

1.4. The client's personal, financial and business details are obtained and their needs identified by encouraging expression of their objectives and goals

1.5. Product risk profile of the client and their expectations of cash flow and relevant taxation obligations are established
 

Element:

2. Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions

Performance Criteria:

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

2.2. Client is consulted throughout the analysis for further clarification where necessary

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

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

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

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:

3. Present appropriate strategies and solution to client and negotiate a financial plan, policy or transaction

Performance Criteria:

3.1. Product knowledge appropriate for the service or product offered is demonstrated when presenting the product

3.2. The proposed transaction is explained and discussed with the client in a clear and unambiguous way

3.3. Relevant details, terms and conditions of product/service are reinforced to client

3.4. Impacts and possible risks of the solution are disclosed in a clear and concise manner to the client

3.5. Client is provided with written supporting documentation and guided through the key aspects of the documentation

3.6. Concerns or issues the client has regarding the proposed plan, policy or transaction are discussed and clarified

3.7. Confirmation is sought from client that they understand the proposed plan, policy or transaction
 

Element:

5. Provide ongoing service where requested by client.

Performance Criteria:

5.1. Type and form of ongoing service including reporting on performance and review of plan, policy or transaction is agreed with the client

5.2. Fees and costs for ongoing and specifically defined service are clearly explained and confirmation of understanding gained from the client

5.3. Ongoing service is provided as required
 


Learning Outcomes



Details of Learning Activities

A range of learning activities are planned for this course including self-paced and collaborative classroom based activities. The self-paced activities will be delivered thought 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 and opportunities to practice your skills in a simulated/real workplace environment.

We expect you to participate and contribute in all scheduled learning activities.
 


Teaching Schedule

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

 

<thead> <th scope="col">Week</th> <th scope="col">Week Commencing </th> <th scope="col"> Topics                                                                                                                      </th> <th scope="col">Assessment                                                                </th> </thead>
17th of July
 
 Course requirements , Course support documents
• Blackboard , • Overview of assessment
requirements including RPF & credit
transfers
• Grading * Plagiarism
• Appeals *Extensions
• Feedback *Privacy
• Submission*Resubmission policy
• Where to get support
• Student responsibilities
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
 
 
214th of July
 
 The Regulatory Framework •Superannuation Industry (Supervision) Act 1993
•Australian Prudential Regulatory ‘ Authority
•Australian Securities & Investments ,Commission
•The Australian Taxation Office ,•Authorised Representatives
 
 
321st of July The Regulatory Framework
•Superannuation Industry (Supervision)
Act 1993
•Australian Prudential Regulatory
Authority
•Australian Securities & Investments
Commission
•The Australian Taxation Office
•Authorised Representatives
 
 
428th of July Contributions to Superannuation
Funds
• Why Contribute to a Superannuation Fund
• Who can contribute?
• Types of Contributions
• Government Superannuation Co contribution for Low Income Earners
 
 Task 1 - Assessment : Due
54th of August Contributions to Superannuation Funds
• SGC the Rules
• Tax Treatment of Contributions
• Share dividend Imputation and
• Spouse Contribution Splitting
• Spouse Contributions
 
 
611th of August
 
 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
 
 
718th of August Withdrawals from Superannuation
•Superannuation Benefits ,•Taxation of superannuation pension ,benefits
•Untaxed Superannuation Schemes ,•Disability Payments ,•Transition to Retirement
 
 
825th of August 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 Mid Semester Break 
98th of September 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
 
 
1015th of September 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

 

 
1122nd of September Social Security
• Treatment of Superannuation and
Rollover Investments,• Withdrawals from a Superannuation,Investment?
• Accessing Superannuation Money,before Retirement
 
 
1229th of September Self Managed Superannuation Fund
• Background to SMSFs
• What is an SMSF?
• Single Member Funds
• Small APRA Funds
• Who can establish an SMSF?
 
 
136th of October &#61607;Self Managed Superannuation Funds
&#61607; Advantages of SMSFs
&#61607;Where can an SMSF Invest
&#61607;Considerations in Planning for an SMSF
&#61607; Establishing a SMSF
&#61607;Risk Management Statement
&#61607;Investment Strategy
 
 Task 2  - Case Study : Due
1413th of October Revision Revision 3
1520th of October
 
 Test 
1627th of October
 
 Feedback -Re-submissions if required Task 3 - In class Assessment


 


Learning Resources

Prescribed Texts


References


Other Resources

Other materials will be placed on the Blackboard and will be used when directed so by your teacher.


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 Courses:

This course is co-delivered with the following courses:

BAFI5190C Conduct financial planning analysis and research

BAFI 5194C Conduct product research to support recommendations

Critical aspects of assessment

Evidence of the fololowing is essential:

  • interpret and comply with industry regulations and codes of practice
  • analyse client’s needs and advise them ethically and accurately on Superannuation products and services
  • assess the impacts of taxation on client’s financial requirements for specific products offered.

 You are required to complete three tasks

You must successfully complete all three tasks to be deemed competent in this unit.
 

TASK 1 Assessment (Due Date: End of week 4)

For this Assessment Task you are required to demonstrate knowledge of the financial planning industry by completing a written task provided by your tutor.

TASK 2 - Group Case Study (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 investments.

This is a group assessment.
 
TASK 3 - In - Class Assessment (Due Date: End of Week 16 )

For this assessment task you need to undertake a open book class based assessment that covers all the material covered this course.

This assessment will take place during  your normal class time.
 


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: 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