Course Title: Determine client requirements and expectations

Part B: Course Detail

Teaching Period: Term2 2015

Course Code: MKTG6074C

Course Title: Determine client requirements and expectations

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

Dario Bartolomeo 

E-mail - dario.bartolomeo@rmit.edu.au

Phone:  (03) 99255464

Nominal Hours: 70

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 establish a client’s financial requirements and expectations in regard to financial investment products and includes quotations, claims and requests for service or amendments.


It does not cover the application of the specific skills and knowledge required to recommend and provide advice on specific financial products requiring Australian Securities and Investments Commission (ASIC) licensing.


No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
 


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSCUS505A Determine client requirements and expectations

Element:

1. Develop an awareness of the client’s situation

Performance Criteria:

1.1.Relevant facts and information are obtained courteously and professionally to determine client’s
situation prior to defining their expectations, requirements and objectives
1.2.Clients are encouraged to disclose relevant information to determine their personal and financial
situation and special needs
1.3.Summary analysis of client’s financial position is developed and the client contact categorised based on extent of client disclosure
1.4.Further advice is not offered or provided if client is categorised as requiring execution or settlement-only action

Element:

2. Obtain relevant knowledge of client’s financial position and risk profile

Performance Criteria:

2.1.Where relevant, client financial position is ascertained
2.2.Risk and fraud indicators are identified accurately and consistently

Element:

3. Determine client expectations and requirements with respect to financial markets advice

Performance Criteria:

3.1.Client is encouraged to express and clarify their requirements and expectations and their concerns, if any are identified and responded to promptly and appropriately
3.2.Client’s investment needs and preferences with respect to financial product selection or portfolio are determined
3.3.Specialist advice is sought where necessary or client is referred to appropriate personnel or organisation where required services are not available or cannot be provided
3.4.All information and facts provided by client are analysed and appropriate risk or reward and asset
allocation strategies are determined in accordance with client requirements, organisation policies and
guidelines and with relevant legislation or industry codes of practice

Element:

4. Prepare and update necessary documentation where required

Performance Criteria:

4.1.All relevant client facts, financial and personal histories and completed disclosure documents are
completed and filed in accordance with organisation policy and guidelines and relevant legislation and
regulatory requirements
4.2.Client records are created or updated where necessary and client documentation, information and histories filed in a format and location readily accessible to other advisers


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

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
  • Extensions
  • Feedback
  • Privacy
  • Submission Requirements
  • Resubmission policy
  • Where to get support
  • Student responsibilities

 

PLEASE NOTE: The teaching scheduled may be subject to change. Students will be advised via the Blackboard and student email of any changes.

<thead> <th scope="col">Week</th> <th scope="col">Week Commencing</th> <th scope="col"> Topics                                                                                                                      </th> <th scope="col">Assessment                                                                </th> </thead>
16 July

 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

 Financial Services Industry - Module 1 - Chapter 1

Reference to prescribed text

Class Exercises

Assessment task 1 given out

FSG Role play

2
 13 July

Financial Services Industry - Module 1 - Chapter 1

Reference to prescribed text
Class Exercises 
 
3

 20 July

Reference to prescribed text
Class Exercises
Any students unable to attend the assessment must apply for special consideration 

Task 1 - In class assessment due

FSG Role Plays

427 JulyFeedback on role play given
Reference to prescribed text
Class Exercises

 Task 2 - Case Study handout distributed

Due in week 9

If required, resubmission for this assessment is due no later than end of week 10

53 AugustReference to prescribed text
Class Exercises
 
610 August 

Reference to prescribed text
Class Exercises

 

717 August

Assessment task 2 - Pre submission


824 August

Reference to prescribed text
Class Exercises

 

 31 Aug - 6 Sept Mid semester Break 
97 SeptemberReference to prescribed text
Class Exercises
Task 2 - assignment due
1014 SeptemberReference to prescribed text
Class Exercises
 
1121 SeptemberReference to prescribed text
Class Exercises
 
1228 SeptemberReference to prescribed text
Class Exercises
 
135 October

Preparation for assessment

 

1412 OctoberAny students unable to attend the assessment must apply for special consideration

 Task 3 - In class assessment

Any students who need to resit the final assessment will do so in week 15.  Students should therefore monitor student email for notices.

1519 OctoberRe-submissions if required 
1626 OctoberFeedback 

Students will be provided with feedback throughout the semester.
 


Learning Resources

Prescribed Texts

Financial Planning in Australia - 2015 Essentials Edition by Taylor, S.; Juchau, R.; Seymour, E.; Cull, M.; Colley, G.; Monahan, R.; Perkins, M.; Griffin, R. , 2014
ISBN: 9780409339710

 


References

  Students also have access to RMIT’s Financial Planning Course Notes that will be referred to throughout the semester for class work and self study purposes. These can be downloaded from Blackboard


Other Resources

Students have access to Black board 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 co-delivered and co-assessed with the following courses:

BAFI5193C Comply with financial planning practice ethical and operational guidelines and regulations

BAFI5187C Determine client requirements and expectations

MKTG6076C Record and implement client instructions

Critical aspects of assessment

Evidence of the following is essential:

  • comply with relevant legislation and regulations and organisational operating polices and guidelines
  • clearly inform clients of the financial planning process and services and obtain all relevant information on clients’ existing financial situation
  • determine client expectations and requirements with respect to financial planning service offered by the representative
  • identify risk and fraud indicators
  • accurately record information and make summary analysis
  • recognise authorities and assistance able to be offered by other advisers and organisations and determine where a referral to another adviser or organisation is appropriate.

You are required to complete two tasks.

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

TASK 1 - Project 1 due week 3

For this Assessment Task you are required to demonstrate your rapport building and presentations skills.  You are to present a (FSG) Financial Services Guide.  This will be conducted in pairs. One student will paly the client and the other, the adviser.  Students will then swap roles.  This assessment will take place during your normal scheduled class time.

TASK 2 Case Study due week  9

For this assessment task you are required to work in groups of two students.

Task 2 is a group assessment and the progress of work can be monitored using Google shared drive.

This will be a Case Study with a research component on topics involving economics and other compliance issues within the Financial Planning Industry

TASK 3 - In class assessment  due week  14

For this assessment task you need to undertake an open book class assessment based on all material covered in this course (weeks 1 - 13) .


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: 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