Course Title: Provide financial planning advice
Part B: Course Detail
Teaching Period: Term2 2008
Course Code: BAFI5128C
Course Title: Provide financial planning advice
School: 650T TAFE Business
Campus: City Campus
Program: C5179 - Diploma of Financial Services
Course Contact : Craig Kingsley
Course Contact Phone: 61 3 9925 5456
Course Contact Email:craig.kingsley@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Craig Kingsley
Phone 61 3 9925 5456
Email craig.kingsley@rmit.edu.au
Michael Elliot
Phone: 61 3 9925 1466
Email: michael.elliot@rmit.edu.au
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
NONE
Course Description
This unit describes the skill involved in providing financial advice to clients, depending on the level of client contact appropriate for the representative. The unit equally applies when presenting preliminary, amended or final financial plans.
It introduces the workings of the financial planning industry and to provides a framework to be able to develop and provide action plans designed to assist people to achieve their financial goals and improve financial health.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSFPLN507A Provide financial planning advice |
Element: |
Complete and maintain necessary documentation |
Performance Criteria: |
• Financial plan is adjusted according to changes agreed to with the client |
Element: |
Create rapport with the client |
Performance Criteria: |
• Disclosure of capacity to client is consistent with code of practice, organisational requirements and legislative requirements |
Element: |
Discuss financial plan with the client |
Performance Criteria: |
• The scope and limitations of the plan and/or advice is clearly explained to the client together with the provision of appropriate warnings |
Element: |
Negotiate effectively |
Performance Criteria: |
• Clients are assisted when necessary to make appropriate decisions regarding solutions to their needs and objectives within the scope of the plan |
Learning Outcomes
As per the performance elements above.
Details of Learning Activities
In this course students will undertake a range of learning activities, which will include:
An initial introduction to topics and techniques via teacher directed learning, tutorial-based discussion groups, role-plays to explore individual reactions to particular situations, a group project (case-study, tutorial exercises in order to develop competency including underpinning skills and knowledge.
Teaching Schedule
Weekly Schedule | ||
Week | Topics | Tutorial/class work |
Week 1 |
Introduction to Financial Planning and the Personal Finance Environment | Overview of the financial planning environment, Goal setting & budgeting |
Week 2 |
Analysing the risk and return of investments | Time value of money, simple and compound interest, annuities |
Week 3 |
Taxation Planning | Assessable income, allowable deductions, tax Payable |
Week 4 | Taxation Planning and Strategies | Taxation of different entity structures, negative gearing and other strategies, minimising taxes |
Week 5 | Investment principles. Direct Investments | Principles of investing, asset classes and investment products |
Week 6 | Direct Investments | interest bearing investments, property investments, share investments |
Week 7 | Indirect Investments | Investment Analysis; managed investments |
Week 8 | Indirect Investments | Alternative investment products, investment analysis |
Week 9 | Insurance |
Insurance terms, risk assessment & management |
Week 10 | Insurance |
Principles of insurance, personal insurances, general insurance, liability insurance |
Week 11 | Retirement planning |
Retirement planning, investing for retirement, superannuation |
Week 12 | Estate Planning | Problems of no estate planning, steps in estate planning, wills and trusts, powers of attorney |
Week 13 | Presentations | |
Week 14 | Basics of developing a Financial Plan | What is a Financial Plan (Statement of Advice)? |
Week 15 | Basics of developing a Financial Plan | Steps involved in preparing a Financial Plan, |
Week 16 | Basics of developing a Financial Plan | Evaluation of a plan, ongoing considerations |
Week 17 | Final Class Test (50%) | |
Week 18 | Feedback on Assessment, exam & assignment |
Learning Resources
Prescribed Texts
There is no prescribed textbook for this course. Extensive course notes and materials in addition to lecture overheads and tutorial questions will be available of the learning hub online@rmiit.edu.au from the commencement of the course. |
References
Recommended readings for this course include: |
|
Gitman LJ, Morrison DS and Joehnk MD, Personal Financial Planning – an Australian Perspective, Thomson, 1st Edition. |
Other Resources
• Print-based resources
Students will be provided with a learner’s guide that will include tutorial discussion questions, short answer questions and problem sets, self-directed exercises, some solutions and core notes for each topic.
• On-line resources
Students will be provided with on-line resources in the learning hub that include lectures and self-directed exercises, on-line feedback exercises and relevant URL’s.
• Other prescribed requirements:
You will be required to have access to a financial calculator within the course. Questions in the examination may be based on your having access to a financial calculator to perform financial calculations.
• Recommended readings
Beal D and McKeown W, Personal Finance, John Wiley and Sons Australia Ltd, 3rd Edition
Gitman LJ, Morrison DS and Joehnk MD, Personal Financial Planning – an Australian Perspective, Thomson, 1st Edition.
Students must be very familiar with the course material and its entire contents. Additional reading is required from contemporary sources. Students are required to undertake their own reading and research of the course independently and to properly acknowledge sources of information used for assignment work.
Overview of Assessment
Assessment will incorporate a variety of methods including a group assignment and presentation, tests and /or an examination.
The group assignment will require students to develop and match financial strategies to meet a client’s requirements. It will also involve a group presentation.
Tests/exam are closed book and may consist of multiple-choice questions, case studies and some short answer questions. They will assess underpinning knowledge and skills and the performance elements of the unit.
You will receive ongoing feedback on your progress in the course. Feedback on assessment will be given in a timely manner. You will be informed about how to improve your performance in the competency/course and what you need to do to be deemed competent or to gain a pass in the assessment.
Assessment Tasks
The assessment will consist of:
1. A group assignment based on specific topics covered in the course and to be determined and agreed upon between lecturer and student. Specifically, it will require students to develop and match financial strategies to meet a client’s requirements. It will also involve a group presentation communicating the group’s work to the class.
2 Group presentation
The presentations of the group assignment are to be done in teams of 3 to 5 students and should be of 10 – 15 minutes duration.
3. Final Test
The test will be of 2 hours duration. The exam is closed book. The examination will consist of multiple-choice questions, a case study and some short answer questions. It will assess underpinning knowledge and skills and the performance elements of the course.
Students are assessed against all the performance elements of the course and must demonstrate an understanding of all elements to be deemed competent. To receive a pass for this course a student must also achieve 50% overall.
Assessment Matrix
Group assignment | Group presentation | Closed book test | |
Create rapport with the client | Y | Y | Y |
Discuss financial plan with the client | Y | Y | Y |
Negotiate effectively | Y | Y | Y |
Complete and maintain necessary documentation | Y | Y | Y |
Assessment for this course takes the following form:
Assignment & group presentation 40% of assessment
Final test 60% of assessment
Course Overview: Access Course Overview