Course Title: Determine client requirements and expectations
Part B: Course Detail
Teaching Period: Term1 2008
Course Code: MKTG9301C
Course Title: Determine client requirements and expectations
School: 650T TAFE Business
Campus: City Campus
Program: C5179 - Diploma of Financial Services
Course Contact : Clem Simonetto
Course Contact Phone: 61 3 9925 5426
Course Contact Email:clem.simonetto@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
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 function of determining a client’s financial requirements and expectations in regard to financial investment products. It will focus on the client service elements throughout the lifecycle of a financial plan. That is from the first meeting with the client to establish goals and needs, right through to the review stage.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSICCUS506A Determine client requirements and expectations |
Element: |
Determine client expectations and requirements with respect to financial markets advice |
Performance Criteria: |
1. Client is encouraged to express and clarify their requirements and expectations <o:p></o:p> 2. Client concerns, if any are identified and responded to promptly and appropriately <o:p></o:p> 3. Client’s investment needs and preferences with respect to financial product selection or portfolio are determined <o:p></o:p> 4. 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 <o:p></o:p> 5. All information and facts provided by client is analysed and appropriate risk/reward and asset allocation strategy/strategies are determined in accordance with client requirements, company policies and guidelines and with relevant legislation or industry codes of practice |
Element: |
Develop an awareness of the client's situation |
Performance Criteria: |
1. Relevant facts and information are obtained courteously and professionally to determine client's situation prior to defining client's expectations, requirements and objectives <o:p></o:p> 2. Clients are encouraged to disclose relevant information to determine their personal/financial situation and special needs <o:p></o:p> 3. Summary analysis of client's financial position is developed based on extent of client disclosure <o:p></o:p> 4. Client contact is categorised based on extent of client disclosure <o:p></o:p> 5. Further advice is not offered or provided if client is categorised as requiring execution/settlement only action<o:p></o:p> |
Element: |
Obtain relevant knowledge of client's financial position and risk profile |
Performance Criteria: |
1. Where relevant, client financial position is ascertained <o:p></o:p> 2. Risk and fraud indicators are identified accurately and consistently |
Element: |
Prepare and update necessary documentation where required |
Performance Criteria: |
1. All relevant client facts, financial/personal histories and completed disclosure documents are completed and filed in accordance with company policy and guidelines and relevant legislation and regulatory requirements <o:p></o:p> 2. Client records are created or updated where necessary <o:p></o:p> 3. Client documentation, information and histories are filed in a format and location readily accessible to other advisers<o:p></o:p> |
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 a lecture, 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 beginning | Topics | Tutorial/class work |
Week 1 – 11 Feb | Customer Relations Coordinate and implement customer service strategies |
Rapport, Deliver and monitor a service to customers |
Week 2 – 18 Feb | Customer Relations Coordinate and implement customer service strategies/managing clients |
Coordinate and implement customer service strategies Individual case study handed out to students |
Week 3 – 25 Feb | Managing clients | Managing clients’ case-studies |
Week 4 – 3 Mar | Compliance requirements | Requirements of FSR Act, ASIC |
Week 5 – 10 Mar | Compliance requirements | |
Week 6 – 17 Mar | Identifying Needs and Collecting Data | Data collection form Financial needs |
Easter Break – 20th to 26th March |
||
Week 7 – 31 Mar | Identifying Needs and Collecting Data | Financial needs Short term/long term needs Client risk profile |
Week 8 – 7 April | Identifying Needs and Collecting Data | Financial needs Short term/long term needs Client risk profile |
Week 9 – 14 April | Individual case study | Individual case study due (20%) |
Week 10 – 21 April | The Financial Planning Process | Role of financial planning Group assignment handed out. |
Week 11 – 28 April | Presenting Your Proposal (The Financial Planning Process) | Beginning the Consultation |
Week 12 – 5 May | Presenting Your Proposal (The Financial Planning Process) | Beginning the Consultation Presenting Your Proposal |
Week 13 – 12 May | Ongoing Service and Review | Ongoing Service and Review |
Week 14 – 19 May | Ongoing Service and Review | Ongoing Service and Review |
Week 15 – 26 May | Group assignment | Group assignment due (30%) |
Week 16 – 2 June | Revision | |
Week 17 – 9 June | Closed book test (50%) | |
Week 18 – 18 June | Feedback on assignment & assessment |
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 on G:/BusTAFE/Banking&Finance/ Determine client requirement & expectations from the commencement of the course. |
References
A number of publications from which you can obtain more details information on the topics covered in this course: |
|
John Wiley and Son CCH (2002) |
|
Australian Master Financial Panning Guide 2003/3, Fifth edition |
|
CCH Australia (and subsequent annual editions) |
Other Resources
In addition, ASIC, APRA and the Financial Planning Association’s web sites keep the most up to date information about changes in the financial services and financial planning industry. You should get into the habit of checking these web sites regularly. Students are also encouraged to read the financial section of the daily press for articles on the role of financial services regulatory bodies and issues relating to role of financial advisers.
Additional texts are available for general use from the Business library on level 5 of Building 108. A computer access laboratory is provided on level 3 and a library on level 5 of Building 108.
Overview of Assessment
Assessment will incorporate a variety of methods including tests, individual and group assignments.
Class tests will consisting of multiple choice questions, case studies and short answer questions. The group assignment will requires students to research a financial product (s) and relate that product to needs and expectations of a client and that client’s risk profile. It will be based on a client case study.
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
• An individual case study on the determination of client needs and expectations worth 20% of the assessment of the course.
• A group assignment worth 30% of the assessment of the course that researches a financial product (s) and relates that product to needs and expectations of a client and that client’s risk profile.
• A closed book test worth 50% of the assessment of the course. It will be held at the end of the course. It will assess the performance elements and underpinning skills and knowledge 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
Individual case study | Group assignment | Closed book test | |
Develop an awareness of the client’s situation | Y | Y | Y |
Obtain relevant knowledge of client’s financial position and risk profile | Y | Y | Y |
Determine client expectations and requirements with respect to financial markets advice | Y | Y | Y |
Prepare and update necessary documentation where required | Y | Y | Y |
Course Overview: Access Course Overview