Course Title: Determine client requirements and expectations

Part B: Course Detail

Teaching Period: Term2 2014

Course Code: MKTG6074C

Course Title: Determine client requirements and expectations

School: 650T TAFE Business

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

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

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>
1 7th of July
 
 Pre-training review:
• RPL /LLN
Familiarisation with:
• Program
• Services/facilities
• Other students
• Teacher(s)
• Where to get support
• Student responsibilities
• Course requirements
• Course support documents
• Pre-reading
• Blackboard
• Overview of assessment requirements
• Grading
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
Financial Services Industry – Module 1- Chapter 1
Spreadsheet exercises
 
2 14th of July
 
 Spreadsheet exercises
Financial Services Industry – Module 1- Chapter 1
 
Students are to obtain a copy of an (FSG) Financial Services Guide and a (PDS) Product Disclosure Statement. This will be a point of discussion for the adviser skills assessment
3 21st of July  Financial Services Industry – Module 1- Chapter 2  
4 28th of July  Financial Services Industry – Module 1- Chapter 2
continued
 Task 1 - due
Excel Activity Questions Grading (CA/NYC)
5 4th of August

 Financial Services Industry – Module 1- Chapter 3

 
6 11th of August
 
 Financial Services Industry – Module 1- Chapter 3
continued

Task 2 - due

Excel Spreadsheets Assignment Due CA/NYC)

7 18th of August  Financial Services Industry – Module 1- Chapter 4

Task 3 - In class Assessment

8 25th of August  Financial Services Industry – Module 1- Chapter 4
Continued
Financial Services Industry – Manage Client Services- Chapter 1

 Final FSG/PDS Role Play Assessment Presentation Discussion

  Mid Semester Break  Mid semester Break 1st Sept to 7th Sept.  
9 8th of September  Financial Services Industry – Manage Client Services- Chapter 2 Task 4 - FSG/PDS Role Play Assessment
10 15th of September  Financial Services Industry – Manage Client Services- Chapter 3 Task 4 - FSG/PDS Role Play Assessment
11 22nd of September  Financial Services Industry – Manage Client Services- Chapter 4  
12 29th of September  Financial Services Industry – Manage Client Services- Chapter 5 Task 5 -  Case Study Role Plays
13 6th of October Financial Services Industry – Manage Client Services- Chapter 5

Task 5 - Case Study Role Plays

14 13th of October From Topics covered in Weeks 3 to Weeks 13

 Task 6 In class Assessment

15 20th of October  Re-submissions if required  
16 27th of October   Feedback  Feedback


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:

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

BAFI5187C  Determine client requirements and expectations

MKTG6076C Record and implement client instructions

COSC 5946C Develop and use complex spreadsheets 

Critical aspects of assessment

Evidence of the following is essential:

  • comply with relevant legislation and regulations and industry codes of conduct and meet organisational operating practises
  • effectively discuss, negotiate and confirm arrangements for ongoing service with clients including undertaking or supervising review of a financial plan and assessing outcomes against changing needs of the client
  • use in-depth knowledge of the financial planning industry, industry regulations and codes of practice, financial products, financial markets and investment characteristics
  • assess impacts of taxation, social security, economic and other government policies on client investment and financial requirements
  • recognise and act promptly upon signs that modifications to the plan are required and gain client feedback on, and agreement to, modifications
  • develop ongoing service agreements for clients and maintain accurate documentation of records and data of implementation and review.

You are required to complete 6 tasks.

You must successfully complete all 6 tasks to be deemed competent in this unit.
 

TASK 1 - Excel Activity (Due date: End of week 4)For this assessment task you are required to review all the course materials for topics covered in weeks 1 and 2 and complete an Excel Activity.
Excel Activity Questions - Grading (CA/NYC)

TASK 2 - Excel Spreadsheets Assignment (Due date: End of Week 6 )
 For this assessment task you are required to answer a series of questions using an Excel spreadsheet.
Excel Spreadsheets Assignment - Grading (CA/NYC)
 

TASK 3 - In class Assessment Task (Due date: End of Week 7)
 For this assessment task you will undertake an open book in class assessment requiring you to answer a series of questions in week 7 - during normal class time for the duration of one hour.
The in- class assessment will cover topics from the module financial services regulations
In class activity – Grading (CA/NYC)
 

TASK 4 - Role plays (Weeks 9 - 10)
For this assessment task you will participate in role plays to demonstrate your skills and knowledge in Financial Services Guide and Product Disclosure Statement
Role plays – Grading (CA/NYC)
 

TASK 5 - Case study role plays (Weeks 12 - 13)
For this assessment task you will participate in case study role plays to demonstrate your presentation skills and knowledge in analysing a case study and making appropriate strategic recommendations.
Case study role plays – Grading (CA/NYC)
 

TASK 6 In class Assessment Task (Due date: End of Week 14)
For this assessment task you will undertake an open book in class assessment requiring you to answer a series of questions in week 14, during normal class time for the duration of 2 hours. The topics that will be covered are: Module Financial Services Regulations and Manage client Services. All resources will be posted on Blackboard. The in- class assessment will cover topics from weeks 3 - 13.
In class activity – Grading (CA/NYC)
 


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