Course Title: Provide advice in financial planning

Part B: Course Detail

Teaching Period: Term1 2021

Course Code: BAFI5211C

Course Title: Provide advice in financial planning

School: 650T Vocational Business Education

Campus: City Campus

Program: C5343 - Diploma of Financial Planning

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email: doug.gourlay@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Sean Clarkson

sean.clarkson@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 skills and knowledge required to analyse client needs and provide advice ethically and professionally in financial planning, in compliance with industry regulations and codes of practice. It addresses the training requirements of current Australian Securities and Investments Commission (ASIC) and Australian financial services (AFS) licensing at Tier 1 level.

It applies to individuals who use well-developed interpersonal skills and excellent communication and self-management skills to perform a specialist advisory role in financial planning. Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or ASIC for specific guidance on requirements.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSASICZ503 Provide advice in financial planning

Element:

1. Establish relationship with client

Performance Criteria:

1.1 Establish client’s knowledge about financial products and services by using range of communication and interpersonal skills

1.2 Respond to enquiries about financial planning products and services by explaining range of products and services available and their relevant fee and charging methodology

1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct

1.4 Inform client about procedures for handling complaints and circumstances in which they should be engaged 

Element:

2. Identify client’s objectives, needs and financial situation

Performance Criteria:

2.1 Use range of communication and interpersonal skills to gather client’s personal, financial and business details

2.2 Ask about client’s short-term, medium-term and long-term objectives and goals relating to product

2.3 Identify product risk profile of client

2.4 Obtain understanding of client’s attitudes and expectations of cash flow and relevant taxation obligations 

Element:

3. Analyse client’s objectives, needs, financial situation and risk profile

Performance Criteria:

3.1 Undertake assessment of client needs, using all information gathered and taking into account client’s product expectations and specific needs

3.2 Consult client throughout analysis and seek further clarification where necessary

3.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required

3.4 Conduct product risk profile assessment and obtain agreement from client about assessment

3.5 Apply ASIC generic and specialist knowledge in analysing client needs and risk profile

Element:

4. Develop appropriate strategies and solutions

Performance Criteria:

4.1 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile andassessment of client needs

4.2 Undertake relevant research, analysis and product modelling as required

4.3 Draft and present appropriate solution (plan, policy or transaction) to client 

Element:

5. Present appropriate strategies and solutions to client

Performance Criteria:

5.1 Demonstrate appropriate product knowledge when presenting product or service

5.2 Explain and discuss proposed transaction with client in clear and unambiguous way

5.3 Reinforce all relevant details, terms and conditions of product and service with client

5.4 Disclose all impacts and possible risks of solution in clear and concise manner

5.5 Provide written supporting documentation and guide client through key aspects of documentation

Element:

6. Negotiate financial plan, policy and/or transaction with client

Performance Criteria:

6.1 Clarify and discuss any concerns and/or issues client has regarding proposed plan, policy and/or transaction

6.2 Seek confirmation that client understands proposed plan, policy and/or transaction

Element:

7. Coordinate implementation of agreed plan, policy and/or transaction

Performance Criteria:

7.1 Obtain client’s formal agreement to proposed plan, policy and/or transaction

7.2 Clearly explain and confirm associated fee and cost structures and confirm client understands these details

7.3 Clearly explain and confirm timeframes for execution and processing, and confirm client understands these details 

Element:

8. Complete and maintain necessary documentation

Performance Criteria:

8.1 Ensure all statutory, transactional and proposal documents are completed and signed off by client

8.2 Ensure that copies of signed agreement and other relevant documentation are exchanged 

Element:

9. Provide ongoing service where requested by client

Performance Criteria:

9.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client

9.2 Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details

9.3 Provide ongoing service 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 via Canvas learning management system and include your contribution to discussion threads, project portfolios, 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.

Remote Learning

This course will be delivered via our existing learning management system, Canvas.  This means that, for the foreseeable future, there will be no face-to-face classes in any of the units for which you are enrolled.

Classes in each of your units will still take place in their normal scheduled time-slots, but instead of being conducted in a face-to-face mode, your teachers will utilise the Collaborate Ultra platform to deliver ‘live’ online classes.  These classes delivered online will not only provide you with the required learning materials for those sessions, but they will also enable interactions with your teachers and fellow students via forums or discussion boards.


Teaching Schedule

The following courses are delivered together under the title Financial Advice:

  • FNSASICZ503/BAFI5211C Provide advice in financial planning
  • FNSFPL503/BAFI5214C Develop and prepare financial plan
  • FNSIAD501/MKTG7920C Provide appropriate services, advice and products to clients

 

(The following weekly teaching schedule is subject to change)

Course Schedule:Financial Advice, Semester 1, 2021

Week

Topic

Readings and Activities

Assessment

Week 1

 

Introduction to course schedules

 

Part 1:   Provide Advice in Financial Planning 

Topic 1:

What is the Financial Planning Process?

Topic 2:

Six steps in the financial planning process

Course Workbook

Manage Client Relationship: Chapter 3 & 4

Financial Planning Advice, All chapters

Overview of the Financial Services: Chapter 1, 3 & 4

 

Week 2 

 

Part 1:   Provide Advice in Financial Planning 

Topic  3:

Preparation prior to commencing the process

Topic 4:

The first step

Course Workbook

Manage Client Relationship, Chapter 3 & 4

Financial Planning Advice, All chapters

Overview of the Financial Services, Chapter 1, 3 & 4

 

 

Week 3 

 

 

Part 1:   Provide Advice in Financial Planning 

Topic 5:

The second and third steps

 Topic 6:

The fourth step

Course Workbook

Manage Client Relationship, Chapter 3 & 4

Financial Planning Advice, All chapters

Overview of the Financial Services, Chapter 1, 3 & 4

 

 

Week 4

 

Part 1:   Provide Advice in Financial Planning 

Topic 7:

The fifth step

Topic 8:

 The sixth step

Course Workbook

Manage Client Relationship, Chapter 3 & 4

Financial Planning Advice, All chapters

Overview of the Financial Services, Chapter 1, 3 & 4

 

Week 5

 

 

Part 2:   Develop and Prepare Financial Plans  

Topic 1:

Introduction Statement of Advice (SoA)

Course Workbook

Manage Client Relationship, Chapter 3 & 4

Financial Planning Advice, All chapters

Overview of the Financial Services, Chapter 1, 3 & 4

 

Week 6

 

Part 2:   Develop and Prepare Financial Plans  

Topic 2:

Strategy development and solutions

Course Workbook

Manage Client Relationship, Chapter 3 & 4

Financial Planning Advice, All chapters

Overview of the Financial Services, Chapter 1, 3 & 4

 

Week 7

 

Part 2:   Develop and Prepare Financial Plans  

Topic 3:

Statement of Advice  construction

Topic 4:

Statement of Advice format

Course Workbook

Manage Client Relationship, Chapter 3 & 4

Financial Planning Advice, All chapters

Overview of the Financial Services, Chapter 1, 3 & 4

 

Week 8

 

Part 2:   Develop and Prepare Financial Plans 

Topic 5:

Compliance

Course Workbook

Manage Client Relationship, Chapter 3 & 4

Financial Planning Advice, All chapters

Overview of the Financial Services, Chapter 1, 3 & 4

Assessment 1 – Research and Application Assignment due

Feedback will be provided in week 10 and if required re-submissions due in week 13

Mid-Semester Break

31 August - 06 September

 

Week 9

 

 

Part 3:   Present services, advice and products 

Topic 1:

Create rapport with clients

Topic 2:

Client decision making

Course Workbook

Manage Client Relationship, Chapter 3 & 4

Financial Planning Advice, All chapters

 

Week 10

 

 

Part 3:   Present services, advice and products 

Topic 3:

Presenting the Plan

Topic 4:

Implementation

Course Workbook

Manage Client Relationship, Chapter 3 & 4

Financial Planning Advice, All chapters

 

Week 11

 

 

Part 3:   Present services, advice and products 

Topic 5:

Ongoing service

Course Workbook

Manage Client Relationship, Chapter 4 & 5

Financial Planning Advice, All chapters

 

Week 12 

 

 

Part 4:   Estate Planning  

Topic 1:

Estate planning process

Topic 2:

The Will

Course Workbook

Financial Planning, Chapter 10

Assessment 2 – Workplace Simulated Project due

Feedback will be provided in week 14 and if required re-submissions due in week 16

Week 13

 

Part 4:   Estate Planning  

Topic 3:

Estate planning considerations 

Topic 4:

Managing the estate after death

Course Workbook

Financial Planning, Chapter 10

 

Week 14 

 

Assessment 3 – In-class Supervised Assessment 

Feedback will be provided in week 16 and if required re-submissions due in week 17

Week 15

 

Re-submissions

 

 

Week 16

 

Re-submissions

 

 

Week 17

 

Grade Entry

 

 

 

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 including the self - paced activities in the workbooks.


Learning Resources

Prescribed Texts


References


Other Resources

Online learning materials can be accessed by going into the RMIT's Learning Management System, Canvas. 

The online learning materials listed may include: 

  • Course outlines
  • Power point Presentations
  • Supporting Reading material
  • Industry relevant articles
  • Activities.


Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

Evidence of the ability to:

  • interpret and comply with industry regulations and codes of practice
  • analyse client’s needs, financial situation and risk profile, and prepare appropriate strategies or solutions relating to financial planning
  • provide accurate and ethical advice on financial planning products and services
  • implement the plan, policy or transaction once agreed by the client and complete documentation accurately

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

Generic knowledge  

  • analyse and provide an overview of the economic environment including:
    • characteristics and impact of economic and business cycles
    • interest rates and exchange rates
    • inflation
    • government monetary and fiscal policy
  • analyse and provide a detailed explanation of the operation of financial markets including:
    • roles played by intermediaries and issuers
    • structure and interrelationships within the financial markets
    • interrelationship between industry sectors
  • outline financial products, including:
    • concept of a financial product – general definition, and specific inclusions and exclusions
    • types of financial investment products
    • types of financial risk products.

Specialist knowledge 

  • outline theories of investment, portfolio management and management of investment and risk including:
    • range of financial products
    • types of investment products including cash, fixed interest, property, equities and managed investments
    • types of financial risk products including risk insurance and derivatives
    • investment concepts
    • investment strategies
    • identification of types of risk
    • client risk profile
  • provide an analysis of advisory functions covering:
    • role of financial planner
    • participants in the advisory services market
    • range of services provided
    • financial planning process
    • profile and financial information of the client
    • appropriateness of a risk assessment
  • discuss the legal environment including disclosure and compliance covering:
    • role of the representative or adviser
    • relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Privacy Amendment (Private Sector) Act, Financial Services Reform Act (FSRA) and Competition and Consumer Act
    • relationship between ethics and regulatory requirements including good faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser’s recommendation
    • relevant industry standards and codes of conduct
    • regulators’ guidelines including ASIC Regulatory Guide (RG)146 requirements
    • complaints resolution procedures (external and internal)
  • provide an overview of the Australian taxation and social security systems covering:
    • relevant taxation laws and regulations
    • effects of taxation on particular financial products
    • effects of taxation on financial strategies of individuals and entities
  • explain theories of estate planning including allowable investments, enduring and non-enduring powers of attorney, and share purchase agreements
  • outline management and investment strategies relevant to estate planning
  • explain taxation laws and regulations relevant to estate planning.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered where evidence gathered demonstrates consistent performance of typical activities experienced in the financial services and products advice field of work and include access to:

  • common office equipment, technology, software and consumables
  • financial services product information.

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.

Feedback

Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course. 


Assessment Tasks

Assessment 1: Research and Application Assignment

Due: (Week 8)

Summary and Purpose: You must successfully complete all seven activities to be deemed competent in Task 1. For this Assessment Task you are required to demonstrate your knowledge by completing a series of seven theory and problem-solving activities over the course of the semester. You will be assessed in the following areas.

a. Informing  client about procedures for  complaints handling
b. Use arrange of communication skills to gather clients, personal,  financial and business skills
c. Outline the concept of a financial product
d. Outline the types of financial investment products
e. Provide an overview of the operation of financial markets and roles played by intermediaries. 
f. Provide an overview of the interrelationships with Financial Markets & interrelationships between industry sectors
g. Discuss the various disclosure and compliance in relation to Corps Act, ASIC Act, Privacy requirements, Financial Services Reform Act (FSRA), Competition & Consumer Act
h. Relationship between ethics and regulatory requirements.

Assessment Instructions: You must reference all your work using the Harvard referencing System.

You should fill in coversheet with your name, number and the title of the assessment, attach your assessment and submit via Canvas on or before the due date.

Assessment 2: Workplace Simulated Project

Due: Week 12

Summary and Purpose: The purpose of the assessment is to enable you to demonstrate a breadth of understanding across the course material from weeks 1 - 13. It assesses the knowledge you have obtained through undertaking the topics, your communication skills in presenting that knowledge and your problem-solving skills in answering the questions posed in a fact find presentation meeting with a simulated client of the “Practice Firm”.

Assessment Instructions: For this assessment task you are required to complete Part 1 and Part 2 

Part 1 -– requires you to prepare a financial plan for a simulated client of the Swanston Banking Group (Practice Firm) which is completed in Cluster 7.

Part 2 – requires you to deliver your financial advice as prepared in Part 1 to the client in a role play. The teacher will provide further information in the class as to the format and what is expected in order to fulfil this requirement.

For this project you will assume the role of a financial planner at the Swanston Banking Group Ltd (Practice Firm) and follow the company policies and procedures as if you were a real employee of the bank.  You will need to access a specific simulated client file which will include client details, background of their particular circumstances, assets and liabilities statement, a bank statement, pay slips and a superannuation statement. You will be required to analyse all of these documents in order to prepare strategies that will help client to meet their goals, your advice and financial projection and modelling.  

Assessment 3: Online Assessment 

Due: (Week 14)

Summary and Purpose: For this Assessment Task you are required to demonstrate your knowledge by completing an open book in class supervised assessment comprised of a series of theoretical and practical questions including: short answer and mini case studies. The purpose of this Task is to assess your understanding of the concepts and issues included in the topics covered in this course.

Assessment Instructions: The assessment comprises seven short answer and problem solving style questions. The duration of the assessment is two hours. This assessment will take place during your normal scheduled class time.

 

 


Assessment Matrix

The assessment matrix that maps all the assessment is available on Canvas.

 

Other Information

Submission Requirements

  • 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 the Assessment task document that includes a declaration and statement of authorship.
  • Each page of your assessment should include a footer with your name, student number, the title of the assessment, unit code and title and page numbers.

Resubmissions (VET Programs)

If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task you will be allowed one resubmission.  Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.

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.

Penalties for Late Submission 

Late submissions of assignments without special consideration or extension will automatically be considered a re-submission (see above).

Extensions, Special Consideration and Adjustment to Assessments

Extensions:

Extensions are available for unforeseen circumstances of a short-term nature.

An application form must be submitted to the school at least one working day before the due date of the assessment.

Extensions can be approved for a maximum of one week (seven calendar days) past the due date for an assessment. (Where students need an extension exceeding one week they must instead apply for special consideration.)

Special consideration:

Special consideration is available for unexpected circumstances outside students’ control. These include but are not limited to: unexpected short-term ill health, and unavoidable family, work, cultural or religious commitments.

An application for special consideration is made in advance of an assessment wherever possible but will normally be accepted within five working days after the assessment date

For more information, see the Special Consideration page of the RMIT website.

Adjustments to Assessment:

RMIT provides several adjustments to assessment for students experiencing ongoing or long-term circumstances. Find the right one for your circumstances here.

Changes to the Assessment Scheme

Where a change to assessment approved by the dean/head of school changes an assessment due date, students will be given at least five working days’ notice of the new due date.

Feedback

You can expect to receive marks and feedback on in-course assessment work in time to improve your performance in related assessment tasks later in the course.

Academic Integrity and Misconduct

Students demonstrate academic integrity in their assessment practices by:

  • engaging with assessment activities in an honest way;
  • providing accountability for the authorship and originality of work submitted;
  • acknowledging the work of others and the re-use of original work.

Academic misconduct is addressed in accordance with the Student conduct policy

Assessment involving research with human participants, their information or their tissue, or animal subjects is carried out in accordance with the Staff ethics and integrity policy.

For further information see the Academic Integrity website.

Review and Appeal

A student may request a review of an assessment result or appeal a final course grade in accordance with the Conduct of assessment and appeals section of the Assessment Processes.

Grade Criteria

You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

The following grades are available for this course.

Vocational education grades:

CA - Competency Achieved

NYC - Not Yet Competent

DNS - Did Not Submit for assessment

Course Overview: Access Course Overview