Course Title: Conduct financial planning analysis and research
Part B: Course Detail
Teaching Period: Term2 2020
Course Code: BAFI5213C
Course Title: Conduct financial planning analysis and research
School: 650T Vocational Business Education
Campus: City Campus
Program: C5343 - Diploma of Financial Planning
Course Contact: Callie Harvey
Course Contact Phone: +61 3 9925 5772
Course Contact Email: callie.harvey@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Sanjay D'Souza
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 undertake financial planning analysis and research. It encompasses evaluating a client’s current situation, identifying issues and researching requirements and parameters for extracting and analysing information, and summarising research information.
It applies to individuals who, within their level of authority, apply specialised knowledge, systematic approaches and analytical techniques to research and prepare information customised for clients and/or situations.
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 the relevant regulator for specific guidance on requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSFPL502 Conduct financial planning analysis and research |
Element: |
1. Evaluate client’s current situation and identify issues |
Performance Criteria: |
1.1 Analyse integrity of information provided by client 1.2 Identify, quantify and test client objectives for viability 1.3 Establish basis for strategy development in line with confirmed objectives |
Element: |
2. Identify research requirements and parameters |
Performance Criteria: |
2.1 Establish aims and objectives of research including strategy, product and performance parameters against client requirementsand expectations, with all issues identified 2.2 Identify and access wide range of relevant internal and external information resources required for research 2.3 Establish timeframes and prioritise requests for information to ensure milestones are met |
Element: |
3. Extract and analyse information according to research requirements and parameters |
Performance Criteria: |
3.1 Establish data extraction criteria that are relevant to intended use and client requirements 3.2 Identify trends to provide meaningful information on performance of possible strategies, products and markets 3.3 Identify taxation and other government legislation that needs to be considered in choice of financial planning strategies 3.4 Conduct risk assessment of strategies and products identified through research 3.5 Analyse financial products within appropriate timeframes to ensure currency of decision making 3.6 Prioritise information according to client requirements and expectations 3.7 Identify issues that require specialist research or advice and obtain appropriate advice |
Element: |
4. Summarise research information |
Performance Criteria: |
4.1 Collate and check information on financial strategies and products against research specification 4.2 Prepare and check written performance, trend and risk analyses against research specification 4.3 Document any qualifications or issues for further research |
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 are delivered together under the title Conduct Research and Analysis:
- FNSFPL502/BAFI5213C Conduct financial planning analysis and research
- FNSINC501/MKTG7921C Conduct product research to support recommendations
- FNSASICU503/BAFI5218C Provide advice in superannuation
(The following schedule is subject to change)
Course Schedule: Conduct Research and Analysis, Semester 2, 2020 | |||
Week |
Topic |
Readings and Activities |
Assessment |
|
Week 1 July 6 |
Introduction to course schedules
Superannuation: Part 1 – Superannuation, Part 2 - Regulating -Superannuation |
Course Workbook – Conduct Research Analysis
|
|
|
Week 2 July 13 |
Superannuation: Part 3 - Types of Funds, Part 4 - Superannuation and Retirement Preservation Standards |
Course Workbook – Superannuation and Retirement Planning
Chapter 3 – The Regulatory Framework
|
|
|
Week 3 July 20 |
Superannuation: Part 3 - Types of Funds, Part 4 - Superannuation and Retirement Preservation Standards |
Course Workbook – Superannuation and Retirement Planning Chapter 3 – The Regulatory Framework
|
|
|
Week 4 July 27 |
Superannuation: Part 5 – Investing in Superannuation, Part 6 - Contributing to Superannuation |
Course Workbook – Superannuation and Retirement Planning Chapter 4 - Contributions to Superannuation Funds Chapter 5 – Withdrawals from Superannuation |
|
|
Week 5 August 3 |
Superannuation: Part 7 - What is a SMSF? |
Course Workbook – Superannuation and Retirement Planning Chapter 9 – Self Managed Superannuation Funds |
|
|
Week 6 August 10 |
Retirement: Part 1 – Introduction to Retirement, Part 2 - Superannuation Components |
Course Workbook – Superannuation and Retirement Planning Chapter 5 – Withdrawals from Superannuation
|
|
|
Week 7 August 17 |
Retirement: Part 3 - Sources of Income Streams in Retirement Social Security: Part 1- Social Security Introduction |
Course Workbook – Superannuation and Retirement Planning Chapter 5 – Withdrawals from Superannuation
|
|
|
Week 8 August 24 |
Social Security: Part 2 - Types of Pensions, Part 3 - Aged Care System |
Course Workbook – Superannuation and Retirement Planning Chapter 7 – Payment of Superannuation Benefits as Income Stream Chapter 8 – Social Security |
Assignment 1 - Research and Application Assignment due |
Mid-Semester Break | |||
|
Week 9 September 7 |
Client Research and Analysis: Part 3 – Use of Financial Information Statement
Part 1 – Develop Strategies and Solutions Introduction |
Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning
|
|
|
Week 10 September 14 |
Develop Strategies and Solutions: Part 2 – Current Financial Position, Part 3 - Developing strategies |
Course Workbook – Financial Planning
|
|
|
Week 11 September 21 |
Develop Strategies and Solutions: Part 3 - Developing strategies |
Course Workbook – Financial Planning
|
|
|
Week 12 September 28 |
Develop Strategies and Solutions: Part 4 – Selecting Products |
Course Workbook – Financial Planning
|
Assessment 2 - workplace Simulated Project due |
|
Week 13 October 5 |
Develop Strategies and Solutions: Part 4 – Selecting Products |
Course Workbook – Financial Planning
Revision |
|
|
Week 14 October 12 |
Develop Strategies and Solutions: Part 4 – Selecting Products |
Course Workbook – Financial Planning
|
Assignment 3 - Online Assessment due |
|
Week 15 October 19 |
Review & Re-submissions |
|
|
|
Week 16 October 26 |
|
|
|
|
Week 17 November 2 |
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:
- conduct financial planning research that demonstrates:
- evaluation of client’s current situation and identification of issues
- identification of research requirements and parameters
- extraction and analysis of information
- use of a wide range of available information sources
- compliance with relevant legislative and regulatory requirements, relevant industry codes of practice and organisational operating guidelines
- accurately summarise research information and test its integrity
- prioritise findings, validated against client requirements, and document research for financial plans.
Knowledge Evidence
To complete the unit requirements safely and effectively, you must:
- identify and describe a wide range of financial products and services
- discuss the risks and implications associated with use of financial products and services
- explain financial products and services and the associated benefits from a financial planning perspective
- identify financial industry information sources and outline research techniques for accessing this information
- compare and contrast financial planning strategies
- describe the key features of:
- organisational policy and procedures relating to research
- relevant legislation and regulations governing trusts and companies
- relevant industry code of practice requirements
- describe the key features of taxation and social security systems and regulations, and their effect on specified financial products
- outline the key aspects of theories of investment, portfolio management and management of investment and risk.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial planning field of work and include access to:
- office equipment, technology, software and consumables.
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
You will demonstrate competency by undertaking three assessments. You must successfully complete all assessments to be deemed competent in this unit.
Assignment 1: Research and Application Assignment
Due: 30, August 2020 (Week 8)
Summary and Purpose: For this Assessment Task you are required to demonstrate your knowledge by completing a series of eight theory and problem solving activities over the course of the semester from weeks 3 to 8.
Assessment Instructions: You will be required to submit each activity as specified in the weekly schedule. The purpose of the activities is to enhance your understanding and ability to apply the knowledge to practice in the following areas:
a) superannuation tax policy
b) regulatory framework for the superannuation system
c) regulatory bodies codes of practice in superannuation
d) role of professional associations and their influence to the superannuation industry
e) impact of superannuation on the Australian economy
f) impact of international and local markets on the superannuation fund holders in Australia
g) key documents that a superannuation advisor needs to explain to the client in the initial interview
h) operation of superannuation as a tax structure
What you need to do You must complete all prescribed tasks below including the individual requirements of each one as listed in the questions. You will require access to the course resources on the Learning hub, recommended textbooks and the website links prescribed for the program.
Assessment 2: Workplace Simulated Project
Due: 4/10/2020 (Week 12)
Summary and Purpose: In week 4, you will be provided with a contract and position description for a Financial Planner at Swanston Banking Group Ltd. You will assume the role of a financial planner at the Swanston Banking Group Ltd and follow the company policies and procedures as if you were a real employee of the bank. You will be allocated and electronic client file that you will be able to access from the Swanston Bank Portal within the Learning hub for the program. The client file will include client details, background of their particular circumstances, a bank statement, pay slips and a superannuation statement. You will require all these documents in order to address all the requirements of this project.
Assessment Instructions: The Workplace Simulated Project requires you to complete two parts: Part 1 and Part 2 .
For the first part of the project you will assume the role of a para planner at the Swanton Banking Group Ltd and you will prepare Strategy Paper that includes superannuation advice for the simulated client you interviewed in Cluster 2. The Strategy paper that you will prepare must demonstrate that the level of risk matches the client’s risk profile and demonstrate how the needs of the client have been met.
In the second part of the assessment you will be required to undertake a role play with your client for the second time at the premises of Swanston Banking Group Ltd. You will need to continue building a good rapport with the client and present the Strategy paper that you drafted to them.
Assignment 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 online 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 from weeks 2 to 13.
Assessment Instructions: The assessment comprises six short answer and problem-solving questions 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.
CA - Competency Achieved
NYC - Not Yet Competent
DNS - Did Not Submit for assessment
Course Overview: Access Course Overview