Course Title: Implement financial plan
Part B: Course Detail
Teaching Period: Term2 2019
Course Code: BAFI5215C
Course Title: Implement financial plan
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
John Calabro
+61 3 99255733
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 prepare and provide financial planning advice, which may include products, services and strategies. It encompasses establishing the actions, timings and priorities needed to implement and monitor or supervise the implementation of financial plan actions.
It applies to individuals who work within a team environment using specialised knowledge, systematic processes and managerial techniques to complete required work. 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: |
FNSFPL504 Implement financial plan |
Element: |
1. Establish actions, timings and priorities needed to implement financial plan |
Performance Criteria: |
1.1 Establish implementation actions which are consistent with client needs and specifications 1.2 Establish individual implementation actions, including timing and priorities designed to maximise advantage to client 1.3 Clearly identify implementation actions and obtain written agreement to actions from client 1.4 Establish implementation diaries and enter appropriate records |
Element: |
2. Establish procedures for implementation of financial plan |
Performance Criteria: |
2.1 Identify and brief personnel to implement each action in plan 2.2 Identify and follow up internal and external documentation requirements and establish audit trails 2.3 Establish monitoring procedures for critical timings and priorities |
Element: |
3. Undertake and/or supervise implementation of financial plan actions |
Performance Criteria: |
3.1 Check that authorised representative ensures clients have information on actions they must undertake and provides assistance where needed 3.2 Check that authorised representative ensures instructions are issued to internal and external personnel as per plan requirements 3.3 Check and follow up lodgement of documentation to ensure plan timings are met 3.4 Check that authorised representative ensures fees and charges are obtained and processed according to organisational and legislative requirements 3.5 Debrief client and address any concerns promptly and effectively |
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 activities, discussion threads, reflective journals on industry updates, presentations, quizzes and interactive sessions.
The collaborative classroom based activities will include role plays, group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
You are expected to participate and contribute in all scheduled learning activities
Teaching Schedule
This course is comprised of three competencies that are co-delivered and co-assessed (delivered and assessed together).
FNSFPL504 Implement a Financial Plan
FNSFPL505 Review Financial Plans and Provide Ongoing Service
FNSASICX503 Provide Advice in Life Insurance
Prior to training commencement a program level induction session will be conducted that comprises the following:
- Program overview and requirements
- MyRMIT/Canvas
- Overview of assessment requirements
- Pre-Training Review including:
-
- Recognition of Prior Learning and Credit Transfers
- Assessment of current skills and knowledge
- Competency/Grading Criteria
- Plagiarism
- Appeals
- Extensions
- Feedback
- Privacy
- Submission requirements
- Resubmission policy
- Where to get support
- Student responsibilities
The Teaching Schedule for this course is subject to changes.
Week |
Topic |
Readings and Activities |
Assessment |
Unit(s) of Competency FNSASICX503 FNSFPL505 Review Financial Plans and Services FNSFPL504 Implement Financial Plan
|
|
Week 1
|
Topic 1: Professional Environment |
Course Workbook Life Insurance, Chapter 1,2, & 4 Powerpoint slides on Canvas |
|
FNSASICX503
|
|
Week 2
|
Topic 2: Nature of Risk |
Course Workbook Life Insurance, Chapter 1 &2 Power pointslides on Canvas |
|
FNSASICX503
|
|
Week 3
|
Topic 3: Risk Management |
Course Workbook Life Insurance, Chapter 2 Powerpoint Slides on Canvas |
|
FNSASICX503
|
|
Week 4
|
Topic 4 Life Insurance
|
Course Workbook Life Insurance, Chapter 2
|
|
FNSFPL505 Review Financial Plans and Services FNSFPL504 Implement Financial Plan FNSASICX503 |
Week 5 |
Topic 5 Disability and Trauma insurance |
Course Workbook Life Insurance, Chapter 2 and 3
|
|
FNSASICX503 |
|
Week 6
|
Topic 5 Income protection and other insurances |
Course Workbook Life Insurance, Chapter 2 and 3 Life Insurance, Chapter 2
|
|
FNSASICX503 |
|
Week 7
|
Topic 6 The Demand for Life Insurance and Insurance Products |
Course Workbook Life Insurance, Chapter 2 and 3
|
|
FNSASICX503 |
|
Week 8
|
Topic 7 Death and disability Insurance in Australia - is it worth it? What are the benefits? Pros and Cons around personal risk and the relationship with super. |
Course Workbook Life Insurance, Chapter 2
|
|
FNSASICX503 |
|
Term Break |
Mid Semester Break - |
|
|
|
Week 9
|
Topic 8 General insurance |
|
Assessment 1 ( Task 1) is due in week You will receive the feedback in week 10. If required, re-submission for this assessment is due by the end of week 11. |
FNSASICX503 |
|
Week 10
|
Topic 9 - Underwriting, Claims and Taxation within Personal Insurance |
Course Workbook Life Insurance, Chapter 3 and 4 Taxation on Insurance proceeds Websites
|
|
FNSASICX503 |
|
Week 11
|
The Insurance Regulatory Environment |
Life Insurance workbook, Chapter 4
|
|
FNSASICX503 |
|
Week 12
|
Implement a Financial Plan/ Presentation of Advice / Authority to proceed |
Course Workbook Manage Client Relationship, Chapter3 & 4 Financial Planning Advice, All chapters |
|
FNSFPL505 Review Financial Plans and Services FNSFPL504 Implement Financial Plan |
Week 13 |
Implementation Schedule |
Course Workbook Manage Client Relationship, Chapter 4 & 5
|
Assessment Task 2 is Due You will receive the feedback in week 14. If required, re-submission for this assessment is due by the end of week 16. |
FNSFPL505 Review Financial Plans and Services FNSFPL504 Implement Financial Plan
|
|
Week 14 -
|
Review Financial Plans And ongoing Service
|
Manage Client Relationship, Chapter 4 & 5 Ongoing Service Packages
|
|
FNSFPL505 Review Financial Plans and Services FNSFPL504 Implement Financial Plan FNSASICX503 |
|
Week 15- |
|
Week 15 -Final supervised assessment
|
Week 15 -Final supervised assessment You will receive the feedback in week 17. If required, re-submission for this assessment is due by the end of week 17.
|
|
Week 16 |
Resubmissions and Reassessments |
|
|
|
Week 17 |
Resubmissions and Reassessments |
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this 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.
Learning Resources
Prescribed Texts
References
Other Resources
Online learning materials can be accessed by going into the RMIT web sites Online Learning Hub.
The online learning materials listed include:
- Course outlines
- Client Files
- Power point Presentations
- Course Workbooks
- 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:
- establish the actions, timings and priorities needed to implement financial plans, and undertake and/or supervise the implementation of financial plan actions
- comply with relevant legislation, regulations, industry codes of practice and organisational procedures
- prepare materials and brief personnel for implementing financial plans
- gain client feedback on and/or agreement to the plan
- accurately document all planning processes and instruments, and establish appropriate audit trails.
Knowledge Evidence
To complete the unit requirements safely and effectively, you must:
- explain the key features of the financial planning industry, financial products, financial markets and investment characteristics
- discuss the key features and relevant issues relating to:
- financial planning legislation
- financial planning documentation requirements
- government financial and superannuation policy
- industry codes of practice
- identify and categorise:
- sources of information on financial products and markets
- state and territory legislation, charges and taxes
- explain the procedure and requirements in establishing audit trails.
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
Overview
This course is comprised of three competencies that are co-delivered and co-assessed (delivered and assessed together).
FNSFPL504 Implement a Financial Plan
FNSFPL505 Review Financial Plans and Provide Ongoing Service
FNSASICX503 Provide Advice in Life Insurance
You will demonstrate competency by undertaking three assessments, a workplace simulated project, a research and application assignment and a supervised assessment.
The assessments for this course have been designed to allow you to apply your learning to particular workplace scenarios and demonstrate your competence in a variety of ways.
Knowledge evidence and performance for this course is:
Assessment Task 1 - Portfolio of Activities - Due Date – Week 9
Summary and Purpose of Assessment
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 14. 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:
- Holistic vs Scaled advice
- FOFA Reforms
- Limitation in giving tax advice as a financial planner
- Markets and advice in superannuation, investment and insurance
- Impact of the economy on investments and the stock market
- Transferring risk and the benefit to the insurer
Assessment Information – Task 2 – Workplace Simulated Project Financial Plan in Essential Life Insurance Products - Due Date – Week 13
This is the first assessment task out of a total of three assessment tasks. You must successfully complete all three tasks to satisfy the criteria for this course.
For this assessment task you are to you are required to complete Part 1 and Part 2.
Part 1 – requires you to prepare a financial plan in life insurance for a simulated client of the Swanston Banking Group (Practice Firm). That being James and Julia Smith
Part 2 – requires you to conduct to deliver the financial advice as prepared in Part 1 to the client.
The workplace simulated project is linked to a simulated workplace environment “the practice firm”, referred as Swanston Banking Group Ltd. The practice firm has a physical presence in Building 80, level 6, room 7. The Swanston Banking Group Ltd. has been set up as a simulated publicly listed company in the Financial Services (Banking) industry offering a retail banking and customer service experience of the highest level not offered or matched by its competitors.
The products and services offered to its personal customers (simulated clients) include banking and investment products and financial services such as bank accounts and debit cards, savings and investment accounts, credit cards, travel money cards, overseas and local money transfers, foreign exchange, superannuation, home and personal loans and insurance.
The Swanston Banking Group has a website for prospective clients and an employee portal via the Learning Management System (Learning Hub).
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 files 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 analyze all of these documents in order to prepare relevant documents for the initial meeting with the client.
You will use “Advice Tools” stored in the employee portal throughout this course. The tools mirror those used in industry and will prepare you to adapt to industry practice and link your studies to the workplace. The tools include industry specific calculators and documents used in every day financial services practices including Authority to Access Information (AAI), Best Interest Duty file note (BID), client checklist, client acknowledgement form, fact find and style guide.
For the first part of the project you will assume the role of the financial planner at the Swanston Banking Group Ltd and you will prepare a financial plan that includes advice in relation to the essential life insurance products. The financial plan that you will prepare must demonstrate that the needs of the client have been met.
Once you have successfully completed Part 1, for Part 2 you will be required to demonstrate your adviser communication skills and present your recommendations, responses and research to your client(s).
The purpose of the assessment is to enable you to demonstrate a breadth of understanding across the course material from weeks 1 - 12. It assesses the knowledge you have obtained through undertaking the concepts of life insurance, your communication skills in presenting that knowledge and your problem-solving skills in answering the questions posed in a live interview with the simulated client. The main purpose of the assessment is for you to clearly demonstrate analysis of the client’s objectives, needs, financial situation and develop appropriate strategies and solutions in the financial advice prepared and presented to the client.
Assessment Task 3 – In Class Supervised Assessment – Week 15
Overview
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. This assessment will take place during your normal scheduled class time.
The assessment comprises short answer and problem solving questions style questions. . The purpose of this task is to assess your understanding of the concepts and issues included in the topics from weeks 2 to 13. 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
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Submission Requirements
You should:
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: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work Where an extension of greater than seven days is needed, you must apply for Special Consideration. You must submit your application within five working days after your assessment date or due date. More Information:https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration
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.
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:
Final Results
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.
The following grades are available for this course: | ||
CA |
Competency Achieved |
|
NYC |
Not Yet Competent |
|
DNS |
Did Not Submit for Assessment |
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Course Overview: Access Course Overview