Course Title: Determine client financial requirements and expectations
Part B: Course Detail
Teaching Period: Term1 2016
Course Code: BAFI5217C
Course Title: Determine client financial requirements and expectations
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
Mr Michael Elliot <font face="Times New Roman" size="3"> </font>
+61 3 9925 5519<o:p></o:p>
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michael.elliot@rmit.edu.au<o:p></o:p>
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Nominal Hours: 60
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 determine the financial requirements and expectations of clients. It encompasses informing clients of the financial planning process and service, obtaining relevant information on their existing financial situations and expectations with respect to the financial planning service offered by the representative, and preparing and updating necessary documentation.
It applies to individuals who manage relationships with clients and colleagues and use specialised knowledge and systematic approaches to determine a customised service.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: |
FNSFPL506 Determine client financial requirements and expectations |
Element: |
1. Inform client of financial planning process and services |
Performance Criteria: |
1.1 Explain to client financial planning process and role, and any limits of authority of representative |
Element: |
2. Obtain relevant information on client’s existing financial situation |
Performance Criteria: |
2.1 Obtain and confirm facts and information relevant to client’s particular service request |
Element: |
3. Determine client expectations and requirements with respect to financial planning service offered by representative |
Performance Criteria: |
3.1 Encourage client to express and clarify expectations from financial planning process, and identify and promptly and appropriately respond to any concerns |
Element: |
4. Prepare and update necessary documentation where required |
Performance Criteria: |
4.1 Document and check with client all relevant client facts, information and financial and personal histories, and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice |
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
Induction Session
Prior to training commencement a program level induction session will be conducted that comprises the following:
- Program overview and requirements
- MyRMIT/Blackboard
- 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 as follows but please note that it is subject to change.
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Introduction to the course including:<o:p></o:p> <font face="Times New Roman" size="3"> </font>· Course requirements and support documents/resources<o:p></o:p> <font face="Times New Roman" size="3"> </font>· Course Blackboard access<o:p></o:p> <font face="Times New Roman" size="3"> </font>· Accuracy of enrolment<o:p></o:p> <font face="Times New Roman" size="3"> </font>· Assessment requirements/Cover Sheets<o:p></o:p> <font face="Times New Roman" size="3"> </font>· Reminder re Plagiarism/Appeals<o:p></o:p> <font face="Times New Roman" size="3"> </font>· Extensions/Resubmissions<o:p></o:p> <font face="Times New Roman" size="3"> </font>· Feedback in this course<o:p></o:p> <font face="Times New Roman" size="3"> </font>· Getting help<o:p></o:p> <font face="Times New Roman" size="3"> </font> |
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15/02/16<o:p></o:p> <font face="Times New Roman" size="3"> </font> |
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Establish the Client Relationship: Part 1 - Overview – Keys to Successful Financial Advising, Part 2 -The Client’s Perspective<o:p></o:p> <font face="Times New Roman" size="3"> </font>Self –paced activities (Power points and Workbooks)<o:p></o:p> <font face="Times New Roman" size="3"> </font> |
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Establish the Client Relationship: Part 3 – Financial Planning Process, Part 4 – Step one – Data Gathering, <o:p></o:p> <font face="Times New Roman" size="3"> </font>Self –paced activities (Power points and Workbooks)<o:p></o:p> <font face="Times New Roman" size="3"> </font> |
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Assessment Task 2 available on Blackboard <o:p></o:p> <font face="Times New Roman" size="3"> </font> |
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Establish the Client Relationship: Part 5 – Concluding the Data Gathering Interview<o:p></o:p> <font face="Times New Roman" size="3"> </font>Self –paced activities (Power points and Workbooks)<o:p></o:p> <font face="Times New Roman" size="3"> </font><o:p> </o:p> <font face="Times New Roman" size="3"> </font> |
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Assessment Task 1<o:p></o:p> <font face="Times New Roman" size="3"> </font> |
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Identify Client Objectives: Part 1 – Introduction - Identify Client Objectives, Part 2 - Identify Client Objectives, Part 3 – Client Risk Profiles<o:p></o:p> <font face="Times New Roman" size="3"> </font>Self –paced activities (Power points and Workbooks)<o:p></o:p> <font face="Times New Roman" size="3"> </font> |
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Cash Flow and Debt: Part 1 – Cash Flow – Introduction, Part 2 - Preparing Cash Flow Statements<o:p></o:p> <font face="Times New Roman" size="3"> </font>Self –paced activities (Power points and Workbooks)<o:p></o:p> <font face="Times New Roman" size="3"> </font> |
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Cash Flow and Debt: Debt – Introduction, Part 4 - Use of Debt, Part 5 - Using debt to fund investment<o:p></o:p> <font face="Times New Roman" size="3"> </font>Self –paced activities (Power points and Workbooks)<o:p></o:p> <font face="Times New Roman" size="3"> </font> |
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Task 2 - Check Point<o:p></o:p> <font face="Times New Roman" size="3"> </font> |
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24/03/16 to 30/03/16 - Mid-Semester Break<o:p></o:p> <font face="Times New Roman" size="3"> </font> | |||
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Cash Flow and Debt: Debt – Introduction, Part 4 - Use of Debt, Part 5 - Using debt to fund investment<o:p></o:p> <font face="Times New Roman" size="3"> </font>Self –paced activities (Power points and Workbooks)<o:p></o:p> <font face="Times New Roman" size="3"> </font> |
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Wealth Creation: Part 1 – Introduction - Risk Management, Part 2 - Risk, Return and Diversification, Part 3 - Asset Allocation and Risk Tolerance<o:p></o:p> <font face="Times New Roman" size="3"> </font>Self –paced activities (Power points and Workbooks)<o:p></o:p> <font face="Times New Roman" size="3"> </font> |
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Wealth Creation: Part 4 - Compound Interest and the Time Value of Money (Future value), Part 5 - Compound Interest and the Time Value of Money (present value), Part 6 - Multiple Cash Flows and Annuities, Part 7 – Other Wealth Creation Concepts<o:p></o:p> <font face="Times New Roman" size="3"> </font>Self –paced activities (Power points and Workbooks)<o:p></o:p> <font face="Times New Roman" size="3"> </font> |
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Personal Taxation: Part 1- Introduction – Taxation, Part 2 - Personal Exertion Income, Part 3 – Deductions and Tax Offsets, Part 4 – Other Taxes and Concepts<o:p></o:p> <font face="Times New Roman" size="3"> </font>Self –paced activities (Power points and Workbooks) <o:p></o:p> <font face="Times New Roman" size="3"> </font> |
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Task 2 - Check Point<o:p></o:p> <font face="Times New Roman" size="3"> </font> |
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Personal Taxation: Part 1- Introduction – Taxation, Part 2 - Personal Exertion Income, Part 3 – Deductions and Tax Offsets, Part 4 – Other Taxes and Concepts<o:p></o:p> <font face="Times New Roman" size="3"> </font>Self –paced activities (Power points and Workbooks) <o:p></o:p> <font face="Times New Roman" size="3"> </font> |
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Personal Taxation: Part 5 - Capital Gains Tax (CGT), Part 6 - Entities and Effective Structures, Part 7 - Tax Administration, Part 8 – Tax Strategies<o:p></o:p> <font face="Times New Roman" size="3"> </font>Self –paced activities (Power points and Workbooks)<o:p></o:p> <font face="Times New Roman" size="3"> </font> |
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Personal Taxation: Part 5 - Capital Gains Tax (CGT), Part 6 - Entities and Effective Structures, Part 7 - Tax Administration, Part 8 – Tax Strategies<o:p></o:p> <font face="Times New Roman" size="3"> </font>Self –paced activities (Power points and Workbooks)<o:p></o:p> <font face="Times New Roman" size="3"> </font> |
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Student Feedback on Assessment 3<o:p></o:p> <font face="Times New Roman" size="3"> </font>Review and Revision<o:p></o:p> <font face="Times New Roman" size="3"> </font>Self –paced activities<o:p></o:p> <font face="Times New Roman" size="3"> </font> |
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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.
Learning Resources
Prescribed Texts
References
Other Resources
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
Evidence of the ability to:
- clearly inform clients of the financial planning process and services
- obtain all relevant information on clients’ existing financial situation
- determine client expectations and requirements with respect to the financial planning service offered by the representative
- comply with relevant legislation and regulations, and organisational operating policy and procedures
- accurately record information and make summary analysis.
Knowledge Evidence
To complete the unit requirements safely and effectively, you must:
- discuss appropriate financial industry sales and marketing techniques
- explain the protocols to be complied with in dealing with clients with special needs
- outline the key issues relating to:
- the current economic climate and outlook
- local and international financial markets and investments
- explain financial product service terms and conditions
- explain indicative fees and charges
- explain the interactions between different providers of the financial planning service and their accountabilities
- describe authorities and assistance able to be offered by other advisers and organisations
- discern between and describe what different providers can and cannot do within the financial planning service required by the client
- outline the steps in a referral process to other advisers or organisations
- describe the key stages in internal and external complaint handling processes
- outline the steps and processes involved in the preparation of financial plans
- describe the key features of relevant organisational policy, procedures and requirements
- identify risk and fraud indicators.
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 of Assessment
This course is co-delivered and co-assessed with the following competencies:
FNSCUS505 Determine client Requirements and expectations
FNSCUS506 Record and implement client instrucitons
Critical Aspects of assessment are described above in the performance evidence for this course.
The assessments for this course have been designed to allow participants apply their learning to particular simulated work scenarios and demonstrate their competence in a variety of ways.
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Task 1 - In Class Assessment (Week 4)<o:p></o:p>
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For this Assessment Task you are required to demonstrate your knowledge by completing an closed book in class assessment comprised of a series of multiple choice on establishing Client Relationships.
The assessment comprises 25 multiple-choice theory style questions. The purpose of this task is to assess your understanding of the concepts and issues included in the topics covered in weeks 2 and 3. The duration of the assessment is one hour.
This assessment will take place during your normal scheduled class time.<o:p></o:p>
Task 2 – Project (Due date: Week 14) <o:p></o:p>
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The assessment will be in the form of a written presentation.
The purpose of the assessment is to enable you to demonstrate a breadth of understanding across all of the course material at an independent level. It assesses the knowledge you have obtained through undertaking the topic, your communication skills in presenting that knowledge and your problem-solving skills in answering the questions posed.
The assessment will be available on Blackboard in Week 3 and your teacher will provide you with guidance. You will have the opportunity to seek advice from your teacher on a number of check points throughout the semester. <o:p></o:p>
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TASK 3 - In Class Assessment (Week 11)<o:p></o:p>
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For this Assessment Task you are required to demonstrate your knowledge by completing a closed book in class 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 9. This assessment will take place during your normal scheduled class time. <o:p></o:p>
You must successfully complete all assessment tasks to achieve competency.
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, Callie Harvey, 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. <check links are still current>
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. <check links are still current>
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: <check link is still current>
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