Course Title: Determine client financial requirements and expectations
Part B: Course Detail
Teaching Period: Term2 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
+61 3 9925 5519
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 1.2 Explain to client organisation's licensees, principals, services and capacity, including any relationship to other financial services 1.3 Explain fees and charges to client and confirm client's understanding of these before proceeding with delivery of service 1.4 Identify clients with special needs and take appropriate action or make referral 1.5 Explain procedures for internal and external complaints handling and resolution to client |
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 2.2 Identify client expectations, requirements and objectives, and encourage client to disclose relevant information to determine client's personal financial situation and any special needs 2.3 Obtain relevant information on investments and assets held by client, and client's current income, expenditure and liabilities situation 2.4 Develop summary analysis of client's financial position based on extent of client disclosure and requirements 2.5 Accurately and consistently identify risk and fraud indicators, and check all information for consistency and potential conflict |
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 3.2 Establish client's income and investment needs, preferences and priorities 3.3 Explore risk issues and tolerance comprehensively and ethically with client 3.4 Determine that service being sought is within capability and authority of authorised representative 3.5 Refer to another internal representative if service required by client is beyond scope of representative 3.6 Seek specialist advice where necessary or refer client to appropriate personnel or organisation where required services are not available or cannot be provided by the practice |
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 4.2 Create or update client records when necessary 4.3 File client documentation, information and histories in format and location that is readily accessible |
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.
Week No. |
Date Week Begins |
Topic: |
Activities and tasks |
1 |
04/07/16 |
Introduction to the course including:
|
Resources on Learning Hub
Overview of the Financial Services
Topic 1 – Establish the client relationship
Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning
Course Workbook – Managing Client Relationships Chapter 1 - Building Rapport Chapter 2 – Beginning the consultation |
2 |
11/07/16 |
Establish the Client Relationship: Part 1 - Overview – Keys to Successful Financial Advising, Part 2 -The Client’s Perspective Self –paced activities (Power points and Workbooks) |
Topic 1 – Establish the client relationship
Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning
Course Workbook – Managing Client Relationships Chapter 1 - Building Rapport Chapter 2 – Beginning the consultation |
3 |
18/07/16 |
Establish the Client Relationship: Part 3 – Financial Planning Process, Part 4 – Step one – Data Gathering, Self –paced activities (Power points and Workbooks) |
Topic 1 – Establish the client relationship
Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning
Course Workbook – Managing Client Relationships Chapter 1 - Building Rapport Chapter 2 – Beginning the consultation
|
4 |
25/07/16 |
Establish the Client Relationship: Part 5 – Concluding the Data Gathering Interview Self –paced activities (Power points and Workbooks)
|
Topic 1 – Establish the client relationship
Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning
Course Workbook – Managing Client Relationships Chapter 1 - Building Rapport Chapter 2 – Beginning the consultation
Task 1- Supervised Assessment |
5 |
01/08/16 |
Identify Client Objectives: Part 1 – Introduction - Identify Client Objectives, Part 2 - Identify Client Objectives, Part 3 – Client Risk Profiles Self –paced activities (Power points and Workbooks) |
Topic 2 – Identify Client Objectives
Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning
Course Workbook – Managing Client Relationships Chapter 3 - Identifying Needs and Collecting Data
Additional resources Risk Profile Questionnaire |
6 |
8/08/16 |
Cash Flow and Debt: Part 1 – Cash Flow – Introduction, Part 2 - Preparing Cash Flow Statements Self –paced activities (Power points and Workbooks) |
Topic 3 - Cash Flow and Debt
Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning Chapter 5 – Direct Investments
Web pages: https://www.moneysmart.gov.au/borrowing-and-credit/consumer-credit-regulation |
7 |
15/08/16 |
Cash Flow and Debt: Debt – Introduction, Part 4 - Use of Debt, Part 5 - Using debt to fund investment Self –paced activities (Power points and Workbooks) |
Topic 3 - Cash Flow and Debt
Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning Chapter 5 – Direct Investments Web pages: https://www.moneysmart.gov.au/borrowing-and-credit/consumer-credit-regulation
Task 2 – Check Point |
Mid-Semester Break 29/08/16 – 4/9/2016 | |||
8 |
22/08/16 |
Wealth Creation: Part 1 – Introduction - Risk Management, Part 2 - Risk, Return and Diversification, Part 3 - Asset Allocation and Risk Tolerance Self –paced activities (Power points and Workbooks) |
Topic 4 - Wealth Creation
Course Workbook – Financial Planning Chapter 2 – Analysing the Risk and Return of Investment Chapter 4 – Investment Planning Process
Additional resources Risk Profile Questionnaire |
9 |
5/09/16 |
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 Self –paced activities (Power points and Workbooks) |
Topic 4 - Wealth Creation
Course Workbook – Financial Planning Chapter 2 – Analysing the Risk and Return of Investment Chapter 4 – Investment Planning Process
Additional resources Risk Profile Questionnaire
Task 2 – Check Point |
10 |
12/09/16 |
Personal Taxation: Part 1- Introduction – Taxation, Part 2 - Personal Exertion Income, Part 3 – Deductions and Tax Offsets, Part 4 – Other Taxes and Concepts Self –paced activities (Power points and Workbooks) |
Topic 5 – Personal Taxation
Course Workbook – Managing Client Relationships Chapter 1 - Building Rapport
Course Workbook – Financial Planning Chapter 4 – Investment Planning Process
Web pages: |
11 |
19/09/16 |
Personal Taxation: Part 1- Introduction – Taxation, Part 2 - Personal Exertion Income, Part 3 – Deductions and Tax Offsets, Part 4 – Other Taxes and Concepts Self –paced activities (Power points and Workbooks) |
Topic 5 – Personal Taxation Course Workbook – Overview of the Financial Services Chapter 4 – Taxation and the Financial Services Industry
Web pages: https://www.ato.gov.au/rates/individual-income-tax-rates/
Task 2 – Check Point |
12 |
26/09/16 |
Personal Taxation: Part 5 - Capital Gains Tax (CGT), Part 6 - Entities and Effective Structures, Part 7 - Tax Administration, Part 8 – Tax Strategies Self –paced activities (Power points and Workbooks) |
Topic 5 – Personal Taxation Course Workbook – Overview of the Financial Services Chapter 4 – Taxation and the Financial Services Industry
Web pages: |
13 |
03/10/16 |
Personal Taxation: Part 5 - Capital Gains Tax (CGT), Part 6 - Entities and Effective Structures, Part 7 - Tax Administration, Part 8 – Tax Strategies Self –paced activities (Power points and Workbooks) |
Topic 5 – Personal Taxation Course Workbook – Overview of the Financial Services Chapter 4 – Taxation and the Financial Services Industry
Web pages: https://www.ato.gov.au/rates/individual-income-tax-rates/
Task 2- Simulated Workplace Project |
14 |
10/10/16 |
Student Feedback on Assessment 3 Review and Revision Self –paced activities |
Revision – Course Workbooks Summaries |
15 |
17/10/16 |
Review and Revision Self –paced activities Student Feedback on Assessment 2 |
Revision – Course Workbook Summaries Task 3 – Supervised Assessment |
16 |
24/10/16 |
Resubmissions and Reassessments |
Revision – Course Workbook Summaries |
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
Online learning materials can be accessed by going into the RMIT web sites Online Learning Hub.
The online learning materials listed include:
- Course outlines
- 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:
- 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 instructions
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.
Task 1 - Supervised Assessment (Week 4)
For this Assessment Task you are required to demonstrate your knowledge by completing and open book in class supervised 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.
Task 2 – Simulated Workplace Project (Due date: Week 13)
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.
TASK 3 - Supervised Assessment (Week 15)
For this Assessment Task you are required to demonstrate your knowledge by completing a 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 course. This assessment will take place during your normal scheduled class time.
You must successfully complete all three assessments to be deemed competent.
Assessment Matrix
Assessment Task |
Grading |
Due Date |
Assessment Task 1 – Supervised assessment |
Grading will be applied once you have been deemed competent in the course. |
Week 4 |
Assessment Task 2 – Simulated Workplace Project |
Grading will be applied once you have been deemed competent in the course. |
Week 13 |
Assessment Task 3 – Supervised assessment |
Grading will be applied once you have been deemed competent in the course. |
Week 15 |
Assessment Tasks |
FNSFPL506 - Determine client financial requirements and expectations |
FNSCUS505 - Determine client requirements and expectations |
FNSCUS506 - Record and implement client instructions |
Assessment Task 1 – Supervised assessment |
|
X |
X |
Assessment Task 2 – Simulated Workplace Project |
X |
X |
X |
Assessment Task 3 – Supervised assessment |
X |
X |
X |
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