Course Title: Determine client financial requirements and expectations

Part B: Course Detail

Teaching Period: Term2 2018

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

 

Andrew Shiangolis

Program Coordinator Financial Services

andrew.shiangolis@rmit.edu.au

+61 3 9925 5982

 

 

 

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 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

Induction Session


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  below but please note that it is subject to change.  

Weekly Schedule – Semester 2 - 2018

 

Week No.

Date

Topic:

Reading,     Course Workbook Tasks & Assessments

1

2/7/2018

Introduction to the course including:

·         Course requirements and support documents/resources

·         Course Blackboard access

·         Accuracy of enrolment

·         Assessment requirements/Cover Sheets

·         Reminder re Plagiarism/Appeals

·         Extensions/Resubmissions

·         Feedback in this course

·         Getting help

Topic 1 – Establish the client relationship

Resources on Learning Hub

·       Presentations

·       Course Workbook - Overview of the Financial Services

·       Course Workbook – Financial Planning

·       Course Workbook –Managing Client Relationships

 

 

Course Workbooks

Financial Planning Advice, Chapters 1

Managing Client Relationships, Chapters 1 & 2

2

9/7/2018

Topic 1 – Establish the client relationship

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)

 

Course Workbooks

Financial Planning Advice, Chapters 1

Managing Client Relationships, Chapters 1 & 2

3

16/7/2018

Establish the Client Relationship:

Topic 1 – Establish the client relationship

Part 3 – Financial Planning Process,

Part 4 – Step one – Data Gathering,

Self –paced activities (Power points and Workbooks)

 

 

 

Course Workbooks

Financial Planning Advice, Chapters 1

Managing Client Relationships, Chapters 1 & 2

4

23/7/2018

Establish the Client Relationship:

Topic 1 – Establish the client relationship

Part 5 – Concluding the Data Gathering Interview

Self –paced activities (Power points and Workbooks)

 

 

 

Course Workbooks

Financial Planning Advice, Chapters 1

Managing Client Relationships, Chapters 1 & 2

 

 

5

30/7/2018

Identify Client Objectives:

Topic 2 – 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)

Course Workbooks

Financial Planning Advice, Chapters 1

Managing Client Relationships, Chapter 3

 

Additional Resource:

 

Risk Profile Questionnaire

6

6/8/2018

Personal Taxation:

Topic 3 – 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)

Course Workbooks

Financial Planning Advice, Chapter 4

 

Websites

https://www.ato.gov.au/rates/individual-income-tax-rates (Links to an external site.)Links to an external site./ (Links to an external site.)Links to an external site.

 

 

7

13/8/2018

Personal Taxation:

Topic 3 – 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)

Course Workbook

Financial Planning Advice, Chapter 4

 

Websites

https://www.ato.gov.au/rates/individual-income-tax-rates (Links to an external site.)Links to an external site./ (Links to an external site.)Links to an external site.

Assessment Part A -Workplace Simulated Project – Client Engagement and Fact Find Due week 7 13/08/18

9

20/8/2018

Topic 3 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)

Course Workbook

Financial Planning Advice, Chapter 4

 

Websites

https://www.ato.gov.au/rates/individual-income-tax-rates (Links to an external site.)Links to an external site./ (Links to an external site.)Links to an external site.

 

Mid Semester Break -

9

3/9/2018

Topic 3 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)

Course Workbook

Financial Planning Advice, Chapter 4

 

Websites

https://www.ato.gov.au/rates/individual-income-tax-rates (Links to an external site.)Links to an external site./ (Links to an external site.)Links to an external site.

 

Assessment Task 1 - Part B - Workplace Simulated Project - Client Meeting Due Week 03/09/18 

10

10/9/2018

Topic 4 Cash Flow and Debt:

Part 1 – Cash Flow – Introduction,

Part 2 - Preparing Cash Flow Statements

Self –paced activities (Power points and Workbooks)

 

Course Workbook

Financial Planning Advice, Chapters 1 & 5

 

Websites

https:// (Links to an external site.)Links to an external site.www.moneysmart.gov.au/borrowing-and-credit/consumer-credit-regulation (Links to an external site.)Links to an external site.

11

17/9/2018

Topic 4 Cash Flow and Debt:

Part 3 Debt – Introduction,

Part 4 - Use of Debt,

Part 5 - Using debt to fund investment

Self –paced activities (Power points and Workbooks)

 

Course Workbook

Financial Planning Advice, Chapters 1 & 5

 

Websites

https:// (Links to an external site.)Links to an external site.www.moneysmart.gov.au/borrowing-and-credit/consumer-credit-regulation (Links to an external site.)Links to an external site.

 

12

24/9/2018

Topic 4 Cash Flow and Debt:

Part 3 Debt – Introduction,

Part 4 - Use of Debt,

Part 5 - Using debt to fund investment

Self –paced activities (Power points and Workbooks)

 

Course Workbook

Financial Planning Advice, Chapters 1 & 5

 

Websites

https:// (Links to an external site.)Links to an external site.www.moneysmart.gov.au/borrowing-and-credit/consumer-credit-regulation (Links to an external site.)Links to an external site.

 

 

13

1/10/2018

Topic 5 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)

 

Course Workbook

Financial Planning Advice, Chapters 2 & 4

 

Additional Resource:

 

Risk Profile Questionnaire

 

 

Role Plays

14

8/10/2018

Topic 5 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)

Course Workbook

Financial Planning Advice, Chapters 2 & 4

 

Additional Resource:

 Risk Profile Questionnaire

 Presentation Skills

 Revision

 Course Workbook Summaries

 Professional Portfolio

 

 

15

15/10/2018

 Revision / Recap Weeks 1 -15

 

 

Assignment Task 2 -Research and Application Assignment

Due Date 15/10/18

 

 

 16

24/10/2018

Student Feedback on Assessment

Resits and Resubmissions

 

 

 

 

 

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 / Canvas.

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:

  • 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

This course is comprised of three competencies that are co-delivered and co-assessed (delivered and assessed together).

FNSFPL506 Determine client financial requirements and expectations

FNSCUS505 Determine client requirements and expectations

FNSCUS506 Record and implement client instructions

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.

You will demonstrate competency by undertaking two assessments, a workplace simulated project and a research and application assignment.

Critical Aspects of assessment are described above in the performance evidence for this course.

 

Task 1 - Workplace Simulated Project​ – Fact Find

For this assessment task you are to you are required to complete two Parts 1 and Part 2.

Part A (Due Date: 13/08/17 -  Week 7) – requires you to prepare a Fact find for a simulated client of the Swanston Banking Group (Practice Firm) and identify the key planning issues that will need to be addressed by the client.

Part B (Due Date: 03/09/18 - Week 9) - requires you to conduct a meeting with the client explaining the key issues

identified and to outline the next steps in the financial planning process.

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 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 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. For the purpose of this course, you will be required access the Fact Find as well as any other applicable documents which can be used to assist the fact find process including: Authority to Access Information (AAI), Best Interest Duty file note (BID), client checklist, client acknowledgement form, fact find and the Financial Services Guide. 

 

The purpose of the assessment is to enable you to demonstrate a breadth of understanding across the course material from weeks 1 - 8. 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 meeting with the simulated client in the “Practice Firm”.

This 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 the financial planner at the Swanston Banking Group Ltd and you will prepare the fact find based on the information provided in the client file from the employee portal of the bank.  You will further demonstrate your knowledge with a written submission explaining key planning issues that will need to be addressed by the client.

Once you have successfully completed Part 1, for Part 2 you will be expected to pair with a peer to role play the part of the client. You are to assume the role of the adviser while conducting a meeting with the client. In that meeting, you need to demonstrate strategies that you have developed to build a good rapport with the client and explain the key issues identified that will need to be addressed in the next stage of the financial planning process.

The main aim of the second part is for you to demonstrate your communication skills in explaining to the client the reasons that they require financial planning advice.

You need to record the role play using your smart phone or MP4 player and upload it to google drive and share it with your teacher. For your recording you are required to wear business attire and assume the role of a financial planner conducting a meeting with a client.  You will be provided with time (Week 8) in class, to record your role play with your peers.

 

Specifically, the aims of this assessment are for you to be able to do the following:

  1. Prepare appropriate a fact find
  2. ask open ended questions to the client to gather information 
  3. explain the financial process
  4. use reference material when explaining the process to the client
  5. collect relevant information for the fact find
  6. identify key planning issues within the client fact find

The assessment will be available on Canvas in Week 2 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 2 - ​ Research and Application Assignment ​ (Due Date: 15/10/18 - Week 15)

This assessment has been designed for you to further develop your knowledge and skills in the foundation areas of managing a client relationship by determining the client financial requirements and expectation, record and implement client instructions. You are required to demonstrate your knowledge by completing a series of theory and problem solving questions that involve research and the application of concepts relevant in conducting initial and ongoing interviews with clients.

The purpose of this assignment is to enhance your understanding and ability to apply the knowledge to practice in the following areas of managing client relationships:

  1. Building client rapport
  2. financial planning process
  3. Risks associated with self-managed super and property
  4. Need for budgeting and Cash Flow advice
  5. Authority to Access Information
  6. Ongoing client services
  7. types of tax structures

 

 

 


Assessment Matrix

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

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 the Assessment task document that includes a declaration and statement of authorship.
  • 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.

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.  Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.

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 in a particular Course Assessment Task (or you do not submit/attend) 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.

Grading & re-submissions

Successful re-submissions will contribute a CAG only (Competency Achieved Grading) result to your overall grade for the course.

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:

https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment

 

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

 

 

CA

Competency Achieved – Not 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