Course Title: Provide advice in superannuation

Part B: Course Detail

Teaching Period: Term2 2016

Course Code: BAFI5218C

Course Title: Provide advice in superannuation

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

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 analyse client needs and provide advice ethically and professionally on superannuation in compliance with industry regulations and codes of practice. It addresses the training requirements of current Australian Securities and Investments Commission (ASIC) and Australian financial services (AFS) licensing at Tier 1 level.

It applies to individuals who use well-developed interpersonal skills and excellent communication and self-management skills to perform a specialist advisory role in superannuation.  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 ASIC for specific guidance on requirements.                                      


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSASICU503 Provide advice in superannuation

Element:

1. Establish relationship with client and identify client’s objectives, needs and financial situation

Performance Criteria:

1.1 Establish client's knowledge about financial products and services 1.2 Respond to enquiries about superannuation products and services by explaining range of products and services available and their relevant fee and charging methodology 1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct, including procedures for complaints handling and circumstances in which they should be engaged 1.4 Ask about client's objectives and goals and obtain personal, financial and business details to identify client needs 1.5 Establish product risk profile of client, including expectations of cash flow and relevant taxation obligations

Element:

2. Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions

Performance Criteria:

2.1 Undertake assessment of client needs using all information gathered, taking into account client's product expectations and specific needs 2.2 Consult client throughout analysis for further clarification where necessary 2.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required 2.4 Assess and confirm product risk profile of client, demonstrating ASIC identified generic and specialist knowledge relevant to products being offered 2.5 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client's needs 2.6 Conduct relevant research, analysis and product modelling and draft appropriate solution, plan, policy or transaction for presentation to client

Element:

3. Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction

Performance Criteria:

3.1 Apply appropriate knowledge for service or product offered when presenting product 3.2 Clearly and unambiguously explain proposed transaction to client 3.3 Reinforce all relevant details, terms and conditions of product and/or service 3.4 Disclose impacts and possible risks of solution in clear and concise manner 3.5 Provide supporting written documentation and guide client through key aspects of documentation 3.6 Discuss and clarify any concerns or issues client has regarding proposed plan, policy or transaction 3.7 Confirm that client understands proposed plan, policy or transaction

Element:

4. Agree to plan, policy or transaction and complete documentation

Performance Criteria:

4.1 Obtain client's formal agreement to proposed plan, policy or transaction 4.2 Clearly explain and confirm client understands all associated fees, cost structures and timeframes for execution and processing 4.3 Ensure that proposal and all other statutory and transactional documents are completed and signed off by client 4.4 Exchange copies of signed agreement and other appropriate documentation

Element:

5. Provide ongoing service where requested by client

Performance Criteria:

5.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client 5.2 Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details 5.3 Provide ongoing service as required


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:

  • 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

Resources on Learning Hub

  • Presentations
  • Course Workbook – Cluster 1  Overview of the Financial                       Services
  • Course Workbook – Financial Planning
  • Course Workbook – Cluster 2 Managing Client Relationships
  • Course Workbook – Cluster 3 Conduct Research Analysis

 

Topic 1 – Superannuation

 

Course Workbook –  Conduct Research Analysis

Chapter 1  – Overview of the Superannuation in Australia

Chapter 2 – Structure & Operation of Superannuation Funds

Chapter 3 – The Regulatory Framework

Chapter 4 -  Contributions to Superannuation Funds

Chapter 5 – Withdrawals from Superannuation

Chapter 9 – Self Managed Superannuation Funds

 

Web pages:

http://www.superguide.com.au/comparing-super-funds/list-of-all-superannuation-funds

https://www.moneysmart.gov.au/superannuation-and-retirement/how-super-works/choosing-a-super-fund/types-of-super-funds

https://www.ato.gov.au/Rates/Key-superannuation-rates-and-thresholds/?page=23

2

11/07/16

Superannuation: Part 1 – Superannuation,  Part 2 - Regulating Superannuation

Self –paced activities (Power points and Workbooks)

Topic 1 - Superannuation

 

Course Workbook – Superannuation and Retirement Planning

 

Chapter 1  – Overview of the Superannuation in Australia

Chapter 2 – Structure & Operation of Superannuation Funds

Chapter 3 – The Regulatory Framework

Chapter 4 -  Contributions to Superannuation Funds

Chapter 5 – Withdrawals from Superannuation

Chapter 9 – Self Managed Superannuation Funds

 

Web pages:

http://www.superguide.com.au/comparing-super-funds/list-of-all-superannuation-funds

https://www.moneysmart.gov.au/superannuation-and-retirement/how-super-works/choosing-a-super-fund/types-of-super-funds

https://www.ato.gov.au/Rates/Key-superannuation-rates-and-thresholds/?page=23

 

 

 

3

18/07/16

Superannuation: Part 3 - Types of Funds, Part 4 - Superannuation and Retirement Preservation Standards

Self –paced activities (Power points and Workbooks)

Topic 1 - Superannuation

 

Course Workbook – Superannuation and Retirement Planning

 

Chapter 1  – Overview of the Superannuation in Australia

Chapter 2 – Structure & Operation of Superannuation Funds

Chapter 3 – The Regulatory Framework

Chapter 4 -  Contributions to Superannuation Funds

Chapter 5 – Withdrawals from Superannuation

Chapter 9 – Self Managed Superannuation Funds

 

Web pages:

http://www.superguide.com.au/comparing-super-funds/list-of-all-superannuation-funds

https://www.moneysmart.gov.au/superannuation-and-retirement/how-super-works/choosing-a-super-fund/types-of-super-funds

https://www.ato.gov.au/Rates/Key-superannuation-rates-and-thresholds/?page=23

4

25/07/16

Superannuation: Part 5 – Investing in Superannuation, Part 6 - Contributing to Superannuation

Self –paced activities (Power points and Workbooks)

Topic 1 - Superannuation

 

Course Workbook – Superannuation and Retirement Planning

 

Chapter 1  – Overview of the Superannuation in Australia

Chapter 2 – Structure & Operation of Superannuation Funds

Chapter 3 – The Regulatory Framework

Chapter 4 -  Contributions to Superannuation Funds

Chapter 5 – Withdrawals from Superannuation

Chapter 9 – Self Managed Superannuation Funds

 

Web pages:

http://www.superguide.com.au/comparing-super-funds/list-of-all-superannuation-funds

https://www.moneysmart.gov.au/superannuation-and-retirement/how-super-works/choosing-a-super-fund/types-of-super-funds

https://www.ato.gov.au/Rates/Key-superannuation-rates-and-thresholds/?page=23

 

 

5

01/08/16

Superannuation: Part 7 - What is a SMSF?

Self –paced activities (Power points and Workbooks)

 

Topic 1 - Superannuation

 

Course Workbook – Superannuation and Retirement Planning

 

Chapter 1  – Overview of the Superannuation in Australia

Chapter 2 – Structure & Operation of Superannuation Funds

Chapter 3 – The Regulatory Framework

Chapter 4 -  Contributions to Superannuation Funds

Chapter 5 – Withdrawals from Superannuation

Chapter 9 – Self Managed Superannuation Funds

 

 

Web pages:

http://www.superguide.com.au/comparing-super-funds/list-of-all-superannuation-funds

https://www.moneysmart.gov.au/superannuation-and-retirement/how-super-works/choosing-a-super-fund/types-of-super-funds

https://www.ato.gov.au/Rates/Key-superannuation-rates-and-thresholds/?page=23

 

Task 1- Supervised Assessment

6

8/08/16

Retirement: Part 1 – Introduction to Retirement, Part 2 - Superannuation Components

Self –paced activities (Power points and Workbooks)

Topic 2 – Retirement

 

Chapter 5 – Withdrawals from Superannuation

Chapter 6  – Death Benefits and Estate and Retirement Planning Issues

Chapter 7 – Payment of Superannuation Benefits as Income Stream

 

Web pages:

 file:///C:/Users/colbeckr/Downloads/Tax%20and%20super.pdf

 7

15/08/16

Retirement: Part 3 - Sources of Income Streams in Retirement

Social Security: Part 1- Social Security Introduction

Topic 2 – Retirement

 

Chapter 5 – Withdrawals from Superannuation

Chapter 6  – Death Benefits and Estate and Retirement Planning Issues

Chapter 7 – Payment of Superannuation Benefits as Income Stream

 

Web pages:

 file:///C:/Users/colbeckr/Downloads/Tax%20and%20super.pdf

 

Mid-Semester Break 29/08/16 – 4/9/2016

8

22/08/16

Social Security: Part 2 - Types of Pensions, Part 3 - Aged Care System

Self –paced activities (Power points and Workbooks)

Topic 3 – Social Security

 

Chapter 7 – Payment of Superannuation Benefits as Income Stream

Chapter 8 – Social Security

 

Web pages:

http://www.humanservices.gov.au/customer/dhs/centrelink  

 

Task 2 – Check Point

9

5/09/16

Client Research and Analysis: Part 1 – Client Research and Analysis – Introduction, Part 2 - The Financial Statements 

Self –paced activities (Power points and Workbooks)

Topic 4 – Client Product Research and Analysis

 

Course Workbook – Financial Planning

Chapter 1  – Introduction to Financial Planning

Chapter 3 -  Taxation Planning

10

12/09/16

Client Research and Analysis: Part 3 – Use of Financial Information Statement

Develop Strategies and Solutions: Part 1 – Develop Strategies and Solutions Introduction

Self –paced activities (Power points and Workbooks)

Topic 4 – Client Product Research and Analysis

 

Course Workbook – Financial Planning

Chapter 1  – Introduction to Financial Planning

Chapter 3 -  Taxation Planning

 

Task 2 – Check Point

11

19/09/16

Develop Strategies and Solutions: Part 2 – Current Financial Position, Part 3 - Developing strategies

Self –paced activities (Power points and Workbooks)

Topic 5 – Develop Strategies and Solutions

 

Course Workbook – Financial Planning

Chapter 1  – Introduction to Financial Planning

Chapter 4  – The Investment Planning Process

 

Course Workbook – Managing Client Relationships

Chapter 3  -  Identifying needs and collecting data

12

26/09/16

Part 3 - Developing strategies

Self –paced activities (Power points and Workbooks)

Topic 5 – Develop Strategies and Solutions

 

Course Workbook – Financial Planning

Chapter 1  – Introduction to Financial Planning

Chapter 4  – The Investment Planning Process

 

Course Workbook – Managing Client Relationships

Chapter 3  -  Identifying needs and collecting data

Task 2 – Check Point

13

03/10/16

Develop Strategies and Solutions: Part 4 – Selecting Products

Self –paced activities (Power points and Workbooks)

Topic 5 – Develop Strategies and Solutions

 

Course Workbook – Financial Planning

Chapter 1  – Introduction to Financial Planning

Chapter 4  – The Investment Planning Process

 

Course Workbook – Managing Client Relationships

Chapter 3  -  Identifying needs and collecting data

 

Task 2- Simulated Workplace Project

14

10/10/16

Develop Strategies and Solutions: Part 4 – Selecting Products

Self –paced activities (Power points and Workbooks)

Topic 5 – Develop Strategies and Solutions

 

Course Workbook – Financial Planning

Chapter 1  – Introduction to Financial Planning

Chapter 4  – The Investment Planning Process

 

Course Workbook – Managing Client Relationships

Chapter 3  -  Identifying needs and collecting data

15

17/10/16

Revision

Task 3 – Supervised Assessment

16

24/10/16

Revision

Feedback for Task 2

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:

  • interpret and comply with industry regulations and codes of practice
  • analyse client’s needs, financial situation and risk profile, and prepare appropriate strategies or solutions relating to superannuation
  • provide accurate and ethical advice on superannuation products and services
  • implement the plan, policy or transaction once agreed by the client and complete documentation accurately.

Knowledge Evidence

To complete the unit requirements safely and effectively, you must satisfy generic, core and specialist knowledge requirements relevant to the products and activities in which advice is given.

Generic knowledge     

  • analyse and provide an overview of the economic environment including:
    • characteristics and impact of economic and business cycles
    • interest rates and exchange rates
    • inflation
    • government monetary and fiscal policy
  • analyse and provide a detailed explanation of the operation of financial markets including:
    • roles played by intermediaries and issuers
    • structure and interrelationships within the financial markets
    • interrelationship between industry sectors
  • outline financial products, including:
    • concept of a financial product – general definition, and specific inclusions and exclusions
    • types of financial investment products
    • types of financial risk products.

Specialist knowledge 

  • outline the operation and management of the superannuation industry including:
    • characteristics and structure of a superannuation product
    • roles played by intermediaries and issuers
    • types of superannuation products
    • fee structures including administration and management costs
    • types of contribution
    • annuities and pensions, allocated pensions and income stream products
    • associated risks
    • trustees appointment, duties and responsibilities
    • structure of superannuation plans management and administration of superannuation products
    • preservation rules
    • investment strategies within superannuation funds including investment concepts and strategies
    • restrictions on investment strategies
    • outline taxation issues in relation to superannuation financial products and markets in which they operate covering:
    • impact on investment earnings
    • employer and employee contributions
    • benefit payments and expenses
    • tax deductions
    • capital gains tax treatment
    • roll-overs
    • reasonable benefit limits
    • superannuation surcharge
    • social security pension eligibility
    • retirement planning
    • death benefits
    • franking credits
  • discuss the legal environment including disclosure and compliance covering:
    • role of the representative or adviser
    • relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Superannuation Industry (Supervision) Act, Privacy Amendment (Private Sector) Act, Financial Services Reform Act (FSRA) and Competition and Consumer Act
    • relationship between ethics and regulatory requirements including good faith, utmost good faith, full disclosure of remuneration and fees and any other conflicts of interest which may influence the adviser’s recommendation
    • relevant industry standards and codes of conduct
    • regulators’ guidelines including ASIC Regulatory Guide (RG)146 requirements
    • complaints resolution procedures (external and internal)
    • trustee rules
    • explain theories of investment, portfolio management and management of investment and risk:
    • investment concepts
    • investment strategies
    • identification of types of risk
    • client risk profile
  • outline key requirements of the following:
    • Retirement Savings Account Act (RSA)
    • Superannuation Industry (Supervision) Act (SIS)
    • Superannuation Guarantee Act and other relevant legislation
    • Superannuation Contribution Tax (Assessment and Collection) Act.

 Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial services and products advice field of work and include access to:

  • office equipment, technology, software and consumables
  • superannuation product information. 

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:
 

FNSINC501 Conduct product research to support recommendations

FNSFPL502 Conduct financial planning analysis and research

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 5)

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 multiple choice questions on Superannuation Parts 1 to 6

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 from weeks 2 to 4. 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 an open book in class supervised assessment comprised of a series of theoretical and practical questions including short answer and a mini case study. The purpose of this task is to assess your understanding of the concepts and issues included in the topics from this course. This assessment will take place during your normal scheduled class time.

You must successfully complete all assessment tasks to achieve competency.


Assessment Matrix

 

Assessment Task

Grading

Due Date

Assessment Task 1 – In-class assessment

Grading will be applied once you have been deemed competent in the course.

Week 5

Assessment Task 2 – Project

Grading will be applied once you have been deemed competent in the course.

Week 13

Assessment Task 3 – In- class assessment

Grading will be applied once you have been deemed competent in the course.

Week 15

 

 

Assessment Tasks

FNSFPL502 - Conduct financial planning analysis and research

FNSINC501 Conduct product research to support recommendations

FNSASICU503 -Provide advice in superannuation

BSBITU402 -Develop and use complex spreadsheets

Assessment Task 1 – In-class assessment

 

 

X

 

Assessment Task 2 – Project

X

X

X

X

Assessment Task 3 – In- class 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