Course Title: Provide advice in superannuation
Part B: Course Detail
Teaching Period: Term2 2021
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: Doug Gourlay
Course Contact Phone: +61 3 9925 5944
Course Contact Email: doug.gourlay@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
John Calabro
Sanjay D'Souza
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 via Canvas learning management system and include your contribution to discussion threads, project portfolios, 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.
Remote Learning
This course will be delivered via our existing learning management system, Canvas. This means that, for the foreseeable future, there will be no face-to-face classes in any of the units for which you are enrolled.
Classes in each of your units will still take place in their normal scheduled time-slots, but instead of being conducted in a face-to-face mode, your teachers will utilise the Collaborate Ultra platform to deliver ‘live’ online classes. These classes delivered online will not only provide you with the required learning materials for those sessions, but they will also enable interactions with your teachers and fellow students via forums or discussion boards.
Teaching Schedule
The following courses are being delivered together under the title Conduct Research and Analysis Superannuation
- FNSFPL502/BAFI5213C Conduct financial planning analysis and research
- FNSASICU503/BAFI5218C Provide advice in superannuation
The course syllabus provides you with information about:
- When classes are held, and what topics are covered each week (including the relevant Unit of Competency and associated Elements/Performance Criteria);
- What learning materials and activities need to be completed; and,
- What assessments are due
Note: For live class sessions- The teacher will be sending you collaborate-ultra session information via announcements or emails.
| Course Schedule: Conduct Research and Analysis, Semester 2 2021 Week ( 1- 16) | |||
|
Week number & Week beginning |
Topic |
Readings and Activities |
Assessment |
|
Week 1-2 |
Introduction to course schedules Superannuation: Part 1 – Superannuation, Part 2 - Regulating -Superannuation Part 3 - Types of Funds, Part 4 - Superannuation and Retirement Preservation Standards |
Course Workbook – Conduct Research Analysis
Chapter 3 – The Regulatory Framework Chapter 4 - Contributions to Superannuation Funds |
|
|
Week 3-4 |
Superannuation: Part 3 - Types of Funds, Part 4 - Superannuation and Retirement Preservation Standards Part 5 – Investing in Superannuation, Part 6 - Contributing to Superannuation Part 7 - What is an SMSF? |
Course Workbook – Superannuation and Retirement Planning Chapter 3 – The Regulatory Framework, Chapter 4 - Contributions to Superannuation Funds Chapter 5 – Withdrawals from Superannuation Chapter 9 – Self Managed Superannuation Funds |
|
|
Week 5-6 |
Retirement: Part 1 – Introduction to Retirement, Part 2 - Superannuation Components Social Security: Part 2 - Types of Pensions, Part 3 - Aged Care System |
Course Workbook – Superannuation and Retirement Planning Chapter 5 – Withdrawals from SuperannuationChapter 6 – Death Benefits and Estate and Retirement Planning Issues Chapter 7 – Payment of Superannuation Benefits as Income Stream Chapter 8 – Social Security Retirement: Part 3 - Sources of Income Streams in Retirement |
|
|
Week 7-8 |
Client Research and Analysis: Part 3 – Use of Financial Information Statement
Part 1 – Develop Strategies and Solutions Introduction Part 2 – Current Financial Position, Part 3 - Developing strategies |
Course Workbook – Financial Planning Chapter 1 – Introduction to Financial Planning Chapter 3 - Taxation Planning Chapter 4 – The Investment Planning Process Course Workbook – Managing Client Relationships |
|
|
Week 9-10 |
Develop Strategies and Solutions: Part 3 - Developing strategies Part 4 – Selecting Products |
Course Workbook – Financial Planning
|
TASK-1 Case study- Workplace Simulated Project Assessment due in week-9 |
|
Week 11-12 |
Develop Strategies and Solutions: |
Revision and Assessment submission. |
|
|
Week 13-14 |
Develop Strategies and Solutions: Part 4 – Selecting Products |
Revision |
|
| Week 15-16 | Submission week | Revision |
Assessment Task 2- Supervised Test- Week 15 |
| Week 17 | Re-submissions if required |
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 including the self-paced activities in the workbooks.
Learning Resources
Prescribed Texts
References
Other Resources
Online learning materials can be accessed by going into the RMIT's Learning Management System, Canvas.
The online learning materials listed may include:
- Course outlines
- Power point Presentations
- 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
You will demonstrate competency by undertaking three assessments. You must successfully complete all assessments to be deemed competent in this unit.
Assignment 1: Case study- Workplace Simulated Project
Due: as per course syllabus
Summary and Purpose: In week 10, you will be provided with a contract and position description for a Financial Planner at Swanston Banking Group Ltd. You will assume the role of a financial planner at the Swanston Banking Group Ltd and follow the company policies and procedures as if you were a real employee of the bank. You will be allocated an electronic client file that you will be able to access from the Swanston Bank Portal within the Learning Hub for the program. The client file will include client details, the background of their particular circumstances, a bank statement, payslips and a superannuation statement. You will require all these documents in order to address all the requirements of this project.
Assessment Instructions: The 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 a paraplanner at the Swanton Banking Group Ltd and you will prepare Strategy Paper that includes superannuation advice for the simulated client you interviewed in Cluster 2. The Strategy paper that you will prepare must demonstrate that the level of risk matches the client’s risk profile and demonstrate how the needs of the client have been met.
In the second part of the assessment, you will be required to undertake a role play with your client for the second time at the premises of Swanston Banking Group Ltd. You will need to continue building a good rapport with the client and present the Strategy paper that you drafted to them.
Assignment 2 Online - Assessment (Supervised Test)
Due: as per course syllabus
Summary and Purpose: For this Assessment Task you are required to demonstrate your knowledge by completing an open book in class online assessment comprised of a series of theoretical and practical questions including short answers 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 10 to 14.
Assessment Instructions: The assessment comprises six short answer and problem-solving questions style questions. The duration of the assessment is two hours. This assessment will take place during your normal scheduled class time.
Assessment Matrix
The assessment matrix that maps all the assessment is available on Canvas.
Other Information
Submission Requirements
- 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 a footer with your name, student number, the title of the assessment, unit code and title and page numbers.
Resubmissions (VET Programs)
If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.
If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.
Penalties for Late Submission
Late submissions of assignments without special consideration or extension will automatically be considered a re-submission (see above).
Extensions, Special Consideration and Adjustment to Assessments
Extensions:
Extensions are available for unforeseen circumstances of a short-term nature.
An application form must be submitted to the school at least one working day before the due date of the assessment.
Extensions can be approved for a maximum of one week (seven calendar days) past the due date for an assessment. (Where students need an extension exceeding one week they must instead apply for special consideration.)
Special consideration:
Special consideration is available for unexpected circumstances outside students’ control. These include but are not limited to: unexpected short-term ill health, and unavoidable family, work, cultural or religious commitments.
An application for special consideration is made in advance of an assessment wherever possible but will normally be accepted within five working days after the assessment date
For more information, see the Special Consideration page of the RMIT website.
Adjustments to Assessment:
RMIT provides several adjustments to assessment for students experiencing ongoing or long-term circumstances. Find the right one for your circumstances here.
Changes to the Assessment Scheme
Where a change to assessment approved by the dean/head of school changes an assessment due date, students will be given at least five working days’ notice of the new due date.
Feedback
You can expect to receive marks and feedback on in-course assessment work in time to improve your performance in related assessment tasks later in the course.
Academic Integrity and Misconduct
Students demonstrate academic integrity in their assessment practices by:
- engaging with assessment activities in an honest way;
- providing accountability for the authorship and originality of work submitted;
- acknowledging the work of others and the re-use of original work.
Academic misconduct is addressed in accordance with the Student conduct policy
Assessment involving research with human participants, their information or their tissue, or animal subjects is carried out in accordance with the Staff ethics and integrity policy.
For further information see the Academic Integrity website.
Review and Appeal
A student may request a review of an assessment result or appeal a final course grade in accordance with the Conduct of assessment and appeals section of the Assessment Processes.
Grade Criteria
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
The following grades are available for this course.
CA - Competency Achieved
NYC - Not Yet Competent
DNS - Did Not Submit for assessment
Course Overview: Access Course Overview