Course Title: Conduct complex financial planning research
Part B: Course Detail
Teaching Period: Term2 2018
Course Code: BAFI5220C
Course Title: Conduct complex financial planning research
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
Sanjay D'Souza
sanjay.d'souza@rrmit.edu.au
Andrew Shiangolis
Program Coordinator Financial Services
+61 3 9925 5982
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 undertake research of a complex nature for use in the financial planning process. Research would involve plans for those with above average sums of money, with complex legal, regulatory or estate issues, or an above average range of products or plans for major clients.
It applies to experienced individuals who use specialised knowledge and techniques to source, evaluate and synthesise complex information to solve problems and support the planning process.
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: |
FNSFPL508 Conduct complex financial planning research |
Element: |
1. Evaluate client’s current situation and identify issues |
Performance Criteria: |
1.1 Undertake analysis of integrity of information provided by client 1.2 Ensure client objectives and expectations are identified, quantified and tested for viability by authorised representative 1.3 Establish basis for strategy development |
Element: |
2. Identify research requirements and parameters |
Performance Criteria: |
2.1 Establish aims and objectives of research, including strategy and product and performance parameters against client requirements and expectations 2.2 Clearly establish intended use of research information 2.3 Identify wide range of internal and external information resources 2.4 Identify information requirements not met by regular sources and develop strategies to access them legitimately 2.5 Establish timeframes and prioritise requests for information to ensure timelines are met |
Element: |
3. Extract and analyse information according to research requirements and parameters |
Performance Criteria: |
3.1 Establish data extraction criteria that are relevant to intended use and client requirements, and do not unduly limit scope of research 3.2 Identify trends to provide meaningful information on performance of possible strategies, products and markets 3.3 Undertake comprehensive risk assessment of products identified through research 3.4 Analyse strategies and financial products within appropriate timeframes to ensure currency of decision making 3.5 Prioritise information obtained according to client requirements and expectations 3.6 Identify issues that require specialist research or advice, and source and obtain appropriate advice |
Element: |
4. Summarise and present results of research |
Performance Criteria: |
4.1 Collate information on financial products and check against research specification 4.2 Prepare written performance, trend and risk analyses and check against research specification 4.3 Describe and document any qualifications or issues for further research 4.4 Present research findings to financial planner |
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
This course is comprised of one single competency.
FNSFPL508 - Conduct Complex Financial Planning Research
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 shown below, please note that it is subject to change.
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.
Weekly Schedule
Task 2 - Workplace Simulated Project
Course Schedule: Complex Financial Planning Research Semester 2: 2018 | |||
Week |
Topic |
Readings and Activities |
Assessment |
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Week 1 02/07/2018
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Introduction to the course including: Re-Cap of Cluster 2: Financial Planning Process |
Resources on Learning Hub
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Week 2 09/07/2018
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Re-Cap of Super Strategies and Tax Part 1: Financial Planning Research |
Overview of Superannuation
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Week 3 16/07/2018
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Part 1: Financial Planning Research |
Course Workbooks Overview of the Financial Services: Chapters 1 & 2 Financial Planning Advice, Chapters 1 & 4 Topic 1 – Data Collection Websites www.dixon.com.au (Fact finders) www.finametrica.com (Risk profiling) |
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Week 4 23/07/2018 |
Part 2: Data Gathering |
Course Workbooks Manage Client Relationship, Chapters 3 & 4 Financial Planning Advice, Chapters 1 & 2
Topic 2 – Quantitative and qualitative data
Websites https://www.myrisktolerance.com/home (Risk profiling) |
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Week 5 30/07/2018 |
Part 3: Client Needs and Strategies |
Course Workbooks Manage Client Relationship: Chapters 2 & 3 Financial Planning Advice, All chapters Topic 1 - Analysis and Synthesis of data Websites http://www.fsc.org.au/downloads/file/ConsumerInfo FactSheetsFile/FactSheet_Dollarsmart_toolkit.pdf (Dollarsmart: A financial toolkit for young Australians) http://www.accountcorp.com.au/files/docs/articles/fi nancial%20planning%20checklist.pdf |
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Week 6 06/08/2018 |
Part 3: Client Needs and Strategies |
Course Workbooks Manage Client Relationship, Chapters 2 & 3 Financial Planning Advice, All chapters Topic 2 - Review complex material Website http://fpa.com.au/about-financial-planning/how-itworks/ (FPA financial planning process explanation) http://www.ipac.com.au/blog/financial-plan-andsaving-strategies/ |
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Week 7 13/08/2018 |
Part 3: Client Needs and Strategies |
Course Workbooks Manage Client Relationship, Chapters 1 & 2 Financial Planning Advice, Chapters 1, 2, 3 & 4 Topic 3 – Potential strategies Websites: www.dixon.com.au (Fact finders) www.finametrica.com (Risk profiling) https://www.myrisktolerance.com/home (Risk profiling) |
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Week 8 20/08/2018 |
Part 3: Client Needs and Strategies |
Course Workbooks Manage Client Relationship, Chapters 1 & 2 Financial Planning Advice, Chapters 1, 2, 3 & 4 Topic 3 – Potential strategies Websites: www.dixon.com.au (Fact finders) www.finametrica.com (Risk profiling) https://www.myrisktolerance.com/home(Risk profiling) |
Assessment Task 1 - Supervised Assessment Due Date: 20/08/18 |
Break |
Break |
Break |
Break |
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Week 9 03/09/2018 |
Part 4 – Research Issues |
Course Workbooks Conduct Research Analysis in Superannuation , All Chapters Financial Planning Advice, All chapters Topic 2 – Product Research Websites https://www.iress.com/au/solutions/financialplanning/ |
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Week 10 10/09/2018 |
Part 5 – Plan Preparation |
Course Workbooks Manage Client Relationship, Chapters 3 & 4 Financial Planning Advice, All chapters Managed Investments, All chapters Topic 1 – Plan preparation process Websites: https://www.vanguard.co.uk/documents/adv/literature/investor-risk-profiling.pdfhttps://www.nab.com.au/content/dam/nabrwd/legacy/personal/financialadvice/documents/Financial_Planning_Wealth_Creati on.pdf http://www.ioof.com.au/_pdfflyer/map/education_flyers_map/investing_flyers/basics_of_investing |
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Week 11 17/09/2018 |
Part 5 – Plan Preparation |
Course Workbooks Manage Client Relationship, Chapters 3 & 4 Financial Planning Advice, All chapters Managed Investments, All chapters Topic 1 – Plan preparation process Websites: https://www.vanguard.co.uk/documents/adv/literature/investor-risk-profiling.pdf https://www.nab.com.au/content/dam/nabrwd/legacy/personal/financialadvice/documents/Financial_Planning_Wealth_Creati on.pdf http://www.ioof.com.au/_pdfflyer/map/education_flyers_map/investing_flyers/basics_of_investing |
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Week 12 24/09/2018 |
Part 5 – Plan Preparation |
Course Workbooks Manage Client Relationship, Chapters 3 & 4 Financial Planning Advice, All chapters Managed Investments, All chapters Topic 2 – Selecting investments Websites: http://www.ibisworld.com.au/industry/independentinvestment-research-services.html |
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Week 13 01/10/2018 |
Part 5 – Plan Preparation |
Course Workbooks Manage Client Relationship, Chapters 3 & 4 Financial Planning Advice, All chapters Managed Investments, All chapters Topic 2 – Selecting investments Websites: http://www.ibisworld.com.au/industry/independentinvestment-research-services.html |
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Week 14 08/10/2018 |
Revision and Feedback |
Assessment Task 2 - Simulated Project/Research Due Date 08/10/18 |
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Week 15 15/10/2018 |
Revision and Feedback |
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Week 16 21/10/2018 |
Revision and Feedback |
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The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this 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:
- conduct and document research of a complex nature for use in the financial planning process that includes:
- testing and assessing the integrity of information
- specifying and justifying research objectives and strategy
- summarise and prioritise findings based on:
- assessing the impact of trends on product performance to interpret and assess available products and services and how they can be combined in a comprehensive portfolio
- assessing risks and benefits associated with using a range of products and services within a portfolio
- evaluate outcomes against client requirements to form recommendations that comply with company policy and procedures, industry codes of practice and relevant legislation.
Knowledge Evidence
To complete the unit requirements safely and effectively, you must:
- identify and outline the key features of a wide range of:
- financial products and services and their uses in portfolios
- relevant financial product information sources and research techniques
- identify and classify a wide range of available information sources and describe research strategies to obtain information not readily available
- describe the key features of:
- financial industry related Acts and regulations
- industry trends and latest research findings
- relevant legislative and code of practice requirements
- relevant organisational policy, objectives and guidelines
- identify and discuss the major risks and implications associated with financial products and services
- explain theories of investment, portfolio management and management of investment and risk
- describe issues relating to taxation and social security systems and regulations, and their effect on the specified financial products.
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
This course is comprised of one single competency.
FNSFPL508 - Conduct Complex Financial Planning Research
You will demonstrate competency by undertaking two assessments, a research and application assignment, workplace simulated project and supervised assessment. 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. The assessments aim to enhance your skills and knowledge in conducting complex financial planning research.
Overview
Assessment Task 1 - Supervised in class Assessment - Date 20/08/18 - Week 8
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 mini case studies. The purpose of this Task is to assess your understanding of the concepts and issues included in the topics covered in this course. This assessment will take place during your normal scheduled class time.
Task 1 –Supervised Assessment
The assessment comprises six short answer and problem solving questions style questions. . The purpose of this task is to assess your understanding of the concepts and issues included in Clusters 1 - 7. The duration of the assessment is two hours. This assessment will take place during your normal scheduled class time.
Assessment Task 2 - Work Simulated Project - Date 08/10/18 - Week 14
In week 4, 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 and 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, background of their particular circumstances, a bank statement, pay slips and a superannuation statement. You will require all these documents in order to address all the requirements of this project.
The Workplace Simulated Project requires you to complete three parts: Part 1 and Part 2 .
For the first part of the project you will assume the role of a para planner 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.
You will need to ensure that the client understands all the information provided particularly the concepts in reference to superannuation. The main aim of the second part is for you is to be able to explain all the relevant terms in the Strategy paper, answer the questions that the client may have and to negotiate the contents of the paper.
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 concepts of superannuation, your communication skills in presenting that knowledge and your problem-solving skills in answering the questions posed in a live interview with the simulated client.
The assessment will be available on Canvas in Week 4 and your teacher will provide you with guidance. You will have the opportunity to seek advice from your teacher on a number of learning date audits points throughout the semester.
Assessment Matrix
The assessment matrix that maps all the assessment is available on Canvas
Other Information
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Submission Requirements
You should:
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:
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: | |||
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CHD |
Competent with High Distinction |
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CDI |
Competent with Distinction |
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CC |
Competent with Credit |
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CAG |
Competency Achieved – Graded |
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CA |
Competency Achieved – Not Graded |
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NYC |
Not Yet Competent |
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DNS |
Did Not Submit for assessment |
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Further information regarding the application of the grading criteria will be provided by your teacher.
Course Overview: Access Course Overview