Course Title: Determine client requirements and expectations

Part B: Course Detail

Teaching Period: Term1 2021

Course Code: MKTG7918C

Course Title: Determine client requirements and expectations

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

Dario Bartolomeo

dario.bartolomeo@rmit.edu.au

 

Nominal Hours: 70

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 establish a client’s financial requirements and expectations in regard to financial investment products, and includes quotations, claims and requests for service or amendments.

It applies to individuals who may provide leadership, guidance and responsibility for work outcomes.                                  


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSCUS505 Determine client requirements and expectations

Element:

1. Develop awareness of clients’ situation

Performance Criteria:

1.1 Obtain relevant facts and information courteously and professionally to determine clients' situation prior to defining their expectations, requirements and objectives 1.2 Encourage clients to disclose relevant information to determine their personal and financial situation and special needs 1.3 Develop summary analysis of clients' financial position and determine their contact category based on extent of client disclosure 1.4 Determine if clients require execution or settlement only action and, if that is the case, do not offer or provide further advice

Element:

2. Obtain relevant knowledge of clients’ financial position and risk profile

Performance Criteria:

2.1 Ascertain client s' financial position where relevant 2.2 Identify risk and fraud indicators accurately and consistently

Element:

3. Determine client expectations and requirements with respect to financial markets advice

Performance Criteria:

3.1 Encourage clients to express and clarify their requirements, expectations and concerns, and respond promptly and appropriately to any identified concerns 3.2 Determine clients' investment needs and preferences with respect to financial product selection or portfolio 3.3 Obtain specialist advice where necessary or refer clients to appropriate personnel or organisation if required services are not available or cannot be provided 3.4 Analyse all information and facts provided by clients and determine appropriate risk or reward and asset allocation strategies in accordance with client requirements, organisational policy and guidelines, and relevant legislation or industry codes of practice

Element:

4. Prepare and update necessary documentation

Performance Criteria:

4.1 Complete all relevant client facts, financial and personal histories and disclosure documents, and file in accordance with organisational policy and guidelines and relevant legislation and regulatory requirements 4.2 Create or update client records where necessary, and file client documentation and information in a format and location readily accessible to other advisers


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 and on-line 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.

Online Delivery

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 cluster referred to as Manage Client Relationships is comprised of the following four (4) competencies that are co-delivered and co-assessed (i.e. delivered and assessed together).

FNSFPL506 Determine client financial requirements and expectations

FNSCUS505 Determine client requirements and expectations

FNSCUS506 Record and implement client instructions

FNSIAD501 Provide appropriate services, advices and products to clients

 

The Teaching Schedule for this cluster is shown below, but please note that it is subject to change.  

Weekly Schedule - Manage Client Relationships

Week No.

Date

Topic:

Reading,     Course Workbook Tasks & Assessments

1

8/2/2021

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

15/2/2021

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

22/2/2021

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

1/3/2021

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

8/3/2021

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

15/3/2021

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/

 

 

7

22/3/2021

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/

Assessment Part A -Workplace Simulated Project – Client Engagement and Fact Find Due Week 7 

8

29/3/2021

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/

 

9A & 9B

5/4/2021 & 12/4/2021

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/

 

Assessment Task 1 - Part B - Workplace Simulated Project - Client Meeting Due Week 9

 

10

19/4/2021

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://www.moneysmart.gov.au/borrowing-and-credit/consumer-credit-regulation

11

26/4/2021

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://www.moneysmart.gov.au/borrowing-and-credit/consumer-credit-regulation

 

12

3/5/2021

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://www.moneysmart.gov.au/borrowing-and-credit/consumer-credit-regulation

 

 

13

10/5/2021

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

17/5/2021

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

24/5/2021

Revision / Recap Weeks 1 -15

 

Assignment Task 2 -Research and Application Assignment

Due Week 15

 

 

 

 16

31/5/2021

Student Feedback on Assessment

Resits and Resubmissions

 

 

 

17

7/6/2021

Grade Entry

Resits/ Resubmissions and Interviews

 

 

Please Note: The Mid-Semester Break is from 1/7/2021 - 7/4/2021.

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:

  • obtain comprehensive information about clients to establish an overview of their financial situation and analyse to determine risk profile
  • build rapport with clients to determine their expectations and requirements with respect to financial product or portfolio advice
  • accurately prepare documentation and update client records according to organisational procedures and legislative requirements.

Knowledge Evidence

To complete the unit requirements safely and effectively, you must:

  • outline key requirements of relevant legislation and industry codes of practice relating to working with clients in financial services
  • describe the types of information used to determine the client’s financial situation and expectations
  • explain the principles of financial product sales techniques
  • explain key features of organisational policy and procedures for dealing with clients and recording information
  • describe the characteristics of quality client service techniques and tools.

Assessment Conditions

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

  • common office equipment
  • an integrated client contact and information system and data
  • financial services 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

This cluster is comprised of the following four (4) 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

FNSIAD501 Provide appropriate services, advices and products to clients

 

The assessments for this cluster 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 1 (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 2 – (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 ​ (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

  • 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.

Vocational education grades:

CA - Competency Achieved

NYC - Not Yet Competent.

DNS - Did Not Submit for assessment.

Course Overview: Access Course Overview