Course Title: Provide appropriate services, advice and products to clients
Part B: Course Detail
Teaching Period: Term2 2020
Course Code: MKTG7920C
Course Title: Provide appropriate services, advice and products to clients
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.dsouza@rmit.edu.au
Nominal Hours: 150
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 create rapport with clients, identify and analyse their needs, objectives and financial situation, and identify and present appropriate solutions, including completing and maintaining necessary documentation and providing after sales service.
It applies to individuals working within enterprises and job roles who are required to advise on Australian Securities and Investments Commission (ASIC) Tier I products such as term deposits and personal, sickness and accident insurance products. 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: |
FNSIAD501 Provide appropriate services, advice and products to clients |
Element: |
1. Create rapport with clients |
Performance Criteria: |
1.1 Disclose capacity and capability to clients consistent with code of practice and legislative and regulatory requirements, and identify and respond appropriately to any client concerns 1.2 Demonstrate active listening skills in dealings with clients andexplain services to them orally or, if necessary, in writing in a clear and unambiguous way, avoiding jargon and in language appropriate to the receiver |
Element: |
2. Identify client needs, objectives and financial situation |
Performance Criteria: |
2.1 Encourage clients to express and clarify their attitudes, views, feelings and objectives 2.2 Collect relevant personal, financial and business details from clients using appropriate organisational tool such as a fact finder 2.3 Identify clients’ short-term, medium-term and long-term objectives and investment risk profile using an appropriate fact finder 2.4 Identify client preferences and concerns regarding options, using appropriate fact finder where applicable and priorities identified and agreed on 2.5 Complete fact finder in accordance with code of practice |
Element: |
3. Analyse client needs, objectives and financial situation to identify appropriate solutions |
Performance Criteria: |
3.1 Use all information from fact finder process to analyse client needs and determine appropriate strategy to provide for identified needs and outcomes 3.2 Seek specialist advice if required to address issues that professional judgement indicates may require further consideration |
Element: |
4. Present appropriate solutions to clients |
Performance Criteria: |
4.1 Explain and discuss recommendations and features of client advice record with clients in a clear and unambiguous way and demonstrate product knowledge appropriate for service or advice offered 4.2 Disclose impact of key aspects of recommendations in a clear and concise manner, and guide clients through key aspects of client information brochure prior to signing proposal 4.3 Explain requirements to put recommended program into effect to clients and provide copy of fact finder to clients if requested 4.4 Seek confirmation from clients that they understand recommendations presented 4.5 Assist clients to make informed choices using relevant documentation so that their needs and objectives are addressed, consistent with their budgetary constraints 4.6 Obtain agreement in principle to proceed from clients |
Element: |
5. Negotiate effectively |
Performance Criteria: |
5.1 Explain decisions clearly to clients in accordance with company policy and assist them to make appropriate decisions regarding solutions to their needs and objectives 5.2 Exercise restraint and composure when dealing with conflict situations involving clients 5.3 Follow complaint handling procedures and maintain communication channels when dealing with complaints |
Element: |
6. Complete and maintain necessary documentation |
Performance Criteria: |
6.1 Complete proposal and other documents and, where appropriate, obtain sign off 6.2 Create or update client records 6.3 Complete contract variations where applicable 6.4 Provide confirmation, including relevant documentation and contract variation, to clients and implement final plan 6.5 Organise reference material in a form which facilitates the selection of appropriate products to meet client needs, and update on a regular basis |
Element: |
7. Provide after sales service |
Performance Criteria: |
7.1 Define and communicate after sales service to be provided to clients and execute as needed 7.2 Periodically review fact finder, recommendations and client advice records 7.3 Identify and act on any changes to clients’ situation since previous recommendations were made at subsequent reviews 7.4 Act on areas of client dissatisfaction in an ethical and timely manner that addresses code of practice requirements |
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 the 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 delivered together under the title Financial Advice:
- FNSASICZ503/BAFI5211C Provide advice in financial planning
- FNSFPL503/BAFI5214C Develop and prepare financial plan
- FNSIAD501/MKTG7920C Provide appropriate services, advice and products to clients
(The following schedule is subject to change)
Course Schedule:Financial Advice, Semester 2, 2020 | |||
Week |
Topic |
Readings and Activities |
Assessment |
|
Week 1 July 6 |
Introduction to course schedules
Part 1: Provide Advice in Financial Planning Topic 1: What is the Financial Planning Process? Topic 2: Six steps in the financial planning process |
Course Workbook Manage Client Relationship: Chapter 3 & 4 Financial Planning Advice, All chapters Overview of the Financial Services: Chapter 1, 3 & 4 |
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Week 2 July 13 |
Part 1: Provide Advice in Financial Planning Topic 3: Preparation prior to commencing the process Topic 4: The first step |
Course Workbook Manage Client Relationship, Chapter 3 & 4 Financial Planning Advice, All chapters Overview of the Financial Services, Chapter 1, 3 & 4
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Week 3 July 20
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Part 1: Provide Advice in Financial Planning Topic 5: The second and third steps Topic 6: The fourth step |
Course Workbook Manage Client Relationship, Chapter 3 & 4 Financial Planning Advice, All chapters Overview of the Financial Services, Chapter 1, 3 & 4
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Week 4 July 27 |
Part 1: Provide Advice in Financial Planning Topic 7: The fifth step Topic 8: The sixth step |
Course Workbook Manage Client Relationship, Chapter 3 & 4 Financial Planning Advice, All chapters Overview of the Financial Services, Chapter 1, 3 & 4 |
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Week 5 August 3
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Part 2: Develop and Prepare Financial Plans Topic 1: Introduction Statement of Advice (SoA) |
Course Workbook Manage Client Relationship, Chapter 3 & 4 Financial Planning Advice, All chapters Overview of the Financial Services, Chapter 1, 3 & 4 |
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Week 6 August 10 |
Part 2: Develop and Prepare Financial Plans Topic 2: Strategy development and solutions |
Course Workbook Manage Client Relationship, Chapter 3 & 4 Financial Planning Advice, All chapters Overview of the Financial Services, Chapter 1, 3 & 4 |
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Week 7 August 17 |
Part 2: Develop and Prepare Financial Plans Topic 3: Statement of Advice construction Topic 4: Statement of Advice format |
Course Workbook Manage Client Relationship, Chapter 3 & 4 Financial Planning Advice, All chapters Overview of the Financial Services, Chapter 1, 3 & 4 |
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Week 8 August 24 |
Part 2: Develop and Prepare Financial Plans Topic 5: Compliance |
Course Workbook Manage Client Relationship, Chapter 3 & 4 Financial Planning Advice, All chapters Overview of the Financial Services, Chapter 1, 3 & 4 |
Assessment 1 – Research and Application Assignment due Feedback will be provided in week 10 and if required re-submissions due in week 13 |
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Mid-Semester Break 31 August - 06 September | |||
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Week 9 September 7
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Part 3: Present services, advice and products Topic 1: Create rapport with clients Topic 2: Client decision making |
Course Workbook Manage Client Relationship, Chapter 3 & 4 Financial Planning Advice, All chapters |
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Week 10 September 14
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Part 3: Present services, advice and products Topic 3: Presenting the Plan Topic 4: Implementation |
Course Workbook Manage Client Relationship, Chapter 3 & 4 Financial Planning Advice, All chapters |
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Week 11 September 21
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Part 3: Present services, advice and products Topic 5: Ongoing service |
Course Workbook Manage Client Relationship, Chapter 4 & 5 Financial Planning Advice, All chapters |
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Week 12 September 28
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Part 4: Estate Planning Topic 1: Estate planning process Topic 2: The Will |
Course Workbook Financial Planning, Chapter 10 |
Assessment 2 – Workplace Simulated Project due Feedback will be provided in week 14 and if required re-submissions due in week 16 |
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Week 13 October 5 |
Part 4: Estate Planning Topic 3: Estate planning considerations Topic 4: Managing the estate after death |
Course Workbook Financial Planning, Chapter 10 |
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Week 14 October 12 |
Assessment 3 – In-class Supervised Assessment Feedback will be provided in week 16 and if required re-submissions due in week 17 |
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Week 15 October 19 |
Re-submissions |
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Week 16 October 26 |
Re-submissions |
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Week 17 November 2 |
Grade Entry |
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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 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:
- provide advice to clients that complies with relevant legislation, regulations and industry codes of conduct
- use organisational tools such as fact finders
- present appropriate solutions to the client after identifying and analysing client needs, objectives and financial situation
- complete and maintain necessary documentation and provide after sales service.
Knowledge Evidence
To complete the unit requirements safely and effectively, you must:
- outline the range of financial products available in the industry
- explain key requirements of industry codes of practice and relevant legislation and regulation affecting the industry
- describe investment and savings vehicles, financial markets, asset classes and investment characteristics
- explain investment risk factors and relationship to return expectations
- explain options, strategies and solutions suitable for typical client situations and profiles
- outline the principles of effective negotiation
- describe the internal and external issue resolution processes
- list the requirements related to the disclosure of capacity
- explain the general impact of relevant economic, taxation and social security policy on the client’s financial needs
- outline the role of the:
- adviser
- organisation
- broker (if relevant).
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the industry advice field of work and include access to:
- common office equipment, technology, software and consumables
- 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
You will demonstrate competency by undertaking three assessments. You must successfully complete all assessments to be deemed competent in this unit.
Assessment 1: Research and Application Assignment
Due: 24/08/2020 (Week 8)
Summary and Purpose: You must successfully complete all seven activities to be deemed competent in Task 1. For this Assessment Task you are required to demonstrate your knowledge by completing a series of seven theory and problem solving activities over the course of the semester. You will be assessed in the following areas.
a. Informing client about procedures for complaints handling
b. Use arrange of communication skills to gather clients, personal, financial and business skills
c. Outline the concept of a financial product
d. Outline the types of financial investment products
e. Provide an overview of the operation of financial markets and roles played by intermediaries.
f. Provide an overview of the interrelationships with Financial Markets & interrelationships between industry sectors
g. Discuss the various disclosure and compliance in relation to Corps Act, ASIC Act, Privacy requirements, Financial Services Reform Act (FSRA), Competition & Consumer Act
h. Relationship between ethics and regulatory requirements.
Assessment Instructions: You must reference all your work using the Harvard referencing System.
You should fill in coversheet with your name, number and the title of the assessment, attach your assessment and submit via Canvas on or before the due date.
Assessment 2: Workplace Simulated Project
Due: 4 October (Week 12)
Summary and Purpose: The purpose of the assessment is to enable you to demonstrate a breadth of understanding across the course material from weeks 1 - 13. 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 presentation meeting with a simulated client of the “Practice Firm”.
Assessment Instructions: For this assessment task you are required to complete Part 1 and Part 2
Part 1 -– requires you to prepare a financial plan for a simulated client of the Swanston Banking Group (Practice Firm) which is completed in Cluster 7.
Part 2 – requires you to deliver your financial advice as prepared in Part 1 to the client in a role play. The teacher will provide further information in the class as to the format and what is expected in order to fulfil this requirement.
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 be required to analyse all of these documents in order to prepare strategies that will help client to meet their goals, your advice and financial projection and modelling.
Assessment 3: Online Assessment
Due: (Week 14)
Summary and Purpose: 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.
Assessment Instructions: The assessment comprises seven short answer and problem solving 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