Course Title: Provide financial planning advice
Part B: Course Detail
Teaching Period: Term2 2019
Course Code: BAFI5236C
Course Title: Provide financial planning advice
School: 650T Vocational Business Education
Campus: City Campus
Program: C5379 - Diploma of Financial Services
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
Mina Hirani
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 provide financial advice to clients when presenting preliminary, amended or final financial plans depending on the level of client contact appropriate for the representative.
It applies to individuals who use specialised knowledge and strong communication, negotiation and interpersonal skills to build rapport and conduct business.
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: |
FNSFPL507 Provide financial planning advice |
Element: |
1. Create rapport with client |
Performance Criteria: |
1.1 Ensure disclosure of capacity to client is consistent with codes of practice and legislative requirements, and that organisational requirements and client concerns, if any, are identified and responded to appropriately 1.2 Explain services to client when appropriate, including in writing, in clear and unambiguous way, avoiding jargon and in language appropriate to level of financial understanding of client 1.3 Assist client to make informed choices using relevant documentation 1.4 Address client's needs and objectives consistent with client's budgetary situation |
Element: |
2. Discuss financial plan with client |
Performance Criteria: |
2.1 Clearly explain scope and limitations of plan and/or advice to client, together with provision of appropriate warnings 2.2 Explain strategies and recommendations in financial plan and discuss with client in clear and unambiguous way 2.3 Prepare, explain and discuss financial plan documentation with client when appropriate 2.4 Disclose impact of key aspects of recommendations in clear and concise manner to client 2.5 Guide client through key aspects of strategies proposed when appropriate and demonstrate product knowledge appropriate for service or advice offered 2.6 Explain assumptions used in formulating plan and degree to which variations in assumptions may impact on client's expected outcomes 2.7 Explain requirements to put recommended plan into effect to client and identify and note any areas in plan that may require further advice 2.8 Provide copies of research and other relevant documentation to client if requested and seek confirmation that client understands all recommendations presented 2.9 Obtain agreement in principle to proceed from client 2.10 Clearly define and communicate appropriate level of after sales service to be provided to client |
Element: |
3. Negotiate effectively |
Performance Criteria: |
3.1 Assist clients when necessary to make appropriate decisions regarding solutions to their needs and objectives within scope of plan, and present alternatives to recommendations when requested 3.2 Observe limits imposed by regulatory requirements or organisational guidelines 3.3 Exercise restraint and composure when dealing with any conflict situations involving clients 3.4 Maintain communication channels when dealing with any complaints and follow internal or external complaint handling procedures |
Element: |
4. Complete and maintain necessary documentation |
Performance Criteria: |
4.1 Adjust financial plan according to changes agreed to by client 4.2 Complete proposals and other documents and arrange sign off when plan is agreed between client and authorised representative 4.3 Clearly identify implementation actions required by client and obtain written agreement to actions 4.4 Create or update client records with any contract variations completed if required 4.5 Provide confirmation, including relevant documentation and contract variation, to client and implement final plan 4.6 Record client advice in accordance with organisational guidelines and/or financial plan documentation requirements 4.7 Obtain client signatures on instructing and/or purchasing documents where required |
Learning Outcomes
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.
The self-paced activities will be delivered thought various technology platforms and include your contribution to 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.
FNSFPL507 - Provide Financial Planning Advice
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 Course Schedule:
Course Schedule: Provide Financial Planning Advice Semester 2: 2019 | |||
Week |
Topic |
Readings and Activities |
Assessment |
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Week 1 8 Jul 2019 |
Topic 1 - Provide advice in financial planning: Part 1: What is the Financial Planning Process? Part 2: Six steps in the financial planning process |
Websites https://www.moneysmart.gov.au/investing/financial-advice (‘getting advice’) http://www.commbank.com.au/personal/super-retirement/financial_planning_process.aspx (Commonwealth Bank financial planning process) http://fpa.com.au/about-financial-planning/how-it-works/ (FPA financial planning process explanation) Readings
Financial Planning in Australia 6th edition PowerPoint presentation Activity Online Weekly Activity - Week 1 |
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Week 2 15 Jul 2019 |
Topic 1 - Provide advice in financial planning: Part 3: Preparation prior to commencing the process Part 4: The first step - Gathering information |
Websites www.asic.gov.au (reasonable basis for advice rule sec. 945 of the Corporation Act, as has been interpreted principally in Practice Note 41. ASIC has provided guidance through PS175 on what they consider to be the personal circumstances) www.dixon.com.au (Fact finders) www.finametrica.com (Risk profiling) https://www.myrisktolerance.com/home (Risk profiling) Readings Review the Pre interview form (PDF) Review the client needs analysis document – New Age Planners (PDF) Script following data collection (PDF) Financial Planning in Australia 6th edition PowerPoint presentation Activity Online Weekly Activity - Week 2 |
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Week 3 22 Jul 2019 |
Topic 1 - Provide advice in financial planning: Part 5: The second and third steps Part 6: The fourth step |
Websites http://www.fsc.org.au/downloads/file/ConsumerInfoFactSheetsFile/ FactSheet_Dollarsmart_toolkit.pdf (Dollarsmart: A financial toolkit for young Australians Readings Master Statement of Advice document (PDF) Financial Planning in Australia 6th edition PowerPoint presentation Activity Online Weekly Activity - Week 3 |
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Week 4 29 Jul 2019 |
Topic 1 - Provide advice in financial planning: Part 7: The fifth step Part 8: The sixth step |
Readings RMIT-Business School- Diploma of Financial Planning Course material Financial Planning in Australia 6th edition, PowerPoint presentation Activity Online Weekly Activity - Week 4 |
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Week 5 5 Aug 2019 |
Topic 2 - Develop and prepare financial plans: Part 1 Introduction SoA Part 2: Strategy development and solutions |
Websites Readings RMIT-Business School- Diploma of Financial Planning Course material Financial Planning in Australia 6th edition, PowerPoint presentation Activity Online Weekly Activity - Week 5 |
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Week 6 12 Aug 2019 |
Topic 2 - Develop and prepare financial plans: Part 3 SoA construction Part 4: SoA format |
Websites Readings RMIT-Business School- Diploma of Financial Planning Course material Financial Planning in Australia 6th edition, PowerPoint presentation Sample SoA Activity Online Weekly Activity - Week 6 |
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Week 7 19 Aug 2019 |
Topic 2 - Develop and prepare financial plans: Part 5: Compliance |
Websites http://fpa.com.au/policy/policy-issues/fofa/ Readings RMIT-Business School- Diploma of Financial Planning Course material Financial Planning in Australia 6th edition, PowerPoint presentation Activity Online Weekly Activity - Week 7 |
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Week 8 26 Aug 2019 |
Topic 3: Present services, advice and products: Part 1 Create rapport with clients Part 2: Client decision making |
Websites https://en.wikipedia.org/wiki/Body_language https://www.vanguardinvestments.com.au/retail/jsp/home.jsp Readings RMIT-Business School- Diploma of Financial Planning Course material Financial Planning in Australia 6th edition,
PowerPoint presentation Activity Online Weekly Activity - Week 8
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Mid Semester Break
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Week 9 9 Sep 2019 |
Topic 3: Present services, advice and products: Part 3 Presenting the Plan |
Websites http://www.afawebsite.com.au/services/the-advice-journey/ https://www.capinvest.com.au/services_financialplanning_ourprocess.aspx Readings RMIT-Business School- Diploma of Financial Planning Course material Financial Planning in Australia 6th edition, PowerPoint presentation Activity Online Weekly Activity - Week 9 |
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Week 10 16 Sep 2019 |
Topic 3: Present services, advice and products: Part 4 Implementation |
Websites http://www.onepath.com.au/business/financial-advice/what-to-expect.aspx https://www.capinvest.com.au/services_financialplanning_ourprocess.aspx Readings RMIT-Business School- Diploma of Financial Planning Course material Financial Planning in Australia 6th edition, PowerPoint presentation Activity Online Weekly Activity - Week 10 |
Assessment 1: Workplace Simulated Project 16/09/2019
You will receive the feedback in week 12. If required, re-submission for this assessment is due by the end of week 13. |
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Week 11 23 Sep 2019 |
Topic 3: Present services, advice and products: Part 5 Ongoing Service |
Readings RMIT-Business School- Diploma of Financial Planning Course material Financial Planning in Australia 6th edition PowerPoint presentation Activity Online Weekly Activity - Week 11 |
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Week 12 30 Sep 2019 |
Topic 4- Neuro-Linguistic Programming and Negotiation |
Readings NLP Principles in Negotiations Video Neuro-linguistic programming goal setting PowerPoint presentation Activity Online Weekly Activity - Week 12 |
. |
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Week 13 7 Oct 2019 |
Topic 5 - Develop and maintain your own knowledge and skills |
Personal Development Plan and Action Plan Go to your online learning tool (Canvas) and complete the Personal Development Plan and Action Plan for this program. Activity Online Weekly Activity - Week 13 |
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Week 14 14 Oct 2019 |
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Revision |
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Week 15 21 Oct 2019 |
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Assessment Task 2
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Assessment 2: Supervised Assessment - 21/10/19 You will receive the feedback in week 16. If required, re-submission for this assessment is due by the end of week 17. |
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Week 16 28 Oct 2019 |
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Feedback |
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Week 17 28 Oct 2019 |
Please note that the mid-semester break will be between 2-6/9/2019.
Please note that this schedule is subject to change.
Learning Resources
Prescribed Texts
References
Other Resources
RMIT Library
The University Library provides extensive services, facilities and study space as well as comprehensive collections of books, periodicals and other course-related materials, such as DVD’s, magazines, slides, films etc. Computer laboratories with access to a wide range of desktop publishing software are also available. The library also has an expanding virtual collection of electronic resources and networks, including product data, e-books, electronic journals and newspapers, web-based tutorials, online reference and document delivery services etc., all of which are accessible
on campus, and off-campus 24 hours per day. More information on library resources and services can be found at:
http://www.rmit.edu.au/library (http://www.rmit.edu.au/library)
The Learning Lab is a collection of web-based resources including tip sheets and interactive tutorials on study skills,
writing, English language development, and maths. Access RMIT’s Learning Lab online via this link:
https://www.rmit.edu.au/students/study-support/learning-lab
Library eReserve Service
http://www.rmit.edu.au/library/ereserve
Academic Integrity
https://www.rmit.edu.au/students/student-essentials/rights-and-responsibilities/academic-integrity
Copyright Management Service
http://www1.rmit.edu.au/copyright
Academic Policies and Procedures
Information regarding RMIT policies and procedures related to assessment can be found in the booklet “Student Information Guide” provided to you at the time of your enrolment or from the
RMIT website. Where matters beyond your control interfere with the completion of assessment components, you may seek special consideration. Information about this is available here:
http://www.rmit.edu.au/about/governance-and-management/policies/assessment-policy. You should note that the special consideration policy distinguishes between tests and exam
Overview of Assessment
In order to achieve competency in this unit, you must provide
Performance evidence
Evidence of the ability to:
- create rapport with the client and discuss financial plans
- provide financial advice to clients when presenting preliminary, amended or final financial plans that:
- complies with industry regulations and codes of practice
- assesses the impacts of taxation, social security, economic and other government policy on client investment and financial requirements within the range of products known to the adviser
- complete and maintain all necessary documentation.
Knowledge Evidence
To complete the unit requirements safely and effectively the individual must:
To complete the unit requirements safely and effectively, the individual must:
- review the generic products available in the financial services industry
- identify issues and discuss the possible impacts of the following on the client's financial planning needs
- relevant economic, taxation and social security policy
- estate planning
- explain investment and savings vehicles, financial markets, asset classes and investment characteristics
- explain the key features of financial markets, the range of financial products as set out in organisational guidelines, and the investment characteristics
- analyse investment risk factors and the relationship to return expectations
- describe the key features of:
- relevant codes of practice and industry financial plan documentation requirements
- requirements related to the disclosure of capacity
- discuss the role of the financial planning adviser and the financial planning practice
- outline the key requirements of legislation and regulations affecting the financial services industry
- describe the internal and external issue resolution processes available to clients in the event of a dispute.
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.
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.
FNSFPL507 - Provide Financial Planning Advice
You will demonstrate competency by undertaking two assessments.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.
Critical Aspects of assessment are described above in the knowledge and performance evidence for this course.
Assessment Task 1 -Workplace Simulated Project – Financial Plan and Financial Statements - (Due Week 10)
For this assessment task 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 provided will include the client details, background of their particular circumstances with the purpose a Statement of Advice (Financial Plan).
Assessment Task 2, - In class Supervised Assessment (Due Date: Week 15)
For this assessment task you are required to demonstrate your knowledge by completing an open book in class supervised assessment comprised of a series of theoretical and practical questions including: short answer and mini case studies. The purpose of this task is to assess your understanding of the concepts and issues included in the topics of this course.
You must successfully complete all 2 assessment tasks to achieve competency in this course.
Assessment Matrix
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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. You must submit your application within five working days after your assessment date or due date. 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 (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. 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:
Final Results
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.
The following grades are available for this course: | ||
CA |
Competency Achieved |
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NYC |
Not Yet Competent |
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DNS |
Did Not Submit for Assessment |
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Other Information
Online learning materials can be accessed by going into the RMIT web sites Online Learning Hub.
The online learning materials listed include
- Course outlines
- Power point Presentations
- Supporting Reading material
- Industry relevant articles
- Activities
Course Overview: Access Course Overview