Course Title: Provide financial planning advice
Part B: Course Detail
Teaching Period: Term2 2020
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
Mahboob Hossain
mahboob.hossian@rmit.edu.au
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 1.3 Assist client to make informed choices using relevant documentation 1.4 Address client’s needs and objectives consistent with client’s budgetary situationunderstanding of client |
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 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
This course is comprised of one competency: FNSFPL507/BAFI5236C Provide financial plan advice
(The following schedule is subject to change)
Course Schedule: Provide Financial Planning Advice, Semester 2, 2020 |
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Week |
Topic |
Readings and Activities |
Assessment |
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Week 1 July 6 |
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 July 13 |
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 July 20 |
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 July 27 |
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 August 3 |
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 August 10 |
Topic 2 - Develop and prepare financial plans: Part 3 SoA construction |
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 August 17 |
Topic 2 - Develop and prepare financial plans:
Part 4: SoA format |
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 August 24 |
Topic 2 - Develop and prepare financial plans:
Part 5: Compliance |
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 September 7 |
Topic 3: Present services, advice and products: Part 1 Create rapport with clients Part 2: Client decision making
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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 September 14 |
Topic 3: Present services, advice and products: Part 3 Presenting the Plan Assessment 1 - Submission on Canvas |
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 Due week 10 Submission on Canvas You will receive the feedback in week 13. If required, re-submission for this assessment is due by the end of week 13. |
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Week 11 September 21 |
Topic 3: Present services, advice and products: Part 4 Implementation 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 September 28 |
Topic 4- Neuro-Linguistic Programming and Negotiation Topic 5 - Develop and maintain your own knowledge and skills |
Readings NLP Principles in Negotiations
Video Neuro-linguistic programming goal setting PowerPoint presentation 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 12 |
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Week 13 October 5 |
Revision |
Activity Online Weekly Activity - Week 13 |
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Week 14 October 12 |
Assessment 2 - Assessment in class
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Activity Online Weekly Activity - Week 14 |
Assessment 2: Supervised written assessment Due week 14 Assessment in class You will receive the feedback in the same week, which is week 14. If required, re-submission for this assessment is due in the following week, which is week 15. |
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Week 15 October 19 |
Re-sit and Re-submissions Online Weekly Activity - Week 15 |
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Week 16 October 26 |
Grade Entry Online Weekly Activity - Week 16 |
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Week 17 November 2 |
Grade Entry for students with extension, additional submissions or any outstanding requirements |
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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 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:
- 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
You will demonstrate competency by undertaking two assessments. You must successfully complete all assessments to be deemed competent in this unit.
Assessment 1: Workplace Simulated Project
Due: 20 September 2020 (Week 10)
Summary and Purpose: This is assessment 1 of a total of 2 assessment tasks. You must successfully complete all 2 tasks to achieve competency in this subject.
Assessment Instructions: 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 an electronic client file (case study) that you will be able to access on Canvas. 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.
For the purpose of the projects, you will assume the role of a financial planner at the Swanston Banking Group Ltd. To assist you with your research a number of key documents used by the bank have been uploaded on the banks portal for your use:
a) Swanston Bank letter head,
b) Authority to Access information
c) Best Interest Duty – Client File Note
e) Best Interest duty – Working paper
f) Client Acknowledgement Form
g) Fact Find
h) Plan Preparation Fee Form
i) Style Guide
You are required to fully address all sections in task 1 to successfully complete this assignment.
For this project you will assume the role of a financial planner at the Swanton Bank Ltd and you will prepare a financial plan that includes a cash flow, asset and liabilities based on most recent tax rates. You will be required to calculate the lump sums the client will require at retirement and forecast their approximate superannuation balances for the next five years. The forecast will be based on the client’s current investment balances and contributions. You will be able to determine the duration that the client needs before they can expect to receive a comfortable amount to retire as in accordance with ASFA standards. The financial plan that you will prepare must include strategies to increase the client’s investment balances at retirement.
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 role play with the simulated client.
A number of Learning Audit Dates have been scheduled and you are expected to progress as per the set targets throughout their studies.
You are required to successfully complete all documents in task 1 to be deemed competent in this assignment.
- Fact Find
- File Note
- Working Papers
- SoA or financial plan
You will require access to the course resources on the Learning hub, recommended textbooks and the website links prescribed for the program and the list of resources below specific to this task.
You must reference all your work using the Harvard referencing System.
Time will be allowed for the sub-assessment task within class timetables. However, it is expected that the majority of this assessment preparation will be completed outside of class.
Assessment 2: Online Assessment
Due: Week 14
Summary and Purpose: For this assessment task you are required to demonstrate your knowledge by completing a two-hour open-book online assessment during your normal scheduled online collaborate session. The assessment is 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.
Assessment Instructions: This assessment task has been designed to allow you to demonstrate your understanding of the kinds of financial information you need to obtain from clients in order to effectively analyse their financial situation. You will take on the role of a financial consultant in Swanston Banking Ltd. (a simulated workplace environment) and design your own financial Fact Find template that could be used by the organisation when interviewing and gathering information from its clients.
Class time will be provided to undertake this assessment task.
Students will be assessed according to the criteria outlined in the Criteria for Assessment in this outline above. All criteria identified must be addressed to satisfactorily complete this Assessment Task.
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