Course Title: Determine client requirements and expectations

Part B: Course Detail

Teaching Period: Term2 2019

Course Code: MKTG7918C

Course Title: Determine client requirements and expectations

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

John Calabro 

P: 03 9925 5982

john.calabro@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.

 

No licensing, legislative or certification requirements apply to this unit at the time of publication.

 

The unit does not cover the application of the specific skills and knowledge required to recommend and provide advice on specific financial products requiring Australian Securities and Investments Commission (ASIC) licensing.


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

This course will be delivered through face-to-face classes and by accessing materials and resources on Canvas.

In this course you will learn 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 in a financial services environment.

 


Teaching Schedule

 

This course is comprised of one single competency.

MKTG7918C - Determine Client Requirements and Expectations 

The course outline is subject to change, please refer to canvas for any changes.

 

Weekly Course Schedule:

Week

Week Commencing

Topics

Assessment

1

 8/07/2019

 

Introduction to the Course including:

  • Course requirements
  • Course support documents
  • Course Canvas access
  • Accuracy of enrolment
  • Assessment requirements/Cover Sheets
  • Getting help

 

 

 

 

2

 17/07/2019

Establish the Client Relationship (Parts 4 - 5)

 

3

 22/07/2019

Identify Client Objectives

(Part 1)

 

4

 29/07/2019

Identify Client Objectives

(Part 2)

  

5

 05/08/2019

Cash Flow and Debt
(Parts 1 - 2)

  

6

 12/08/2019

Cash Flow and Debt
(Parts 3 - 4)

Assessment Task 1 Due Week 6 

 

Feedback will be provided in week 7 and re submissions if required in Week 9

7

 9/08/2019

Cash Flow and Debt
(Part 5)

  

8

 26/08/2019

Wealth Creation
(Parts 1, 2 and 3)

  

 

 

 

 Mid semester break (2nd September to 6th September)  
 9

09/09/2019

 

  Wealth Creation
(Part 3)		  

10

 16/09/2019

Students to finalise Weekly Tasks to date and Assessment Two

Assessment Task 2 Due week 10

Feedback will be provided in Week 12 and re-submissions in week 13 if required 

11

 23/09/2019

Wealth Creation
(Parts 5 - 6)

  

12

 30/09/2019

Personal Taxation
(Parts 1, 2 and 3)

  

13

 7/10/2019

Personal Taxation
(Part 4, 5 and 6)

  

14

 14/10/2019

Personal Taxation
(Parts 7 and 8)

  

15

 21/10/2019

Students to finalise Weekly Tasks to date and Assessment Task 3

Assessment Task 3 Due Week 15

Feedback will be provided in week 16  and re submissions if required in Week 17 
16

 28/10/2019

Develop and maintain your own knowledge and skills

  

17

 04/11/2019

 Re submissions if required   

 

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this course.  This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities 


Learning Resources

Prescribed Texts


References


Other Resources

Online learning materials can be accessed by going into the RMIT web sites Online Learning Hub.

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:

  • 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, the individual 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.

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.

MKTG7918C - Determine Client Requirements and Expectations

 

You are required to complete all 3  tasks.  You must successfully (satisfactorily) complete all 3  tasks to be deemed competent in this course.

  

Assessment Task 1 - STUDENT PROJECT/PORTFOLIO/REPORT ASSESSMENT TASK Due Date: Week 6 ( 12/8/2019) 

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.

This assessment task is one of three required to demonstrate competency for this unit.  

 

 Assessment Task 2 - STUDENT Practical ASSESSMENT TASK Due Date: Week 10 ( 16/09/2019) 

This practical assessment will allow you to demonstrate your ability to interview a range of clients about their financial situation.  You will use the Fact Find you developed in Assessment Task 1 to gather the required information as well as using active listening and questioning to clarify information. For this assessment task you will continue to assume the role of a financial consultant with Swanston Banking Ltd.

 

Assessment Task 3 - STUDENT PROJECT/PORTFOLIO/REPORT ASSESSMENT TASK Due Date: Week 15 ( 21/10/19) 

This assessment task has been designed to allow you to demonstrate your understanding of how to analyse clients’ financial information and determine appropriate risk and allocation strategies.  You will also be required to reflect upon how effective your Fact Find tool and client interview were in ascertaining the information you required.

This assessment task is one of three required to demonstrate competency for this unit.

 

 

 

 

 

 


Assessment Matrix

 Assessment Matrix    The competency assessment map that maps all the assessment tasks is available on CANVAS ( https://rmit.instructure.com/courses/60871/assignments/344667)        

Other Information

 

Submission Requirements

 

You should:

 

  • 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.

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:

https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment

 

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

 

NYC

Not Yet Competent

 

DNS

Did Not Submit for Assessment

 

 

Course Overview: Access Course Overview