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: C5379 - Diploma of Financial Services
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.
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
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.
Teaching Schedule
The following courses are are delivered together under the title Manage Client Relationships:
- FNSFPL506/BAFI5217C Determine client financial requirements and expectations
- FNSCUS505/MKTG7918C Determine client requirements and expectations
- FNSCUS506/MKTG7919C Record and implement client instructions
(The following schedule is subject to change)
| Course Schedule: Manage Client Relationships, Semester 1, 2021 | |||
Week No. |
|
Topic: |
Reading, Course Workbook Tasks & Assessments |
1 |
|
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 |
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 |
|
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 |
|
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 |
|
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 |
16/03/20 |
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 (Links to an external site.)/ (Links to an external site.) |
7 |
|
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 (Links to an external site.)/ (Links to an external site.) Assessment Part A -Workplace Simulated Project – Client Engagement and Fact Find Due week 7 |
8 |
|
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 (Links to an external site.)/ (Links to an external site.)
|
9 |
06/04/20 |
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 (Links to an external site.)/ (Links to an external site.)
Assessment Task 1 - Part B - Workplace Simulated Project - Client Meeting Due Week 9 |
| Mid-Semester Break | |||
10 |
20/04/20 |
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:// (Links to an external site.)www.moneysmart.gov.au/borrowing-and-credit/consumer-credit-regulation (Links to an external site.) |
11 |
|
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:// (Links to an external site.)www.moneysmart.gov.au/borrowing-and-credit/consumer-credit-regulation (Links to an external site.)
|
12 |
|
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:// (Links to an external site.)www.moneysmart.gov.au/borrowing-and-credit/consumer-credit-regulation (Links to an external site.) |
13 |
|
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 |
|
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 |
|
Revision / Recap Weeks 1 -15
|
Assignment Task 2 -Research and Application Assignment |
16 |
|
Student Feedback on Assessment Resits and Resubmissions |
|
17 |
Grade Entry |
|
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:
- 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
You will demonstrate competency by undertaking two assessments. You must successfully complete all assessments to be deemed competent in this unit.
Assessment Task 1: Part A - Workplace Simulated Project
Client Engagement and Fact Find (Part A) Due: Week 7
Client Meeting (Part B) Due: Week 9
Summary and Purpose:
Part A – 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 B – requires you to conduct a meeting with the client explaining the key issues identified and outline the next steps in the financial planning process.
Assessment Instructions: 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.
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.
Assessment Task 2: Research and Application Assignment
Due: Week 15
Summary and Purpose: This assessment has been designed for you to progressively build your knowledge and skills in managing client relationships to determine client requirements and expectations.
Assessment Instructions: This assignment is comprised of a number of questions requiring you to undertake research and apply your knowledge in various topics. You should complete each question in the relevant week that the topic is covered. You must full answer all questions in this assignment and submit it in week 15.
You are required to demonstrate your knowledge by researching and explaining key aspects of the Financial Services Industry including:
a) Building client rapport
b) financial planning process
c) FPA’s code of practice
d) Risks associated with self-managed super and property
e) Need for budgeting and Cash Flow advice
f) Key documents a client must provide to a financial planner
g) Ongoing client services
h) 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.
CA - Competency Achieved
NYC - Not Yet Competent
DNS - Did Not Submit for assessment
Course Overview: Access Course Overview