Course Title: Grow financial practices

Part B: Course Detail

Teaching Period: Term1 2023

Course Code: BUSM8908C

Course Title: Grow financial practices

Important Information:

Please note that this course may have compulsory in-person attendance requirements for some teaching activities.

To participate in any RMIT course in-person activities or assessment, you will need to comply with RMIT vaccination requirements which are applicable during the duration of the course. This RMIT requirement includes being vaccinated against COVID-19 or holding a valid medical exemption.

Please read this RMIT Enrolment Procedure as it has important information regarding COVID vaccination and your study at RMIT: https://policies.rmit.edu.au/document/view.php?id=209.

Please read the Student website for additional requirements of in-person attendance: https://www.rmit.edu.au/covid/coming-to-campus

Please check your Canvas course shell closer to when the course starts to see if this course requires mandatory in-person attendance. The delivery method of the course might have to change quickly in response to changes in the local state/national directive regarding in-person course attendance.

School: 525T Business & Enterprise

Campus: City Campus

Program: C5419 - Diploma of Finance and Mortgage Broking Management

Course Contact: Mandeep Chahil

Course Contact Phone: +61 3 9925 5980

Course Contact Email: mandeep.chahil@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

John Calabro
john.calabro@rmit.edu.au

 

Nominal Hours: 60

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

Nil

Course Description

This unit describes the skills and knowledge required to promote and grow a financial practice. It requires the application of marketing skills and the use of market intelligence to develop and implement practice promotion and growth plans.

The unit applies to experienced individuals who use specialised knowledge and systematic approaches and, within their level of authority, provide guidance in strategic organisational activity.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSPRM613 Grow financial practices

Element:

1. Develop financial practice marketing plan

Performance Criteria:

1.1 Identify business objectives and needs

1.2 Develop, review and finalise draft vision statement

1.3 Conduct research and identify target markets

1.4 Obtain market research data and develop competitor analysis

1.5 Develop and review practice market position based on research findings and analysis

Element:

2. Develop practice promotion plans

Performance Criteria:

2.1 Develop practice brand and benefits of practice

2.2 Identify practice products and services

2.3 Develop and select promotion tools

Element:

3. Develop practice growth plans

Performance Criteria:

3.1 Develop plans to add new clients and increase yield per existing client

3.2 Segment client base and tailor promotion plan for each segment

3.3 Rank proposed plans according to vision statement, needs and objectives

3.4 Develop action plan for implementation

3.5 Review practice work activities and confirm they support business growth plans

Element:

4. Develop implementation plan and supervise implementation

Performance Criteria:

4.1 Develop implementation plan in consultation with relevant stakeholders

4.2 Determine indicators of success of plan

4.3 Monitor implementation against agreed indicators and adjust implementation as required


Learning Outcomes


On successful completion of this course you will have developed and applied the skills and knowledge required to demonstrate competency in the above elements.


Details of Learning Activities

Students will be engaged in a variety of pre-class, in-the-class, and post-class activities as outlined in the relevant Canvas shell.


Teaching Schedule

Week 

Topic 

Assessment Remarks 

 

  • Introduction to unit and teacher 
  • Learning Unit guide – discussion  
  • Elements of Competency – What will the unit cover 
  • Overview of Assessments 1 –3 
  • Subject protocols – methods of delivery/ facilitation 
  • Required materials 
  • Communication 

Section 1 – Read p.1-2 of the learner guide 

 Activity  

Develop a client value preposition (CVP) for your potential broking business and discuss your CVP with the group and your assessor.  

 

 

Section 2 – Marketing and Strategies  

Read page 3-4 

Activity 2  

When it comes to Mortgage broking how do the 4c’s correlate with the 5Ps of the Marketing Mix? 

 

 

Cont.: Marketing and Strategies 

Activity  

Read page 5 and external reports on the property boom post Covid and discuss what government policies helped the industry to exceed previous years of new loan applications.  

 

 

Cont. section 2 – Marketing and Strategies   

Activity  

Continue the discussion around government policies and impact on mortgage broking with group.  

 

 

Section 2- Competitor analysis  

Activity 5  

Read page 6 using the CVP developed in weeks 1 and 2 to show how that can  help you compete with your competitors.  

 

 

Cont. section 2 – SWOT 

Activity   

Read and Refer to P.7 and complete a SWOT analysis on the basis starting your own business.  

 

 

Section 2 – CVP and positioning in marketing? 

Activity  

Read p.11-12  

Pitch your position and explain why your broking firm offer helps you to be competitive.  

 

 

Section 2: Networks  

Activity 1 

Refer to page 12-14 and in less than 250 words prepare an email for your network of third party of referrers on what they can expect from you when dealing with their clients and what you can do in return so that they confidently refer clients to you.  

Activity 2 

Review the emails with students and discuss the importance of CVP with networks. 

Assessment Task 1 due this week 

 

Cont.: Networks 

Activity 9 

Section 3: Promotional Plans  

Activity  

Read page15-16. Choosing a effective promotional strategy for your business requires analysis of the table highlighted on 16. Discuss the most appropriate promotional strategy for your group. 

 

10 

Cont with section 3 

Activity 10 

Read page 19.  Find a promotional plan template for your business and in point form describe the 8 points referenced on page 19. 

 

 

11 

Section 4 – Growth Plan 

Read pages 30-35 

Activity 11 

The objective of a growth plan is to increase sales and focus is on products and markets but the key to growth is business growth strategies. Which of the strategies listed would you choose for your business 

 

 

12 

Cont: Section 4  

Activity 

Read page 30-32 

Discuss the use of implementation plan for measuring the business growth of the business.  

Assessment Task 2 due this week 

13 

cont.: Case study scenarios  

Activity 

Group discussion around final assessment  

 

Assessment Task 3 due week 13-15 

14 

Cont. Case study scenarios 

Activity 
Group discussion around final assessment and role plays.  

 

15 

Discussion on Assessment Task 3 

 

16 

Resit and Resubmit  

 

17 

Resit and Resubmit  

 

18 

Results  

 


Learning Resources

Prescribed Texts


References


Other Resources

Learning resources will be accessible via the Canvas learning management system.

Students will need to regularly access the appropriate content folders in Canvas and complete learning activities as advised by their teacher.

It is expected that students will need to complete some learning tasks in their own time.


Overview of Assessment

Assessment for this course is ongoing throughout the semester. Your knowledge and understanding of course content is assessed through participation in class exercises, oral/written presentations and through the application of learned skills and insights. Full assessment briefs will be provided and can be found on CANVAS.


Assessment Tasks

There will be three (3) assessment tasks in this course and you must complete all of them satisfactorily to be deemed competent. 

Assessment Task 1- Due in Week 8

Practical Assessment Task -  - Marketing Plan (Client 1) 

Completing this assessment task demonstrates the knowledge required to develop a Marketing Plan to diversity and grow your business, MJ Broking. 

Assessment Task 2 - Due in Week 12

Practical Assessment Task - - Marketing Plan (Client 2) 

Completing this assessment task demonstrates skills and knowledge in developing Promotional Plans and Growth Plans in line with your growth goals for both Investment Property Finance and Vehicle Finance.

Assessment Task 3 - Due in Weeks 13-15 

Practical Assessment Task - Assessment Task 3 - Implementation Plan

In this assessment task, in a role - play simulation you are to present and explain the Promotional Plan and Growth Plans you developed in Assessment Task 2 to your assessor/teacher (who will be in the role of Michael/Samantha) and request sign - off. You will then go on to develop an Implantation plan and modify it to reflect changes to the plan.

The assessment role play contains a lot more detail in the instructions. Please refer to the physical document for further instructions.

 

 


Assessment Matrix

The assessment matrix that maps all the assessment is available in Canvas under 'Assignments'.

All assessments will utilise a competency-based model and will be deemed as either Satisfactory or Not Yet Satisfactory.

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 a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on Canvas
  • Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Callie Harvey, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10

 

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. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination. 

 

More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration

 

Resubmissions (VE Programs)

 

If you are assessed as unsuccessful in an assessment task you will be allowed one resubmission only. 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 assessed as unsuccessful in your resubmission of an assessment task you then you should consult with your course teacher to determine whether any further resubmission opportunities may be available. Your request will be considered by your course teacher, 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/my-course/assessment-results/special-consideration-extensions

 

Marking Guide (Competency)

 

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, and you will achieve one of the following results:

 

Final results table

CA Competency Achieved 
NYC Not Yet Competent
DNS Did Not Submit one or more assessment tasks

Course Overview: Access Course Overview