Course Title: Provide financial planning advice

Part B: Course Detail

Teaching Period: Term2 2009

Course Code: BAFI5142C

Course Title: Provide financial planning advice

School: 650T TAFE Business

Campus: City Campus

Program: C5205 - Diploma of Financial Services

Course Contact : Craig Kingsley

Course Contact Phone: 61 3 9925 5456

Course Contact

Name and Contact Details of All Other Relevant Staff

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


Course Description

This unit describes the skill involved in providing financial advice to clients, depending on the level of client contact appropriate for the representative. The unit equally applies when presenting preliminary, amended or final financial plans.
It introduces the workings of the financial planning industry and to provides a framework to be able to develop and provide action plans designed to assist people to achieve their financial goals and improve financial health.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSFPLN507B Provide financial planning advice


FNSFPLN507B/01 Create rapport with the client

Performance Criteria:

Create rapport with the client Performance Criteria: • Disclosure of capacity to client is consistent with code of practice, organisational requirements and legislative requirements
• Client concerns, if any, are identified and responded to appropriately
• Active listening skills are demonstrated in dealings with clients
• Services are explained to client when appropriate orally and/or in writing in a clear and unambiguous way, avoiding jargon and in a language appropriate to the level of financial understanding of the client
• Client is assisted to make informed choices using the relevant documentation
• Client's needs and objectives are addressed consistent with client's budgetary constraints


FNSFPLN507B/02 Discuss financial plan with the client

Performance Criteria:

Discuss financial plan with the client Performance Criteria: • The scope and limitations of the plan and/or advice is clearly explained to the client together with the provision of appropriate warnings
• Strategies and recommendations in the financial plan are explained and discussed with the client in a clear and unambiguous way
• Financial plan documentation is prepared, explained and discussed with the client when appropriate in a clear and unambiguous way
• Impact of key aspects of the recommendations is disclosed in a clear and concise manner to the client
• Client is guided through the key aspects of the strategies proposed when appropriate
• Client is guided through the assumptions used in formulating the plan and the degree to which variations in the assumptions may impact on expected outcomes is discussed
• Requirements to put the recommended plan into effect are explained to the client
• Areas in the plan that may require further advice are identified and noted
• Copies of the research and other documentation are provided to the client if requested
• Confirmation is sought that the client understand the recommendations presented
• Agreement in principle to proceed is obtained from the client
• Product knowledge appropriate for the service or advice offered is demonstrated in providing information to the client
• Appropriate level of after sales service to be provided is clearly defined, and communicated to the client


FNSFPLN507B/03 Negotiate effectively

Performance Criteria:

Negotiate effectively Performance Criteria:
• Clients are assisted when necessary to make appropriate decisions regarding solutions to their needs and objectives within the scope of the plan
• Alternatives to recommendations are presented to the client when requested
• Limits imposed by regulatory requirements or organisation guidelines are observed
• Restraint and composure are exercised when dealing with conflict situations involving clients
• Communication channels are maintained when dealing with complaints and following complaint handling procedures


FNSFPLN507B/04 Complete and maintain necessary documentation

Performance Criteria:

Complete and maintain necessary documentation Performance Criteria:
• Financial plan is adjusted according to changes agreed to with the client
• Proposals and other documents are completed and signed off when plan is agreed between the client and organisational representative
• Implementation actions required by the client are clearly identified and written agreement to actions is obtained
• Client records are created or updated
• Contract variations are completed if required
• Confirmation including relevant documentation and contract variation is provided to the client and final plan implemented
• Customer advice is recorded in accordance with the organisation guidelines and/or financial plan documentation requirements
• Instructing and/or purchasing documents are signed by the client where required

Learning Outcomes

Performance element based

Details of Learning Activities

In this course students will undertake a range of learning activities, which will include:
An initial introduction to topics and techniques via teacher directed learning, tutorial-based discussion groups, role-plays to explore individual reactions to particular situations, a group project (case-study, tutorial exercises in order to develop competency including underpinning skills and knowledge.

Teaching Schedule

 Weekly Schedule 
Week beginningTopicsTutorial/class work
Week 1  Introduction to Financial Planning and the Personal Finance EnvironmentOverview of the financial planning environment,
Goal setting & budgeting
Week 2 Analysing the risk and return of investmentsTime value of money, simple and compound interest, annuities
Week 3 Taxation Planning Assessable income, allowable deductions, tax Payable
Week 4 Taxation Planning and Strategies Taxation of different entity structures, negative gearing and other strategies, minimising taxes
Week 5 Investment principles. Direct Investments Principles of investing, asset classes and investment products
Week 6 Direct Investmentsinterest bearing investments, property investments, share investments
Week 7 Indirect Investments Investment Analysis; managed investments
Week 8 Indirect InvestmentsAlternative investment products, investment analysis
Week 9 InsuranceInsurance terms, risk assessment & management
Week 10 Insurance Principles of insurance, personal insurances, general insurance, liability insurance
Week 11 Retirement planning Retirement planning, investing for retirement, superannuation
Week 12 Estate Planning Problems of no estate planning, steps in estate planning, wills and trusts, powers of attorney
Week 13 Basics of developing a Financial Plan What is a Financial Plan (Statement of Advice)?
Week 14 Basics of developing a Financial Plan Steps involved in preparing a Financial Plan,
Week 15 Basics of developing a Financial PlanEvaluation of a plan, ongoing considerations
Week 16 Final Examination (50%) 
Week 17 Feedback on Assessment, exam & assignment 

Learning Resources

Prescribed Texts

Beal D and McKeown W, Personal Finance, John Wiley and Sons Australia Ltd, 3rd Edition


Gitman LJ, Morrison DS and Joehnk MD, Personal Financial Planning – an Australian Perspective, Thomson, 1st Edition.

Other Resources

• Print-based resources
Students will be provided with a learner’s guide that will include tutorial discussion questions, short answer questions and problem sets, self-directed exercises, some solutions and core notes for each topic.

• On-line resources
Students will be provided with on-line resources in the learning hub that include lectures and self-directed exercises, on-line feedback exercises and relevant URL’s.

• Other prescribed requirements:
You will be required to have access to a financial calculator within the course. Questions in the examination may be based on your having access to a financial calculator to perform financial calculations.

Students must be very familiar with the course material and its entire contents. Additional reading is required from contemporary sources. Students are required to undertake their own reading and research of the course independently and to properly acknowledge sources of information used for assignment work.

Overview of Assessment

Assessment will incorporate a variety of methods including a group assignment and presentation, tests and /or an examination.
The group assignment will require students to develop and match financial strategies to meet a client’s requirements. It will also involve a group presentation.
Tests/exam are closed book and may consist of multiple-choice questions, case studies and some short answer questions. They will assess underpinning knowledge and skills and the performance elements of the unit.

You will receive ongoing feedback on your progress in the course. Feedback on assessment will be given in a timely manner. You will be informed about how to improve your performance in the competency/course and what you need to do to be deemed competent or to gain a pass in the assessment.

Assessment Tasks

1. Assignment
Collaborative research projects where you will work together with other students to research an insurance product and relate the benefits of insurance to clients’ needs. It will also involve a group presentation communicating the group’s work to the class.

2. Closed Book Test
Comprising multiple-choice, case studies and short answer questions. It will assess underpinning knowledge and skills, covered in the course, and the performance criteria of the unit.

3. Closed Book Examination
Comprising multiple-choice, case studies and short answer questions. It will assess underpinning knowledge and skills, covered in the course, and the performance criteria of the unit.

The assessment weighting for this course takes the following form:
Assignment 30% of assessment
Test20% of assessment
Final examination 50% of assessment

Students are assessed against all the performance elements of the course and must demonstrate an understanding of all elements to be deemed competent.   Additionally, students will be graded in this course. The grade will be determined on the overall mark attained for all assessment tasks and based on the grade table listed below.

Course Grade Table
HD> = 80High Distinction
DI70 - 79Distinction
CR60 - 69Credit
PA50 - 59Pass
NN< 50Fail
DNS Did Not Submit
NYC Not Yet Competent

Assessment Matrix

 Group assignmentClass TestFinal Examination
Create rapport with the client YYY
Discuss financial plan with the client YYY
Negotiate effectively YYY
Complete and maintain necessary documentationYYY                                            

Course Overview: Access Course Overview