Course Title: Provide financial planning advice

Part B: Course Detail

Teaching Period: Term1 2012

Course Code: BAFI5142C

Course Title: Provide financial planning advice

School: 650T TAFE Business

Campus: City Campus

Program: C5205 - Diploma of Financial Services

Course Contact : Sam Tabit

Course Contact Phone: 61 3 9925 1466

Course Contact Email:sam.tabit@rmit.edu.au


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

NONE

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

Element:

1. Create rapport with the client

Performance Criteria:

1. Disclosure of capacity to client is consistent with code of practice, organisational requirements and legislative requirements
2. Client concerns, if any, are identified and responded to appropriately
3. Active listening skills are demonstrated in dealings with clients
4. 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
5. Client is assisted to make informed choices using the relevant documentation
6. Client ' s needs and objectives are addressed consistent with client's budgetary constraints

Element:

2. Discuss financial plan with the client

Performance Criteria:

1. The scope and limitations of the plan and/or advice is clearly explained to the client together with the provision of appropriate warnings
2. Strategies and recommendations in the financial plan are explained and discussed with the client in a clear and unambiguous way
3. Financial plan documentation is prepared, explained and discussed with the client when appropriate in a clear and unambiguous way
4. Impact of key aspects of the recommendations is disclosed in a clear and concise manner to the client
5. Client is guided through the key aspects of the strategies proposed when appropriate
6. 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
7. Requirements to put the recommended plan into effect are explained to the client
8. Areas in the plan that may require further advice are identified and noted
9. Copies of the research and other documentation are provided to the client if requested
10. Confirmation is sought that the client understand the recommendations presented
11. Agreement in principle to proceed is obtained from the client
12. Product knowledge appropriate for the service or advice offered is demonstrated in providing information to the client
13. Appropriate level of after sales service to be provided is clearly defined, and communicated to the client

Element:

3. Negotiate effectively

Performance Criteria:

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

Element:

4. Complete and maintain necessary documentation

Performance Criteria:

1. Financial plan is adjusted according to changes agreed to with the client
2. Proposals and other documents are completed and signed off when plan is agreed between the client and organisational representative
3. Implementation actions required by the client are clearly identified and written agreement to actions is obtained
4. Client records are created or updated
5. Contract variations are completed if required
6. Confirmation including relevant documentation and contract variation is provided to the client and final plan implemented
7. Confirmation including relevant documentation and contract variation is provided to the client and final plan implemented
8. Instructing and/or purchasing documents are signed by the client where required


Learning Outcomes



Details of Learning Activities

To achieve the learning outcomes of the course students are required to participate in the learning activities listed below:
• Attendance at and note taking during teacher directed learning (scheduled classes);
• Reading of and note taking from the prescribed textbook and other references;
• Completion of tutorial exercises prior to each workshop. Tutorial exercises consist of practical problems, short answer questions, multiple choice, case studies and extension exercises;
• Attendance, participation and discussion in class (tutorials);
• Optional consultation with academic staff;


Teaching Schedule

 

       Week       Commencing      Topics     Assessements 
 1  6th Feb  • Course requirements
• Course support documents
• Blackboard
• Overview of assessment requirements including Recognition of Prior Learning and Credit Transfers
• Grading
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
• Where to get support
• Student responsibilities

Introduction to Financial Planning

 The Concept of Financial Planning
 Personal Financial Statements,
 Establishing Financial Goals and
Time Frames,
 Risk and Return		  
 2  13th Feb  Financial Planning Skills

 Obtaining and Analysing Customer Data
 Financial mathematics
 Diversification		  

 

3

 

 

  20th Feb
 3 Introduction to Taxation
• Income Tax
• Capital gains Tax
• Goods and Services Tax
• Fringe Benefits Tax
• Tax Effective Structures.		  Task 1-

Class based closed book activity.
CA/ NCA

 4  27th Feb  Managed Investments

 Regulations
 Costs & Benefits
 Investment Techniques		  
 5  5th Mar  Direct Investments

• Financial Products, including:
o Cash and Fixed Interest
o Property
o Shares
o Alternative investments
 
 6  12th March  Analysis of Share Investments

 Risk & Return
 CAPM
Dividend Growth Model
 
 7  19th March  Analysis of Share Investments

 Risk & Return
 CAPM
Dividend Growth Model
 Task 2 Handout- Individual Assessment
You will receive individual feedback. CA/ NCA
 8  26th  The Financial Planning Profession
 The Role of the Financial Planner

 The Steps in Preparing a Plan
 The Regulatory Environment
 The Legislative Environment
 Complaints Schemes
Codes of Ethics
 
 9  2nd April  Development of a Personal Plan
 The Statement of Advice
 Ethical Considerations
 Effective Communication
Planning for Implementation
 
   

Mid semester break (5 April to 11 April)

  
 10  9th April  Development of a Personal Plan

 The Statement of Advice
 Ethical Considerations
 Effective Communication
Planning for Implementation
 
 11  16th April  Social Security
 Eligibility – Means Test
 Assets Test
 Deeming		  Task 2 – Due – 20 April
 12  23rd April  Social Security
• Eligibility – Strategies to achieve benefits
• Discussing Individual Needs
• Types of Benefits
 
 13  30th April   Estate Planning
 Wills
 Probate
 Taxation
 Power of Attorney		  
 14   7th May  Estate Planning
• Intestacy
• Trusts
• Structures
• Estate/Non estate assets
 
 15   14th May  Revision  
 16   21st May  Final Class assessment Assessment  Task 3- In Class closed book.
CA/ NCA
 17   28th May  Feedback & Re-submissions if required  


Learning Resources

Prescribed Texts

There is no prescribed text for this subject however students will be provided with a folder of Financial Planning Course Notes that will be utilised throughout the semester for class work and self study purposes.  


References

RMIT Financial Compliance Program module 4- Financial Planning. ASIC registered course notes. Beal, McKeown, Kerry, Olynyk.  Financial planning. Wiley . 2011


Other Resources

Students are expected to conduct their own research on various internet financial planning government and company websites including:

1- ATO

2-ASIC

3-FPA

4. MFAA

5. AFA


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.

Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met. Students will be provided with feedback throughout the course to check their progress.


Assessment Tasks

You are required to complete 3 tasks. You must successfully complete all 3 tasks to be deemed competent in this unit.

TASK 1 (Due Date: In class week 3)

For this Assessment Task you are required to sit a demonstrate knowledge of the financial planning industry by completing a number of short answer and multiple choice questions. This task will be conducted in the class room in a closed book environment.



TASK 2 (Due Date: End of Week 10)

For this assessment task you are required to research and develop strategies based on a case study covering topics covered in from week 1 to week 9. This is an individual assessment.


TASK 3 (Due Date: End of Week 16)

For this assessment task you need to undertake a closed book class based assessments based on all material covered and element in this unit


Assessment Matrix

Assessement Matrices will be provided when assignments are handed out.

 

Assessment Tasks

You are required to complete 3 tasks. You must successfully complete all 3 tasks to be deemed competent in this unit.

TASK 1 (Due Date: In class week 3)

For this Assessment Task you are required to sit a demonstrate knowledge of the financial planning industry by completing a number of short answer and multiple choice questions. This task will be conducted in the class room in a closed book environment.



TASK 2 (Due Date: End of Week 10)

For this assessment task you are required to research and develop strategies based on a case study covering topics covered in from week 1 to week 9. This is an individual assessment.


TASK 3 (Due Date: End of Week 16)

For this assessment task you need to undertake a closed book class based assessments based on all material covered and element in this unit.



Submission Requirements

Assessment tasks need to be submitted via Blackboard.

You should:
• Ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for Special Consideration. Information on the process and application forms is available at http://rmit.edu.au/browse;ID=ls0ydfokry9rz website.
• 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 work for assessment is available on blackboard.
• 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, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.
•
Turnitin Assignment Software for submissions

Before handing in an assignment students are required to also submit their assessement through the turnitin software before final submission to the teacher. The teacher will provide more information and login details during the semester. http://turnitin.com/en_us/home

Marking Guide (competency):

Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.

You need to demonstrate you are competent in each element of the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading.

Please refer to the Final Grades table below.

Marking Guide (Grading)

After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.


The grading is according to the following criteria:


1. LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK

We are looking for a high level of ability to complete all tasks independently as per the specifications as well as demonstrating a high level of initiative in your approach to developing and maintaining an OHS system.

2. DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING

We are looking for depth of understanding of the key concepts and knowledge required in managing an OHS system. You should be able to demonstrate a thorough understanding of all applicable OHS legislative requirements in all the assessment tasks.

3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING

We are looking for appropriate use of technology to assist in presenting all tasks clearly and suitable for the intended audience. You also need to show an understanding of the kinds of problems that can arise in managing OHS systems and how these might be addressed.

4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT

We expect to see ongoing uploading of information into Pebble Pad that is relevant to the unit, full utilisation of Pebble Pad and Blackboard as per course requirements and timely submission of all required assessment tasks.


5. COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK

We expect to see contributions to relevant discussions and scheduled Collaborate sessions. In addition your tasks should demonstrate a very good understanding of strategies for a collaborative approach to OHS management in the workplace.

Final Grades table:


CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
DNS Did Not Submit for assessment


Further information regarding the application of the grading criteria will be provided by your teacher.

Other Information

Submission Requirements

Assessment tasks need to be submitted via Blackboard.

You should:
• Ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for Special Consideration. Information on the process and application forms is available at http://rmit.edu.au/browse;ID=ls0ydfokry9rz website.
• 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 work for assessment is available on blackboard.
• 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, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.
•
Turnitin Assignment Software for submissions

Before handing in an assignment students are required to also submit their assessement through the turnitin software before final submission to the teacher. The teacher will provide more information and login details during the semester. http://turnitin.com/en_us/home

Marking Guide (competency):

Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.

You need to demonstrate you are competent in each element of the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading.

Course Overview: Access Course Overview