Course Title: Determine client requirements and expectations
Part B: Course Detail
Teaching Period: Term2 2008
Course Code: MKTG5751C
Course Title: Determine client requirements and expectations
School: 650T TAFE Business
Campus: City Campus
Program: C5205 - Diploma of Financial Services
Course Contact : Sam Tabitt
Course Contact Phone: 61 3 9925 1466
Course Contact Email:sam.tabitt@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Michael Elliot
Phone: 9925 1466
Email: michael.elliot@rmit.edu.au
John Calabro
Phone: 9925 5464
Email: 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 function of determining a client’s financial requirements and expectations in regard to financial investment products. It will focus on the client service elements throughout the lifecycle of a financial plan. That is from the first meeting with the client to establish goals and needs, right through to the review stage.
If you are undertaking this course in Melbourne from semester 2, 2012 onwards your teacher will advise you if you require access to a computer for the course. It is recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus outside class times.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSICCUS506B Determine client requirements and expectations |
Element: |
1. Develop an awareness of the client's situation FNSICCUS506B/01 |
Performance Criteria: |
· Relevant facts and information are obtained courteously and professionally to determine client's situation prior to defining client's expectations, requirements and objectives |
Element: |
2. Obtain relevant knowledge of client's financial position and risk profile FNSICCUS506B/02 |
Performance Criteria: |
· Where relevant, client financial position is ascertained |
Element: |
3. Determine client expectations and requirements with respect to financial markets advice FNSICCUS506B/03 |
Performance Criteria: |
· Client is encouraged to express and clarify their requirements and expectations |
Element: |
4. Prepare and update necessary documentation where required FNSICCUS506B/04 |
Performance Criteria: |
· All relevant client facts, financial/personal histories and completed disclosure documents are completed and filed in accordance with company policy and guidelines and relevant legislation and regulatory requirements |
Learning Outcomes
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 a lecture, 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 beginning | Topics | Tutorial/class work |
Week 1 | Customer Relations Coordinate and implement customer service strategies |
Rapport, Deliver and monitor a service to customers |
Week 2 | Customer Relations Coordinate and implement customer service strategies/managing clients |
Coordinate and implement customer service strategies Individual case study handed out to students |
Week 3 | Managing clients | Managing clients’ case-studies |
Week 4 | Compliance requirements | Requirements of FSR Act, ASIC |
Week 5 | Compliance requirements | |
Week 6 | Identifying Needs and Collecting Data | Data collection form Financial needs |
Week 7 | Identifying Needs and Collecting Data | Financial needs Short term/long term needs Client risk profile |
Week 8 | Identifying Needs and Collecting Data | Financial needs Short term/long term needs Client risk profile |
Week 9 | Individual case study | Individual case study due (20%) |
Week 10 | The Financial Planning Process | Role of financial planning Group assignment handed out. |
Week 11 | Presenting Your Proposal (The Financial Planning Process) | Beginning the Consultation |
Week 12 | Presenting Your Proposal (The Financial Planning Process) | Beginning the Consultation Presenting Your Proposal |
Week 13 | Ongoing Service and Review | Ongoing Service and Review |
Week 14 | Ongoing Service and Review | Ongoing Service and Review |
Week 15 | Group assignment | Group assignment due (30%) |
Week 16 | Revision | |
Week 17 | Closed book test (50%) |
Learning Resources
Prescribed Texts
There is no prescribed textbook for this course. Extensive course notes and materials in addition to lecture overheads and tutorial questions will be available on G:/BusTAFE/Banking&Finance/ Determine client requirement & expectations from the commencement of the course. |
References
A number of publications from which you can obtain more details information on the topics covered in this course: |
|
John Wiley and Son CCH (2002) |
|
Australian Master Financial Panning Guide 2003/3, Fifth edition |
|
CCH Australia (and subsequent annual editions) |
Other Resources
In addition, ASIC, APRA and the Financial Planning Association’s web sites keep the most up to date information about changes in the financial services and financial planning industry. You should get into the habit of checking these web sites regularly. Students are also encouraged to read the financial section of the daily press for articles on the role of financial services regulatory bodies and issues relating to role of financial advisers.
Additional texts are available for general use from the Business library on level 5 of Building 108. A computer access laboratory is provided on level 3 and a library on level 5 of Building 108.
Overview of Assessment
Assessment will incorporate a variety of methods including tests, individual and group assignments.
Class tests will consisting of multiple choice questions, case studies and short answer questions. The group assignment will requires students to research a financial product (s) and relate that product to needs and expectations of a client and that client’s risk profile. It will be based on a client case study.
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
• An individual case study on the determination of client needs and expectations worth 20% of the assessment of the course.
• A group assignment worth 30% of the assessment of the course that researches a financial product (s) and relates that product to needs and expectations of a client and that client’s risk profile.
• A closed book test worth 50% of the assessment of the course. It will be held at the end of the course. It will assess the performance elements and underpinning skills and knowledge of the course.
Students are assessed against all the performance elements of the course and must demonstrate an understanding of all elements to be deemed competent. To receive a pass for this course a student must also achieve 50% overall.
Assessment Matrix
Individual case study | Group assignment | Closed book test | |
Develop an awareness of the client’s situation | Y | Y | Y |
Obtain relevant knowledge of client’s financial position and risk profile | Y | Y | Y |
Determine client expectations and requirements with respect to financial markets advice | Y | Y | Y |
Prepare and update necessary documentation where required | Y | Y | Y |
Course Overview: Access Course Overview