Course Title: Determine client requirements and expectations

Part B: Course Detail

Teaching Period: Term2 2015

Course Code: BAFI5187C

Course Title: Determine client requirements and expectations

School: 650T Vocational Business Education

Campus: City Campus

Program: C5317 - Diploma of Financial Planning

Course Contact : Michael Elliot

Course Contact Phone: +61 3 9925 5519

Course Contact

Name and Contact Details of All Other Relevant Staff

Dario Bartolomeo 

E-mail -

Phone:  (03) 99255464

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


Course Description

This unit describes the performance outcomes, skills and knowledge required to determine client’s financial requirements and expectations. It encompasses informing the client of the financial planning process and service, obtaining relevant information on their existing financial situation and expectations with respect to financial planning service offered by the representative, and preparing and updating necessary documentation.

This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSFPL506A Determine client requirements and expectations


1. Inform client of the financial planning process and services

Performance Criteria:

1.1.Financial planning process and role and any limits of authority of the representative are explained to the client
1.2.The licensees and principals of the organisation and services and capacity of the organisation, including any relationship to other financial services are explained to the client
1.3.Fees and charges are explained to the client and the client's understanding of these confirmed before proceeding with delivery of service
1.4.Clients with special needs are identified and appropriate action taken or referral made
1.5.Procedures for internal and external complaints handling and resolution are explained to the client


2. Obtain relevant information on client’s existing financial situation

Performance Criteria:

2.1.Facts and information relevant to the client's particular service request are obtained and confirmed
2.2.Client's expectations, requirements and objectives are identified with clients encouraged to disclose relevant information to determine their personal/financial situation and any special needs
2.3.Relevant information on investments and assets held by the client and their current income, expenditure and liabilities situation are obtained
2.4.A summary analysis of client's financial position is developed based on extent of client disclosure and requirements
2.5.Risk and fraud indicators are identified accurately and consistently and all information is checked for consistency and potential conflict


3. Determine client expectations and requirements with respect to financial planning service offered by the representative

Performance Criteria:

3.1.Client is encouraged to express and clarify their expectations from the financial planning process with any concerns identified and responded to promptly and appropriately
3.2.Client's income and investment needs, preferences and priorities are established
3.3.Risk issues and tolerance are explored comprehensively and ethically with the client
3.4.A determination is made that the service being sought is within the capability and authority of the authorised representative
3.5.A referral to another internal representative is made if service required by client is beyond scope of the representative
3.6.Specialist advice is sought where necessary or client is referred to appropriate personnel or organisation where required services are not available or cannot be provided by the practice


4. Prepare and update necessary documentation where required


Performance Criteria:

4.1. All relevant client facts, information and financial/personal histories are documented, checked with the client and managed confidentially in accordance with company policy and guidelines and relevant legislation and industry codes of practice
4.2. Client records are created or updated when necessary
4.3. Client documentation, information and histories are filed in a format and location that is readily accessible

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 various technology platforms and include your contribution to wikis and discussion threads, reflective journals, 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

Induction Session

Prior to training commencement a program level induction session will be conducted that comprises the following:
• Program overview and requirements
• MyRMIT/Blackboard
• Overview of assessment requirements
• Pre-training Review including: Recognition of Prior Learning and Credit Transfers and Assessment of current skills and knowledge
• Competency/grading criteria
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission Requirements
• Resubmission policy
• Where to get support
• Student responsibilities

PLEASE NOTE: The teaching scheduled may be subject to change. Students will be advised via the Blackboard and student email of any changes

<thead> <th scope="col">Week</th> <th scope="col">Week Commencing</th> <th scope="col"> Topics                                                                                                                      </th> <th scope="col">Assessment                                                                </th> </thead>
16 July

 Introduction to the Course including:
• Course requirements
• Course support documents Course Blackboard access
• Accuracy of enrolment
• Assessment requirements/cover sheets including RPF & credit
• Reminder re Plagiarism
• Reminder re Appeals
• Extensions and Resubmissions
• Feedback in the course
• Reminder re re submission requirements
• Getting help

Financial Services Industry - Module 1 - Chapter 1
Reference to prescribed text
Class Exercises






Assessment task 1 given out
FSG Role play

13 July

Financial Services Industry – Module 1- Chapter 1
Reference to prescribed text
Class Exercises

20 July

Reference to prescribed text
Class Exercises
Any students unable to attend the assessment must apply for special consideration

Task 1 - In class assessment due
FSG Role Plays
27 July
Feedback on role play given
Reference to prescribed text
Class Exercises

Task 2 - Case Study handout distributed
Due in week 9
If required, resubmission for this assessment is due no later than end of week 10

53 August

Reference to prescribed text
Class Exercises

610 August 

Reference to prescribed text
Class Exercises


717 AugustAssessment task 2 - Pre submission

824 AugustReference to prescribed text
Class Exercises


 Mid Semester BreakMid semester Break : 29 August - 6 September 2015 
97 SeptemberReference to prescribed text
Class Exercises
Task 2 - assignment due
1014 SeptemberReference to prescribed text
Class Exercises
1121 SeptemberReference to prescribed text
Class Exercises
1228 SeptemberReference to prescribed text
Class Exercises
135 OctoberPreparation for assessment


1412 OctoberAny students unable to attend the assessment must apply for special consideration

Task 3 - In class assessment

Any students who need to resit the final assessment will do so in week 15. Students should therefore monitor student email for notices.

1519 OctoberRe-submissions if required 
1626 OctoberFeedback 

Students will be provided with feedback throughout the semester.

Learning Resources

Prescribed Texts

Financial Planning in Australia - 2015 Essentials Edition by Taylor, S.; Juchau, R.; Seymour, E.; Cull, M.; Colley, G.; Monahan,R.; Perkins, M.; Griffin, R, 2014



Students also have access to RMIT’s Financial Planning Course Notes that will be referred to throughout the semester for class work and self study purposes. These can be downloaded from Blackboard.

Other Resources

Students have access to Black board which includes:

1. Online activities
2. Self-paced learning
3. Readings
4. Course material and external resources to access

Overview of Assessment

Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.
You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met. You will be provided with feedback throughout the course to check their progress.


Assessment Tasks

Co-delivered and co-assessed courses:

This course is co-delivered and co-assessed with the following courses:

BAFI5193C Comply with financial planning practice ethical and operational guidelines and regulations

MKTG6074C Determine client requirements and expectations

MKTG6076C Record and implement client instructions

Critical aspects of assessment

Evidence of the following is essential:

* comply with relevant legislation and regulations and organisational operating polices and guidelines
* clearly inform clients of the financial planning process and services and obtain all relevant information on clients’ existing financial situation
* determine client expectations and requirements with respect to financial planning service offered by the representative
* identify risk and fraud indicators
* accurately record information and make summary analysis
* recognise authorities and assistance able to be offered by other advisers and organisations and determine where a referral to another adviser or organisation is appropriate.

You are required to complete three tasks.

You must successfully complete all three tasks to be deemed competent in this unit.

TASK 1 - Project 1 due week 3

For this Assessment Task you are required to demonstrate your rapport building and presentations skills.  You are to present a (FSG) Financial Services Guide.  This will be conducted in pairs. One student will play the client and the other, the adviser.  Students will then swap roles.  This assessment will take place during your normal scheduled class time.

TASK 2 Case Study due week 9

For this assessment task you are required to work in groups of two students.
Task 2 is a group assessment and the progress of work can be monitored using Google shared drive.
This will be a Case Study with a research component on topics involving economics and other compliance issues within the Financial Planning Industry

TASK 3 - In class assessment  due week 14

For this assessment task you need to undertake an open book class assessment based on all material covered in this course (weeks 1 - 13).

Assessment Matrix

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 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.

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:
Form to use:

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:;ID=g43abm17hc9w
Form to use:

Resubmissions (VET Programs):

If you are found to be unsuccessful in a Course 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. The highest grade you will receive if your resubmission is successful is “CAG”.

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.

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:;ID=7usdbki1fjf31

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.

Marking Guide (Grading)

After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:

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.

Course Overview: Access Course Overview