Course Title: Provide advice in financial planning
Part B: Course Detail
Teaching Period: Term2 2021
Course Code: BAFI5211C
Course Title: Provide advice in financial planning
School: 650T Vocational Business Education
Campus: City Campus
Program: C5343 - Diploma of Financial Planning
Course Contact: Doug Gourlay
Course Contact Phone: +61 3 9925 5944
Course Contact Email: doug.gourlay@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Dario Bartolomeo
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 skills and knowledge required to analyse client needs and provide advice ethically and professionally in financial planning, in compliance with industry regulations and codes of practice. It addresses the training requirements of current Australian Securities and Investments Commission (ASIC) and Australian financial services (AFS) licensing at Tier 1 level.
It applies to individuals who use well-developed interpersonal skills and excellent communication and self-management skills to perform a specialist advisory role in financial planning. Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or ASIC for specific guidance on requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSASICZ503 Provide advice in financial planning |
Element: |
1. Establish relationship with client |
Performance Criteria: |
1.1 Establish client’s knowledge about financial products and services by using range of communication and interpersonal skills 1.2 Respond to enquiries about financial planning products and services by explaining range of products and services available and their relevant fee and charging methodology 1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct 1.4 Inform client about procedures for handling complaints and circumstances in which they should be engaged |
Element: |
2. Identify client’s objectives, needs and financial situation |
Performance Criteria: |
2.1 Use range of communication and interpersonal skills to gather client’s personal, financial and business details 2.2 Ask about client’s short-term, medium-term and long-term objectives and goals relating to product 2.3 Identify product risk profile of client 2.4 Obtain understanding of client’s attitudes and expectations of cash flow and relevant taxation obligations |
Element: |
3. Analyse client’s objectives, needs, financial situation and risk profile |
Performance Criteria: |
3.1 Undertake assessment of client needs, using all information gathered and taking into account client’s product expectations and specific needs 3.2 Consult client throughout analysis and seek further clarification where necessary 3.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required 3.4 Conduct product risk profile assessment and obtain agreement from client about assessment 3.5 Apply ASIC generic and specialist knowledge in analysing client needs and risk profile |
Element: |
4. Develop appropriate strategies and solutions |
Performance Criteria: |
4.1 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile andassessment of client needs 4.2 Undertake relevant research, analysis and product modelling as required 4.3 Draft and present appropriate solution (plan, policy or transaction) to client |
Element: |
5. Present appropriate strategies and solutions to client |
Performance Criteria: |
5.1 Demonstrate appropriate product knowledge when presenting product or service 5.2 Explain and discuss proposed transaction with client in clear and unambiguous way 5.3 Reinforce all relevant details, terms and conditions of product and service with client 5.4 Disclose all impacts and possible risks of solution in clear and concise manner 5.5 Provide written supporting documentation and guide client through key aspects of documentation |
Element: |
6. Negotiate financial plan, policy and/or transaction with client |
Performance Criteria: |
6.1 Clarify and discuss any concerns and/or issues client has regarding proposed plan, policy and/or transaction 6.2 Seek confirmation that client understands proposed plan, policy and/or transaction |
Element: |
7. Coordinate implementation of agreed plan, policy and/or transaction |
Performance Criteria: |
7.1 Obtain client’s formal agreement to proposed plan, policy and/or transaction 7.2 Clearly explain and confirm associated fee and cost structures and confirm client understands these details 7.3 Clearly explain and confirm timeframes for execution and processing, and confirm client understands these details |
Element: |
8. Complete and maintain necessary documentation |
Performance Criteria: |
8.1 Ensure all statutory, transactional and proposal documents are completed and signed off by client 8.2 Ensure that copies of signed agreement and other relevant documentation are exchanged |
Element: |
9. Provide ongoing service where requested by client |
Performance Criteria: |
9.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client 9.2 Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details 9.3 Provide ongoing service as required |
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 via Canvas learning management system and include your contribution to discussion threads, project portfolios, 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.
Remote Learning
This course will be delivered via our existing learning management system, Canvas. This means that, for the foreseeable future, there will be no face-to-face classes in any of the units for which you are enrolled.
Classes in each of your units will still take place in their normal scheduled time-slots, but instead of being conducted in a face-to-face mode, your teachers will utilise the Collaborate Ultra platform to deliver ‘live’ online classes. These classes delivered online will not only provide you with the required learning materials for those sessions, but they will also enable interactions with your teachers and fellow students via forums or discussion boards.
Teaching Schedule
The course syllabus provides you with information about:
- When classes are held, and what topics are covered each week (including the relevant Unit of Competency and associated Elements/Performance Criteria);
- What learning materials and activities need to be completed; and,
- What assessments are due
Course Schedule: Financial Advice, Semester 2, 2021 | |||
Week |
Topic |
Readings and Activities |
Assessment |
Week 10 |
Introduction to course schedules Part 1: Provide Advice in Financial Planning Topic 1: What is the Financial Planning Process? Topic 2: Six steps in the financial planning process |
Course Workbook Manage Client Relationship: Chapter 3 & 4 Financial Planning Advice, All chapters Overview of the Financial Services: Chapter 1, 3 & 4 |
|
Week 10 |
Part 1: Provide Advice in Financial Planning Topic 3: Preparation prior to commencing the process Topic 4: The first step |
Course Workbook |
|
Week 11 |
Part 1: Provide Advice in Financial Planning Topic 5: The second and third steps Topic 6: The fourth step |
Course Workbook Manage Client Relationship, Chapter 3 & 4 Financial Planning Advice, All chapters Overview of the Financial Services, Chapter 1, 3 & 4 |
|
Week 11 |
Part 2: Financial Plans Topic 1: Introduction Statement of Advice (SoA) |
Sample SOA's shown to students |
|
Week 12 |
Cont: Part 2: Financial Plans |
Samples of SOA's |
|
Week 12 |
Part 2: Financial Plans Topic 2: Strategy development and solutions |
Course Workbook |
|
Week 13 |
Part 2: Financial Plans Topic 3: Statement of Advice construction Topic 4: Statement of Advice format |
Course Workbook |
Task 1 due |
Week 13 |
Part 2: Financial Plans Compliance |
Course Workbook Refer to ASIC Website on FOFA |
|
Week 14 |
Part 3: Present services, advice and products Topic 1: Create rapport with clients Topic 2: Client decision making |
PDS around drawdown funds |
|
Week 14 |
Part 3: Present services, advice and products Topic 3: Presenting the Plan Topic 4: Implementation |
Product PDS |
|
Week 15 |
Part 4: Estate Planning Topic 3: Estate planning considerations Topic 4: Managing the estate after death |
The AUSTRALIAN GUIDE to WILLS + ESTATE PLANNING |
Feedback on task 1 provided |
Week 15 |
Part 4: Estate Planning Topic 3: Estate planning considerations Topic 4: Managing the estate after death |
The AUSTRALIAN GUIDE to WILLS + ESTATE PLANNING |
Task 2 due |
Week 16 |
Assessment 3 – In-class supervised assessment |
||
Week 17 |
Resubmissions |
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities including the self-paced activities in the workbooks.
Learning Resources
Prescribed Texts
References
Other Resources
Online learning materials can be accessed by going into the RMIT's Learning Management System, Canvas.
The online learning materials listed may include:
- Course outlines
- Power point Presentations
- Supporting Reading material
- Industry relevant articles
- Activities.
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
Evidence of the ability to:
- interpret and comply with industry regulations and codes of practice
- analyse client’s needs, financial situation and risk profile, and prepare appropriate strategies or solutions relating to financial planning
- provide accurate and ethical advice on financial planning products and services
- implement the plan, policy or transaction once agreed by the client and complete documentation accurately
Knowledge Evidence
To complete the unit requirements safely and effectively, the individual must:
Generic knowledge
- analyse and provide an overview of the economic environment including:
- characteristics and impact of economic and business cycles
- interest rates and exchange rates
- inflation
- government monetary and fiscal policy
- analyse and provide a detailed explanation of the operation of financial markets including:
- roles played by intermediaries and issuers
- structure and interrelationships within the financial markets
- interrelationship between industry sectors
- outline financial products, including:
- concept of a financial product – general definition, and specific inclusions and exclusions
- types of financial investment products
- types of financial risk products.
Specialist knowledge
- outline theories of investment, portfolio management and management of investment and risk including:
- range of financial products
- types of investment products including cash, fixed interest, property, equities and managed investments
- types of financial risk products including risk insurance and derivatives
- investment concepts
- investment strategies
- identification of types of risk
- client risk profile
- provide an analysis of advisory functions covering:
- role of financial planner
- participants in the advisory services market
- range of services provided
- financial planning process
- profile and financial information of the client
- appropriateness of a risk assessment
- discuss the legal environment including disclosure and compliance covering:
- role of the representative or adviser
- relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Privacy Amendment (Private Sector) Act, Financial Services Reform Act (FSRA) and Competition and Consumer Act
- relationship between ethics and regulatory requirements including good faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser’s recommendation
- relevant industry standards and codes of conduct
- regulators’ guidelines including ASIC Regulatory Guide (RG)146 requirements
- complaints resolution procedures (external and internal)
- provide an overview of the Australian taxation and social security systems covering:
- relevant taxation laws and regulations
- effects of taxation on particular financial products
- effects of taxation on financial strategies of individuals and entities
- explain theories of estate planning including allowable investments, enduring and non-enduring powers of attorney, and share purchase agreements
- outline management and investment strategies relevant to estate planning
- explain taxation laws and regulations relevant to estate planning.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered where evidence gathered demonstrates consistent performance of typical activities experienced in the financial services and products advice field of work and include access to:
- common office equipment, technology, software and consumables
- financial services product information.
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.
Feedback
Feedback will be provided throughout the semester in class and/or online discussions. You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.
You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.
Assessment Tasks
Assessment 1: Research and Application Assignment
Due: as per course syllabus
Summary and Purpose: You must successfully complete all seven activities to be deemed competent in Task 1. For this Assessment Task, you are required to demonstrate your knowledge by completing a series of seven theory and problem-solving activities over the course of the semester. You will be assessed in the following areas.
a. Informing client about procedures for complaints handling
b. Use arrange of communication skills to gather clients, personal, financial and business skills
c. Outline the concept of a financial product
d. Outline the types of financial investment products
e. Provide an overview of the operation of financial markets and roles played by intermediaries.
f. Provide an overview of the interrelationships with Financial Markets & interrelationships between industry sectors
g. Discuss the various disclosure and compliance in relation to Corps Act, ASIC Act, Privacy requirements, Financial Services Reform Act (FSRA), Competition & Consumer Act
h. Relationship between ethics and regulatory requirements.
Assessment Instructions: You must reference all your work using the Harvard referencing System.
You should fill in the cover sheet with your name, number and the title of the assessment, attach your assessment and submit via Canvas on or before the due date.
Assessment 2: Workplace Simulated Project
Due: as per course syllabus
Summary and Purpose: The purpose of the assessment is to enable you to demonstrate a breadth of understanding across the course material . It assesses the knowledge you have obtained through undertaking the topics, your communication skills in presenting that knowledge and your problem-solving skills in answering the questions posed in a fact find presentation meeting with a simulated client of the “Practice Firm”.
Assessment Instructions: For this assessment task you are required to complete Part 1 and Part 2
Part 1 -– requires you to prepare a financial plan for a simulated client of the Swanston Banking Group (Practice Firm) which is completed in Cluster 7.
Part 2 – requires you to deliver your financial advice as prepared in Part 1 to the client in a role play. The teacher will provide further information in the class as to the format and what is expected in order to fulfil this requirement.
For this project, you will assume the role of a financial planner at the Swanston Banking Group Ltd (Practice Firm) and follow the company policies and procedures as if you were a real employee of the bank. You will need to access a specific simulated client file which will include client details, the background of their particular circumstances, assets and liabilities statement, a bank statement, payslips and a superannuation statement. You will be required to analyse all of these documents in order to prepare strategies that will help a client to meet their goals, your advice and financial projection and modelling.
Assessment 3: Online Assessment
Due: as per course syllabus
Summary and Purpose: For this Assessment Task you are required to demonstrate your knowledge by completing an open book in class supervised assessment comprised of a series of theoretical and practical questions including short answers and mini case studies. The purpose of this Task is to assess your understanding of the concepts and issues included in the topics covered in this course.
Assessment Instructions: The assessment comprises seven short answer and problem-solving style questions. The duration of the assessment is two hours. This assessment will take place during your normal scheduled class time.
Assessment Matrix
The assessment matrix that maps all the assessment is available on Canvas.
Other Information
Submission Requirements
- 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 the Assessment task document that includes a declaration and statement of authorship.
- Each page of your assessment should include a footer with your name, student number, the title of the assessment, unit code and title and page numbers.
Resubmissions (VET Programs)
If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task you will be allowed one resubmission. 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 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.
Penalties for Late Submission
Late submissions of assignments without special consideration or extension will automatically be considered a re-submission (see above).
Extensions, Special Consideration and Adjustment to Assessments
Extensions:
Extensions are available for unforeseen circumstances of a short-term nature.
An application form must be submitted to the school at least one working day before the due date of the assessment.
Extensions can be approved for a maximum of one week (seven calendar days) past the due date for an assessment. (Where students need an extension exceeding one week they must instead apply for special consideration.)
Special consideration:
Special consideration is available for unexpected circumstances outside students’ control. These include but are not limited to: unexpected short-term ill health, and unavoidable family, work, cultural or religious commitments.
An application for special consideration is made in advance of an assessment wherever possible but will normally be accepted within five working days after the assessment date
For more information, see the Special Consideration page of the RMIT website.
Adjustments to Assessment:
RMIT provides several adjustments to assessment for students experiencing ongoing or long-term circumstances. Find the right one for your circumstances here.
Changes to the Assessment Scheme
Where a change to assessment approved by the dean/head of school changes an assessment due date, students will be given at least five working days’ notice of the new due date.
Feedback
You can expect to receive marks and feedback on in-course assessment work in time to improve your performance in related assessment tasks later in the course.
Academic Integrity and Misconduct
Students demonstrate academic integrity in their assessment practices by:
- engaging with assessment activities in an honest way;
- providing accountability for the authorship and originality of work submitted;
- acknowledging the work of others and the re-use of original work.
Academic misconduct is addressed in accordance with the Student conduct policy
Assessment involving research with human participants, their information or their tissue, or animal subjects is carried out in accordance with the Staff ethics and integrity policy.
For further information see the Academic Integrity website.
Review and Appeal
A student may request a review of an assessment result or appeal a final course grade in accordance with the Conduct of assessment and appeals section of the Assessment Processes.
Grade Criteria
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
The following grades are available for this course.
CA - Competency Achieved
NYC - Not Yet Competent
DNS - Did Not Submit for assessment
Course Overview: Access Course Overview