Course Title: Determine client requirements and expectations
Part B: Course Detail
Teaching Period: Term1 2018
Course Code: MKTG7918C
Course Title: Determine client requirements and expectations
School: 650T Vocational Business Education
Campus: City Campus
Program: C5343 - Diploma of Financial Planning
Course Contact: Callie Harvey
Course Contact Phone: +61 3 9925 5772
Course Contact Email: callie.harvey@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Dario Bartolomeo
Andrew Shiangolis
Program Coordinator Financial Services
+61 3 9925 5982
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 skills and knowledge required to establish a client’s financial requirements and expectations in regard to financial investment products, and includes quotations, claims and requests for service or amendments.
It applies to individuals who may provide leadership, guidance and responsibility for work outcomes.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSCUS505 Determine client requirements and expectations |
Element: |
1. Develop awareness of clients’ situation |
Performance Criteria: |
1.1 Obtain relevant facts and information courteously and professionally to determine clients' situation prior to defining their expectations, requirements and objectives 1.2 Encourage clients to disclose relevant information to determine their personal and financial situation and special needs 1.3 Develop summary analysis of clients' financial position and determine their contact category based on extent of client disclosure 1.4 Determine if clients require execution or settlement only action and, if that is the case, do not offer or provide further advice |
Element: |
2. Obtain relevant knowledge of clients’ financial position and risk profile |
Performance Criteria: |
2.1 Ascertain client s' financial position where relevant 2.2 Identify risk and fraud indicators accurately and consistently |
Element: |
3. Determine client expectations and requirements with respect to financial markets advice |
Performance Criteria: |
3.1 Encourage clients to express and clarify their requirements, expectations and concerns, and respond promptly and appropriately to any identified concerns 3.2 Determine clients' investment needs and preferences with respect to financial product selection or portfolio 3.3 Obtain specialist advice where necessary or refer clients to appropriate personnel or organisation if required services are not available or cannot be provided 3.4 Analyse all information and facts provided by clients and determine appropriate risk or reward and asset allocation strategies in accordance with client requirements, organisational policy and guidelines, and relevant legislation or industry codes of practice |
Element: |
4. Prepare and update necessary documentation |
Performance Criteria: |
4.1 Complete all relevant client facts, financial and personal histories and disclosure documents, and file in accordance with organisational policy and guidelines and relevant legislation and regulatory requirements 4.2 Create or update client records where necessary, and file client documentation and information in a format and location readily accessible to other advisers |
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 activities, discussion threads, reflective journals on industry updates, presentations, quizzes and interactive sessions.
The collaborative classroom based activities will include role plays, group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
You are expected to participate and contribute in all scheduled learning activities.
Teaching Schedule
This course is comprised of three competencies that are co-delivered and co-assessed (delivered and assessed together).
FNSFPL506 Determine client financial requirements and expectations
FNSCUS505 Determine client requirements and expectations
FNSCUS506 Record and implement client instructions
Induction Session
Prior to training commencement a program level induction session will be conducted that comprises the following:
- Program overview and requirements
- MyRMIT/Canvas
- Overview of assessment requirements
- Pre-Training Review including:
- Recognition of Prior Learning and Credit Transfers
- Assessment of current skills and knowledge
- Competency/Grading Criteria
- Plagiarism
- Appeals
- Extensions
- Feedback
- Privacy
- Submission requirements
- Resubmission policy
- Where to get support
- Student responsibilities
The Teaching Schedule for this course is below please note that it is subject to change.
Weekly Schedule – Semester 1 – 2018
Cluster 2 – Manage Client Relationships
Week No. |
Date |
Topic: |
Reading, Course Workbook Tasks & Assessments |
1 |
5/2/2018 |
Introduction to the course including: · Course requirements and support documents/resources · Course Blackboard access · Accuracy of enrolment · Assessment requirements/Cover Sheets · Reminder re Plagiarism/Appeals · Extensions/Resubmissions · Feedback in this course · Getting help Topic 1 – Establish the client relationship |
Resources on Learning Hub · Presentations · Course Workbook - Overview of the Financial Services · Course Workbook – Financial Planning · Course Workbook –Managing Client Relationships
Course Workbooks Financial Planning Advice, Chapters 1 Managing Client Relationships, Chapters 1 & 2 |
2 |
12/2/2018 |
Topic 1 – Establish the client relationship Establish the Client Relationship: Part 1 - Overview – Keys to Successful Financial Advising, Part 2 -The Client’s Perspective Self –paced activities (Power points and Workbooks)
|
Course Workbooks Financial Planning Advice, Chapters 1 Managing Client Relationships, Chapters 1 & 2 |
3 |
19/2/2018 |
Establish the Client Relationship: Topic 1 – Establish the client relationship Part 3 – Financial Planning Process, Part 4 – Step one – Data Gathering, Self –paced activities (Power points and Workbooks)
|
Course Workbooks Financial Planning Advice, Chapters 1 Managing Client Relationships, Chapters 1 & 2 |
4 |
26/2/2018 |
Establish the Client Relationship: Topic 1 – Establish the client relationship Part 5 – Concluding the Data Gathering Interview Self –paced activities (Power points and Workbooks)
|
Course Workbooks Financial Planning Advice, Chapters 1 Managing Client Relationships, Chapters 1 & 2
|
5 |
5/3/2018 |
Identify Client Objectives: Topic 2 – Identify Client Objectives
Part 1 – Introduction - Identify Client Objectives, Part 2 - Identify Client Objectives, Part 3 – Client Risk Profiles Self –paced activities (Power points and Workbooks) |
Course Workbooks Financial Planning Advice, Chapters 1 Managing Client Relationships, Chapter 3
Additional Resource:
Risk Profile Questionnaire |
6 |
12/3/2018 |
Personal Taxation: Topic 3 – Personal Taxation Part 1- Introduction – Taxation, Part 2 - Personal Exertion Income, Part 3 – Deductions and Tax Offsets, Part 4 – Other Taxes and Concepts Self –paced activities (Power points and Workbooks) |
Course Workbooks Financial Planning Advice, Chapter 4
Websites https://www.ato.gov.au/rates/individual-income-tax-rates/
|
7 |
19/3/2018 |
Personal Taxation: Topic 3 – Personal Taxation Part 1- Introduction – Taxation, Part 2 - Personal Exertion Income, Part 3 – Deductions and Tax Offsets, Part 4 – Other Taxes and Concepts Self –paced activities (Power points and Workbooks) |
Course Workbook Financial Planning Advice, Chapter 4
Websites https://www.ato.gov.au/rates/individual-income-tax-rates/ Assessment Part A -Workplace Simulated Project – Client Engagement and Fact Find Due week 7 19/03/18 |
8 |
26/3/2018 |
Topic 3 Personal Taxation: Part 5 - Capital Gains Tax (CGT), Part 6 - Entities and Effective Structures, Part 7 - Tax Administration, Part 8 – Tax Strategies Self –paced activities (Power points and Workbooks) |
Course Workbook Financial Planning Advice, Chapter 4
Websites https://www.ato.gov.au/rates/individual-income-tax-rates/
|
Mid Semester Break - 30th March - 8th April 2018 | |||
9 |
9/4/2018 |
Topic 3 Personal Taxation: Part 5 - Capital Gains Tax (CGT), Part 6 - Entities and Effective Structures, Part 7 - Tax Administration, Part 8 – Tax Strategies Self –paced activities (Power points and Workbooks) |
Course Workbook Financial Planning Advice, Chapter 4
Websites https://www.ato.gov.au/rates/individual-income-tax-rates/ Assessment Task 1 - Part B - Workplace Simulated Project - Client Meeting Due Week 09/04/18 |
10 |
16/4/2018 |
Topic 4 Cash Flow and Debt: Part 1 – Cash Flow – Introduction, Part 2 - Preparing Cash Flow Statements Self –paced activities (Power points and Workbooks) |
Course Workbook Financial Planning Advice, Chapters 1 & 5
Websites https://www.moneysmart.gov.au/borrowing-and-credit/consumer-credit-regulation |
11 |
23/4/2018 |
Topic 4 Cash Flow and Debt: Part 3 Debt – Introduction, Part 4 - Use of Debt, Part 5 - Using debt to fund investment Self –paced activities (Power points and Workbooks) |
Course Workbook Financial Planning Advice, Chapters 1 & 5
Websites https://www.moneysmart.gov.au/borrowing-and-credit/consumer-credit-regulation
|
12 |
30/4/2018 |
Topic 4 Cash Flow and Debt: Part 3 Debt – Introduction, Part 4 - Use of Debt, Part 5 - Using debt to fund investment Self –paced activities (Power points and Workbooks) |
Course Workbook Financial Planning Advice, Chapters 1 & 5
Websites https://www.moneysmart.gov.au/borrowing-and-credit/consumer-credit-regulation
|
13 |
7/5/2018 |
Topic 5 Wealth Creation: Part 1 – Introduction - Risk Management, Part 2 - Risk, Return and Diversification, Part 3 - Asset Allocation and Risk Tolerance Self –paced activities (Power points and Workbooks) |
Course Workbook Financial Planning Advice, Chapters 2 & 4
Additional Resource:
Risk Profile Questionnaire
Role Plays |
14 |
14/05/2018 |
Topic 5 Wealth Creation: Part 4 - Compound Interest and the Time Value of Money (Future value), Part 5 - Compound Interest and the Time Value of Money (present value), Part 6 - Multiple Cash Flows and Annuities, Part 7 – Other Wealth Creation Concepts Self –paced activities (Power points and Workbooks) |
Course Workbook Financial Planning Advice, Chapters 2 & 4
Additional Resource: Risk Profile Questionnaire Presentation Skills Revision Course Workbook Summaries Professional Portfolio
|
15 |
21/5/2018 |
Revision / Recap Weeks 1 -15
|
Assignment Task 2 -Research and Application Assignment Due Date 21/05/18
|
16 |
28/5/2018 |
Student Feedback on Assessment Resits and 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.
Learning Resources
Prescribed Texts
References
Other Resources
Online learning materials can be accessed by going into the RMIT web sites Online Learning Hub/Canvas.
The online learning materials listed include:
- Course outlines
- Client Files
- Power point Presentations
- Course Workbooks
- 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:
- obtain comprehensive information about clients to establish an overview of their financial situation and analyse to determine risk profile
- build rapport with clients to determine their expectations and requirements with respect to financial product or portfolio advice
- accurately prepare documentation and update client records according to organisational procedures and legislative requirements.
Knowledge Evidence
To complete the unit requirements safely and effectively, you must:
- outline key requirements of relevant legislation and industry codes of practice relating to working with clients in financial services
- describe the types of information used to determine the client’s financial situation and expectations
- explain the principles of financial product sales techniques
- explain key features of organisational policy and procedures for dealing with clients and recording information
- describe the characteristics of quality client service techniques and tools.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the customer service field of work and include access to:
- common office equipment
- an integrated client contact and information system and data
- 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
Overview
This course is comprised of three competencies that are co-delivered and co-assessed (delivered and assessed together).
FNSFPL506 Determine client financial requirements and expectations
FNSCUS505 Determine client requirements and expectations
FNSCUS506 Record and implement client instructions
The assessments for this course have been designed to allow you to apply your learning to particular workplace scenarios and demonstrate your competence in a variety of ways.
You will demonstrate competency by undertaking two assessments, a workplace simulated project, a research and application assignment and an in class supervised assessment.
Critical Aspects of assessment are described above in the performance evidence for this course.
Assessment Task 1 - Workplace Simulated Project – Client Engagement & Fact Find - Part A - Due Week 7 - 19/03/18 & Part B - Due Week 9 - 09/04/18
For this assessment task you are to you are required to complete two Parts 1 and Part 2.
Part 1 (Week 7) – requires you to prepare a Fact find for a simulated client of the Swanston Banking Group (Practice Firm) and identify the key planning issues that will need to be addressed by the client.
Part 2 – (Week 9) - requires you to conduct a meeting with the client explaining the key issues
identified and to outline the next steps in the financial planning process.
The workplace simulated project is linked to a simulated workplace environment “the practice firm”, referred as Swanston Banking Group Ltd. The practice firm has a physical presence in Building 80, level 6, room 7. The Swanston Banking Group Ltd. has been set up as a simulated publicly listed company in the Financial Services (Banking) industry offering a retail banking and customer service experience of the highest level not offered or matched by its competitors.
The products and services offered to its personal customers (simulated clients) include banking and investment products and financial services such as bank accounts and debit cards, savings and investment accounts, credit cards, travel money cards, overseas and local money transfers, foreign exchange, superannuation, home and personal loans and Insurance.
The Swanston Banking Group has a website for prospective clients and an employee portal via the Learning Management System (Learning Hub).
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, background of their particular circumstances, assets and liabilities statement, a bank statement, pay slips and a superannuation statement.
You will use “Advice Tools” stored in the employee portal throughout this course. The tools mirror those used in industry and will prepare you to adapt to industry practice and link your studies to the workplace. For the purpose of this course, you will be required access the Fact Find as well as any other applicable documents which can be used to assist the fact find process including: Authority to Access Information (AAI), Best Interest Duty file note (BID), client checklist, client acknowledgement form, fact find and the Financial Services Guide.
The purpose of the assessment is to enable you to demonstrate a breadth of understanding across the course material from weeks 1 - 8. 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 meeting with the simulated client in the “Practice Firm”.
This Workplace Simulated Project requires you to complete two parts: Part 1 and Part 2.
For the first part of the project you will assume the role of the financial planner at the Swanston Banking Group Ltd and you will prepare the fact find based on the information provided in the client file from the employee portal of the bank. You will further demonstrate your knowledge with a written submission explaining key planning issues that will need to be addressed by the client.
Once you have successfully completed Part 1, for Part 2 you will be expected to pair with a peer to role play the part of the client. You are to assume the role of the adviser while conducting a meeting with the client. In that meeting, you need to demonstrate strategies that you have developed to build a good rapport with the client and explain the key issues identified that will need to be addressed in the next stage of the financial planning process.
The main aim of the second part is for you to demonstrate your communication skills in explaining to the client the reasons that they require financial planning advice.
You need to record the role play using your smart phone or MP4 player and upload it to google drive and share it with your teacher. For your recording you are required to wear business attire and assume the role of a financial planner conducting a meeting with a client. You will be provided with time (Week 8) in class, to record your role play with your peers.
Specifically, the aims of this assessment are for you to be able to do the following:
- Prepare appropriate a fact find
- ask open ended questions to the client to gather information
- explain the financial process
- use reference material when explaining the process to the client
- collect relevant information for the fact find
- identify key planning issues within the client fact find
The assessment will be available on Canvas in Week 2 and your teacher will provide you with guidance. You will have the opportunity to seek advice from your teacher on a number of check points throughout the semester.
Assessment Task 2 - Research and Application Assignment (Due Date: 21/05/18 - Week 15)
This assessment has been designed for you to further develop your knowledge and skills in the foundation areas of managing a client relationship by determining the client financial requirements and expectation, record and implement client instructions. You are required to demonstrate your knowledge by completing a series of theory and problem solving questions that involve research and the application of concepts relevant in conducting initial and ongoing interviews with clients.
The purpose of this assignment is to enhance your understanding and ability to apply the knowledge to practice in the following areas of managing client relationships:
- Building client rapport
- financial planning process
- Risks associated with self-managed super and property
- Need for budgeting and Cash Flow advice
- Authority to Access Information
- Ongoing client services
- types of tax structures
Assessment Matrix
The assessment matrix that maps all the assessment is available on Canvas
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 the Assessment task document that includes a declaration and statement of authorship.
- 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.
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: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work 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:https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration Resubmissions (VET Programs): Resubmissions (VE Programs): If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) 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. Grading & re-submissions Successful re-submissions will contribute a CAG only (Competency Achieved Grading) result to your overall grade for the course. 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:
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: | |||
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CHD |
Competent with High Distinction |
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CDI |
Competent with Distinction |
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CC |
Competent with Credit |
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CAG |
Competency Achieved – Graded |
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CA |
Competency Achieved – Not Graded |
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NYC |
Not Yet Competent |
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DNS |
Did Not Submit for assessment |
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