Course Title: Conduct complex financial planning research
Part B: Course Detail
Teaching Period: Term1 2020
Course Code: BAFI5220C
Course Title: Conduct complex financial planning research
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
Sanjay De Souza
sanjay.desouza@rmit.edu.au
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 undertake research of a complex nature for use in the financial planning process. Research would involve plans for those with above average sums of money, with complex legal, regulatory or estate issues, or an above average range of products or plans for major clients.
It applies to experienced individuals who use specialised knowledge and techniques to source, evaluate and synthesise complex information to solve problems and support the planning process.
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 the relevant regulator for specific guidance on requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSFPL508 Conduct complex financial planning research |
Element: |
1. Evaluate client’s current situation and identify issues |
Performance Criteria: |
1.1 Undertake analysis of integrity of information provided by client 1.2 Ensure client objectives and expectations are identified, quantified and tested for viability by authorised representative 1.3 Establish basis for strategy development |
Element: |
2. Identify research requirements and parameters |
Performance Criteria: |
2.1 Establish aims and objectives of research, including strategy and product and performance parameters against client requirements and expectations 2.2 Clearly establish intended use of research information 2.3 Identify wide range of internal and external information resources 2.4 Identify information requirements not met by regular sources and develop strategies to access them legitimately 2.5 Establish timeframes and prioritise requests for information to ensure timelines are met |
Element: |
3. Extract and analyse information according to research requirements and parameters |
Performance Criteria: |
3.1 Establish data extraction criteria that are relevant to intended use and client requirements, and do not unduly limit scope of research 3.2 Identify trends to provide meaningful information on performance of possible strategies, products and markets 3.3 Undertake comprehensive risk assessment of products identified through research 3.4 Analyse strategies and financial products within appropriate timeframes to ensure currency of decision making 3.5 Prioritise information obtained according to client requirements and expectations 3.6 Identify issues that require specialist research or advice, and source and obtain appropriate advice |
Element: |
4. Summarise and present results of research |
Performance Criteria: |
4.1 Collate information on financial products and check against research specification 4.2 Prepare written performance, trend and risk analyses and check against research specification 4.3 Describe and document any qualifications or issues for further research 4.4 Present research findings to financial planner |
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 the 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.
Teaching Schedule
This course is comprised of one competency: FNSFPL508/BAFI5220C Conduct complex financial planning research.
(The following schedule is subject to change)
Course Schedule: Conduct complex financial planning research, Semester 1, 2020 | |||
Week |
Topic |
Readings and Activities |
Assessment |
|
Week 1 February 10 |
Introduction to the course including: Re-Cap of Cluster 2: Financial Planning Process |
Resources on Learning Hub
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Week 2 February 17 |
Re-Cap of Super Strategies and Tax Part 1: Financial Planning Research |
Overview of Superannuation
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Week 3 February 24 |
Part 1: Financial Planning Research |
Course Workbooks Overview of the Financial Services: Chapters 1 & 2 Financial Planning Advice, Chapters 1 & 4 Topic 1 – Data Collection Websites www.dixon.com.au (Links to an external site.) (Fact finders) www.finametrica.com (Links to an external site.) (Risk profiling) |
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Week 4 March 2 |
Part 2: Data Gathering |
Course Workbooks Manage Client Relationship, Chapters 3 & 4 Financial Planning Advice, Chapters 1 & 2 Topic 2 – Quantitative and qualitative data Websites |
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Week 5 March 9 |
Part 3: Client Needs and Strategies |
Course Workbooks Manage Client Relationship: Chapters 2 & 3 Financial Planning Advice, All chapters Topic 1 - Analysis and Synthesis of data Websites Dollarsmart: A financial toolkit for young Australians (Links to an external site.) Accessibility score: Low Click to improveAccountCorp: Financial Planning Checklist Actions
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Week 6 March 16 |
Part 3: Client Needs and Strategies |
Course Workbooks Manage Client Relationship, Chapters 2 & 3 Financial Planning Advice, All chapters Topic 2 - Review complex material Website FPA financial planning process explanation (Links to an external site.) |
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Week 7 March 23 |
Part 3: Client Needs and Strategies |
Course Workbooks Manage Client Relationship, Chapters 1 & 2 Financial Planning Advice, Chapters 1, 2, 3 & 4 Topic 3 – Potential strategies Websites: (Links to an external site.)Fact finders (Links to an external site.) |
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Week 8 March 30 |
Part 3: Client Needs and Strategies |
Course Workbooks Manage Client Relationship, Chapters 1 & 2 Financial Planning Advice, Chapters 1, 2, 3 & 4 Topic 3 – Potential strategies Websites: Fact finders (Links to an external site.) |
Assessment Task 1 - Supervised Assessment Due |
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Week 9 April 6 |
Part 4 – Research Issues |
Course Workbooks Conduct Research Analysis in Superannuation , All Chapters Financial Planning Advice, All chapters Topic 2 – Product Research Websites Iress: Financial Planning (Links to an external site.) |
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Week 10 April 20 |
Part 5 – Plan Preparation |
Course Workbooks Manage Client Relationship, Chapters 3 & 4 Financial Planning Advice, All chapters Managed Investments, All chapters Topic 1 – Plan preparation process Websites: Accessibility score: Low Click to improveVanguard: Investor Risk Profiling Actions
Accessibility score: Low Click to improveNAB: Financial Planning Wealth Creation Actions
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Week 11 April 27 |
Part 5 – Plan Preparation |
Course Workbooks Manage Client Relationship, Chapters 3 & 4 Financial Planning Advice, All chapters Managed Investments, All chapters Topic 1 – Plan preparation process Websites: Accessibility score: Low Click to improveVanguard: Investor Risk Profiling Actions
Accessibility score: Low Click to improveNAB: Financial Planning Wealth Creation Actions
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Week 12 May 4 |
Part 5 – Plan Preparation |
Course Workbooks Manage Client Relationship, Chapters 3 & 4 Financial Planning Advice, All chapters Managed Investments, All chapters Topic 2 – Selecting investments Websites: IBISWorld (Links to an external site.) Morningstar (Links to an external site.) Gradconnection: Top Investment Banks (Links to an external site.) |
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Week 13 May 11 |
Part 5 – Plan Preparation |
Course Workbooks Manage Client Relationship, Chapters 3 & 4 Financial Planning Advice, All chapters Managed Investments, All chapters Topic 2 – Selecting investments Websites: IBISWorld (Links to an external site.) Morningstar (Links to an external site.) Gradconnection: Top Investment Banks (Links to an external site.) |
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Week 14 May 18 |
Assessment Task 2 - Simulated Project/Research Due |
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Week 15 May 25 |
Resubmissions |
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Week 16 June 1 |
Resubmissions |
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Week 17 June 8 |
Grade Entry |
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:
- conduct and document research of a complex nature for use in the financial planning process that includes:
- testing and assessing the integrity of information
- specifying and justifying research objectives and strategy
- summarise and prioritise findings based on:
- assessing the impact of trends on product performance to interpret and assess available products and services and how they can be combined in a comprehensive portfolio
- assessing risks and benefits associated with using a range of products and services within a portfolio
- evaluate outcomes against client requirements to form recommendations that comply with company policy and procedures, industry codes of practice and relevant legislation.
Knowledge Evidence
To complete the unit requirements safely and effectively, you must:
- identify and outline the key features of a wide range of:
- financial products and services and their uses in portfolios
- relevant financial product information sources and research techniques
- identify and classify a wide range of available information sources and describe research strategies to obtain information not readily available
- describe the key features of:
- financial industry related Acts and regulations
- industry trends and latest research findings
- relevant legislative and code of practice requirements
- relevant organisational policy, objectives and guidelines
- identify and discuss the major risks and implications associated with financial products and services
- explain theories of investment, portfolio management and management of investment and risk
- describe issues relating to taxation and social security systems and regulations, and their effect on the specified financial products.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial planning field of work and include access to:
- office equipment, technology, software and consumables.
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
You will demonstrate competency by undertaking two assessments. You must successfully complete all assessments to be deemed competent in this unit.
Assessment Task 1: Supervised Assessment
Due: Tuesday, 31 March 2020 (Week 8)
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 answer 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. This assessment will take place during your normal scheduled class time.
Assessment Instructions:The assessment comprises six short answer and problem solving questions style questions. . The purpose of this task is to assess your understanding of the concepts and issues included in Clusters 1 - 7. The duration of the assessment is two hours. This assessment will take place during your normal scheduled class time.
Assessment Task 2: Simulated Project/Research
Due: Sunday, 24 May 2020 (Week 14)
Summary and Purpose: The purpose of the assessment is to enable you to demonstrate a breadth of understanding across all of the course material at an independent level. It assesses the knowledge you have obtained through undertaking this course, your communication skills in presenting that knowledge and your problem-solving skills in answering the questions posed in a live interview with the simulated client.
Assessment Instructions: The Workplace Simulated Project requires you to complete two parts: Part 1 and Part 2. The assessment will be available on Canvas in Week 4 and your teacher will provide you with guidance. You will have the opportunity to seek advice from your teacher on a number of learning date audits points throughout the semester.
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