Course outline. Code: FIN321 Title: Financial Plan Construction

Transcription

1 Faculty of Arts and Business School of Business Teaching Session: Semester 2 Year: 2015 Course Coordinator: Geoff Burchell [email protected] Consultation Times: As notified on Blackboard Course outline Code: FIN321 Title: Financial Plan Construction 1. What is this course about? 1.1 Course description This course requires you to incorporate your knowledge of financial planning, taxation, superannuation, retirement planning, estate planning, insurance, risk management and investments into a statement of advice that identifies and addresses the needs of a client. The course explores the legal and ethical responsibilities of financial plan construction and is the subject of the first assignment. Later weeks explore the essential elements of different types of financial plans, and you will need to adapt the information in these modules to your own plan which forms the second and major assignment. 1.2 Course content The financial planning environment professional, legal and ethical requirements The client adviser relationship Data gathering and identifying goals and objectives Risk profiling Identifying financial issues and financial reports Elements of an SoA Strategy development Establishing strategies Review of technical knowledge investment, tax, gearing Review of technical knowledge (Risk) Superannuation and retirement, Social Security and estate planning Preparing recommendations Product research Financial investments Product selection Plan implementation, ongoing service and review Interview skills, client relations 2. Unit value 12 units

2 Page 2 3. How does this course contribute to my learning? Specific Learning Outcomes Assessment Tasks Qualities On successful completion of this course you should be able to: Use analytical thinking to identify, evaluate and solve problems in areas of financial planning. Exhibit initiative and apply innovation and strategic thinking to make decisions in a professional context. Work effectively with teams from diverse backgrounds, display effective leadership behaviours and effectively communicate to a range of stakeholders. Comprehend and interpret financial planning information and apply professional, legal and ethical knowledge and information to solve financial planning issues. You will be assessed on the learning outcome in task/s: Completing these tasks successfully will contribute to you becoming: 1 and 3 Creative and critical thinkers. 3 Empowered. 1, 2 and 3 Engaged. Ethical. 1 and 3 Knowledgeable. Ethical. 4. Am I eligible to enrol in this course? Refer to the Coursework Programs and Awards - Academic Policy for definitions of pre-requisites, corequisites and anti-requisites 4.1 Enrolment restrictions Nil 4.2 Pre-requisites FIN210, FIN220 and FIN320 or FIN Co-requisites Nil 4.4 Anti-requisites Nil 4.5 Specific assumed prior knowledge and skills Skills and knowledge expected from pre-requisites

3 5. How am I going to be assessed? Page Grading scale Standard High Distinction (HD), Distinction (DN), Credit (CR), Pass (PS), Fail (FL) 5.2 Assessment tasks Task Assessment Tasks No. 1 Professional and legal responsibilities 2 Presentation of financial plan (SoA) 3 Preparation and submission of a Statement of Advice (SoA) Individual or Group Weighting % What is the duration / length? When should I submit? Where should I submit it? Individual 20% 2,000 words Week 5 SafeAssign Individual 10% 10 minutes Week Individual 70% 50 pages minimum 100% Week 12 Presentation to Course Coordinator SafeAssign Assessment Task 1: Professional and legal responsibilities Goal: Product: Format: This task is developed to introduce you to the legal, ethical and professional requirements of preparing a Statement of Advice. The aim of this Assessment Task is to make you aware of the legal, ethical and professional requirements of preparing a Statement of Advice (SoA) before you attempt the preparation of a comprehensive and compliant SoA for Assessment Task 2. A professional reference guide for Statement of Advice. Individual In preparation of this Guide you will need to: include a brief introduction use sub headings use bullet-point format to summarise the legal obligations follow each point or list of points with a clear explanation include relevant references and a bibliography to the standard in Summers & Smith (2006) You will need to consider the FPA Principles, the FPA Code of Ethics, the FPA Rules of Professional Conduct, industry best practice standards and the ASIC policy statements. In particular you should refer to Chapter 7 of the Corporations Act 2001, ASIC Regulatory Guides 175, 168, 181, 182, 183, 245, 246 and ASIC Publications and Media Releases concerning SoAs and Adviser s conduct and disclosure obligations. Criteria Use of analytical thinking to identify, evaluate and create a professional reference guide for SoA Appropriate referencing Concise and clear explanations - effective communication to a specific stakeholder Demonstrate professional, ethical and legal responsibilities

4 Page 4 Generic skill assessed Organisation Communication Skill assessment level Assessment Task 2: Presentation of Financial Plan (SoA) Goal: Product: Communicate effective strategies verbally This task requires you to assume the role of a qualified Financial Planner and to present your financial plan (SoA) to the Course Coordinator in a face to face client / adviser situation. The Course Coordinator will take the role of the client during the 10 minute presentation and will assess your communication skills. The aim of this Assessment Task is to assess your ability to both communicate the strategies contained in the financial plan in a clear, concise and effective manner and to comply with industry regulations and codes of practice. Additional information will be provided in the final lecture. This is a face to face 10 minute consultation with Course Coordinator by appointment. Note: The validity, appropriateness and technical accuracy of the Statement of Advice will be assessed separately and will not be assessed during the presentation. Format: Individual Criteria The Course Coordinator will assess the presentation from the client s perspective. Within a period of 10 minutes, the student is expected to demonstrate the following: personal presentation and attire should be appropriate to the client / adviser setting meet and greet the client in a professional manner; help make the client feel at ease use appropriate verbal and non-verbal communication skills to: o explain and discuss the key points and rational of the strategy and o explain associated risks and strategy outcomes you are to: o use questions to monitor client understanding o manage time effectively and o use appropriate elements to conclude the meeting Generic skill assessed Skill assessment level Communication Assessment Task 3: Preparation and submission of a Statement of Advice (SoA) Goal: Product: Use relevant discipline based knowledge and apply this in the production of a Statement of Advice. Later in the semester, you will be given a financial scenario in the form of a case study. Your financial plan (Statement of Advice) will be based on this hypothetical, but realistic client case study. As the financial planner assigned to the client, you will be required to: analyse the client data,

5 Page 5 develop effective strategies, select appropriate products, and prepare a comprehensive and compliant SoA for the client s consideration. All of your recommendations must be specific and relevant to the client scenario. The Statement of Advice must meet the client s needs and objectives as well as all professional and regulatory requirements. You will be allowed to make valid assumptions, with regards to areas not disclosed in the scenario as long as those assumptions, which the client must be made aware of, are disclosed in the Statement of Advice. Where you need to make assumptions or points of clarification in regards to the client case study, you are to record these on a separate A4 page which is to be secured to the front of your SoA. Format: Individual Criteria You will be rewarded for clear, concise and effective writing and presentation. You are to submit a comprehensive and compliant SoA accurately reflecting the client s data, risk profile and associated issues and effectively communicate and justify appropriate strategies and product recommendations. This assessment must be 50 pages minimum (excluding appendices). Generic skill assessed Skill assessment level Communication Organisation 5.3 Additional assessment requirements SafeAssign In order to minimise incidents of plagiarism and collusion, this course may require that some of its assessment tasks are submitted electronically via SafeAssign. This software allows for text comparisons to be made between your submitted assessment item and all other work that SafeAssign has access to. If required, details of how to submit via SafeAssign will be provided on the Blackboard site of the course. Eligibility for Supplementary Assessment Your eligibility for supplementary assessment in a course is dependent of the following conditions applying: a) The final mark is in the percentage range 47% to 49.4% b) The course is graded using the Standard Grading scale c) You have not failed an assessment task in the course due to academic misconduct 5.4 Submission penalties Late submission of assessment tasks will be penalised at the following maximum rate: 5% (of the assessment task s identified value) per day for the first two days from the date identified as the due date for the assessment task. 10% (of the assessment task s identified value) for the third day 20% (of the assessment task s identified value) for the fourth day and subsequent days up to and including seven days from the date identified as the due date for the assessment task. A result of zero is awarded for an assessment task submitted after seven days from the date identified as the due date for the assessment task. Weekdays and weekends are included in the calculation of days late. To request an extension you must contact your course coordinator to negotiate an outcome.

6 6. How is the course offered? 6.1 Directed study hours On campus Workshop: 3 hours per week 6.2 Teaching semester/session(s) offered Semester 2 Page Course activities Teaching What key concepts/content will I Week / learn? Module What activities will I engage in to learn the concepts/content? Directed Study Independent Study Activities Activities 1 The Financial Planning Environment Professional, legal and ethical requirements 2 Professional, legal and ethical requirements Assessment Task 1 explained 3 The Client Adviser Relationship Data Gathering and Identifying Goals and Objectives 4 Risk Profiling Assessment Task 2 explained 5 Identifying Financial Issues and Financial Reports Assessment Task 1 Due Week 5, Monday, 4.30pm Workshop Chapter 1 and Chapter 2 FPA Code of Ethics and Rules of Professional Conduct Workshop Chapter 2 RG 175 Workshop Chapter 3 Client Questionnaire - pg FSG pg Workshop Chapter 3 and Chapter 7 Client Scenario for Assessment Task 2 Workshop Chapter 5 Financial Calculator 6 Elements of an SoA Workshop Chapter 4 7 Strategy Development Establishing strategies Review of technical knowledge Investment, Tax, Gearing 8 Strategy Development Review of technical knowledge (Risk) 9 Superannuation and Retirement, Social Security and Estate Planning Preparing Recommendations 10 Preparing Recommendations Product research Mid Semester Break Example Statement of Advice Workshop Chapter,6,, 8, 9, 10, 11,12,13 and 14 Workshop Chapter 15 and 16 Workshop Chapter 17, 18 and 19 Workshop Chapter, 6,,8,9, 10, 11 and 12

7 Page 7 Monday, 5 th October Labour Day Public Holiday 11 Financial Investments Product Selection Assessment Task 2 due no earlier than week 11, Tuesday 12 Plan implementation, ongoing service and review Interview skills, client relations Assessment Task 3 Due week 12, Monday, 4.30 pm 13 Assessment Task 3 presentations by appointment Assessment Task 2 due no later than week 13, Friday Please note that the course activities may be subject to variation. Workshop Chapter, 6,,8, 9, 10, 11 and 12 Workshop Chapter 2 Chapter 4 and Communication Skills Handbook by Summers & Smith Workshop Statement of Advice and Appropriate visual aids (no PowerPoint presentations) 7. What resources do I need to undertake this course? 7.1 Prescribed text(s) Please note that you need to have regular access to the resource(s) listed below: Author Year Title Publisher Taylor, S and Juchau, R 2015, 6th edn Financial Planning in Australia Advice and Wealth Management LexisNexis Butterworths, NSW ISBN Summers, J & Smith, B 2006 Communication Skills Handbook John Wiley & Sons, Brisbane, Qld 2014/15, *CCH Australian Master CCH Australia Ltd, Sydney 17th edn Financial Planning Guide *This is an excellent text for this subject and reference source for future use 7.2 Required and recommended readings Lists of required and recommended readings may be found for this course on its Blackboard site. These materials/readings will assist you in preparing for tutorials and assignments, and will provide further information regarding particular aspects of your course. 7.3 Specific requirements Calculator a good financial or business calculator is necessary during the course. Using a Sharp EL-735 or a Casio FC-100 calculator is sufficient 7.4 Risk management There is minimal health and safety risk in this course. It is your responsibility to familiarise yourself with the Health and Safety policies and procedures applicable within campus areas.

8 Page 8 8. How can I obtain help with my studies? In the first instance you should contact your tutor, then the Course Coordinator. Student Life and Learning provides additional assistance to all students through Peer Advisors and Academic Skills Advisors. You can drop in or book an appointment. To book: Tel: or [email protected] 9. Links to relevant University policies and procedures For more information on Academic Learning & Teaching categories including: Assessment: Courses and Coursework Programs Review of Assessment and Final Grades Supplementary Assessment Administration of Central Examinations Deferred Examinations Student Academic Misconduct Students with a Disability Faculty specific information Locating Journal Articles If you have been notified that the journal articles in this course are available on e-reserve, use the on-line library catalogue to find them. For journal articles not on e-reserve, click on the "Journals and Newspapers" link on the Library Homepage. Enter the journal title e.g. History Australia, then search for the volume and issue or keyword as needed. Assignment Cover Sheets The Faculty of Arts and Business assignment cover sheet can be found on Blackboard or on the USC Portal at: Faculty of Arts and Business (Students) > Forms. It must be completed in full identifying student name, assignment topic, tutor and tutorial time. This must be attached securely to the front of each assessment item prior to submission. Claims of loss of assignments will not be considered unless supported by a receipt. Help: If you are experiencing problems with your studies or academic work, consult your tutor in the first instance or the Course Coordinator as quickly as possible. Difficulties: If you are experiencing difficulties relating to teaching and assessment you should approach your tutor in the first instance. If not satisfied after that you should approach in order your Course Coordinator, Program Coordinator then Head of School. General enquiries and student support Faculty Student Centre Tel: Fax: [email protected]