Overview
This unit is the foundation unit for students completing the Financial Planning stream and covers the professional financial planning process, including the Australian legal framework and the responsibilities of financial planners. You will learn how to investigate a client's financial situation and turn the core elements of financial planning into a strategic financial plan. You will also be introduced to financial planning software, tools and templates used in real-world financial planning practice as well as communication methods aimed at building long term client relationships.
Details
Pre-requisites or Co-requisites
There are no requisites for this unit.
Important note: Students enrolled in a subsequent unit who failed their pre-requisite unit, should drop the subsequent unit before the census date or within 10 working days of Fail grade notification. Students who do not drop the unit in this timeframe cannot later drop the unit without academic and financial liability. See details in the Assessment Policy and Procedure (Higher Education Coursework).
Offerings For Term 2 - 2019
Attendance Requirements
All on-campus students are expected to attend scheduled classes – in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).
Recommended Student Time Commitment
Each 6-credit Undergraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.
Class Timetable
Assessment Overview
Assessment Grading
This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of ‘pass’ in order to pass the unit. If any ‘pass/fail’ tasks are shown in the table above they must also be completed successfully (‘pass’ grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the ‘assessment task’ section (note that in some instances, the minimum mark for a task may be greater than 50%). Consult the University’s Grades and Results Policy for more details of interim results and final grades.
All University policies are available on the CQUniversity Policy site.
You may wish to view these policies:
- Grades and Results Policy
- Assessment Policy and Procedure (Higher Education Coursework)
- Review of Grade Procedure
- Student Academic Integrity Policy and Procedure
- Monitoring Academic Progress (MAP) Policy and Procedure – Domestic Students
- Monitoring Academic Progress (MAP) Policy and Procedure – International Students
- Student Refund and Credit Balance Policy and Procedure
- Student Feedback – Compliments and Complaints Policy and Procedure
- Information and Communications Technology Acceptable Use Policy and Procedure
This list is not an exhaustive list of all University policies. The full list of University policies are available on the CQUniversity Policy site.
Feedback, Recommendations and Responses
Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.
Feedback from UCC, Your say
Students in T2 2018 were concerned and challenged by the complexity and time consuming nature of Assignment 2 [Statement of Advice].
Reduce the complexity of the [SoA] case study to a single financial planning problem and introduce progressive and assessed practical learning tasks.
Feedback from UCC, Guest speaker comments and student feedback.
Students and guest speakers commented on the broad benefits stemming from tutorials aimed at enhancing learning with real-world discussion and debate.
Continue to involve financial planning community as mentors and span a bridge over the gap between the classroom and real-world environments.
Feedback from UCC, Industry forums
More focus on financial planning software tools
Practical exercises and assignment tasks will be revised to include more engagement with XPLAN, a leading financial planning software which CQU students have access to. In doing so, tasks will be simulated to mimic real-world practise.
- Explain and apply the process and Australian legal framework of financial planning.
- Present strategic advice which meets the financial planning needs and objectives of clients in a variety of circumstances.
- Communicate effectively with clients to solve financial planning problems.
- Construct financial planning scenarios using industry standard software.
Alignment of Assessment Tasks to Learning Outcomes
| Assessment Tasks | Learning Outcomes | |||
|---|---|---|---|---|
| 1 | 2 | 3 | 4 | |
| 1 - Practical Assessment - 30% | ||||
| 2 - Practical Assessment - 30% | ||||
| 3 - Examination - 40% | ||||
Alignment of Graduate Attributes to Learning Outcomes
| Graduate Attributes | Learning Outcomes | |||
|---|---|---|---|---|
| 1 | 2 | 3 | 4 | |
| 1 - Communication | ||||
| 2 - Problem Solving | ||||
| 3 - Critical Thinking | ||||
| 4 - Information Literacy | ||||
| 5 - Team Work | ||||
| 6 - Information Technology Competence | ||||
| 7 - Cross Cultural Competence | ||||
| 8 - Ethical practice | ||||
| 9 - Social Innovation | ||||
| 10 - Aboriginal and Torres Strait Islander Cultures | ||||
Alignment of Assessment Tasks to Graduate Attributes
| Assessment Tasks | Graduate Attributes | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | |
| 1 - Practical Assessment - 30% | ||||||||||
| 2 - Practical Assessment - 30% | ||||||||||
| 3 - Examination - 40% | ||||||||||
Textbooks
Financial Planning
2nd Edition [Update Edition] (2018)
Authors: McKeown, Warren; Kerry, Michael; Olynyk, Marc
John Wiley & Sons, Australia, Ltd
BRISBANE CITY BRISBANE CITY , QLD , Australia
ISBN: eText 9780730343554, 0730343553
Binding: eBook
Financial Planning
2nd Edition Update Edition (2018)
Authors: McKeown, Warren; Kerry, Mike; Olynyk, Marc
John Wiley & Sons, Australia
BRISBANE CITY BRISBANE CITY , QLD , Australia
ISBN: 9780730350620
Binding: Paperback
Additional Textbook Information
There are two alternate versions of this text for students to purchase. A black and white version, which is approximately $120 and an ebook version costing about $65. The paper text will be available for purchase t the CQUniversity Bookshop here: http://bookshop.cqu.edu.au (search on the Unit code)
The ebook version is purchased through the publishers website.
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
All submissions for this unit must use the referencing style: American Psychological Association 6th Edition (APA 6th edition)
For further information, see the Assessment Tasks.
j.knutsen@cqu.edu.au
Module/Topic
Financial Planning and the Economic Environment
- Critical lessons from global, economic history
- Economic, financial and psychological risks underpinning the need for effective financial planning
- Status of national financial literacy levels
- Modalities and financial planning theories
Chapter
Refer to Study Guide for Week 1 Prescribed and Supplementary Reading
Events and Submissions/Topic
Refer to Week 1 in Moodle for:
- Study Guide and Week 1 Questions and Applications
- Webinar Agenda
Module/Topic
Professional and Legal Responsibilities of Financial Planners [FPs] and FASEA Codes of Ethics and Standards
- Introduction to compliance and legislative regimes including FASEA Codes of Ethics, Best Interest and Fiduciary Duties
- Professional Codes of Conduct of FPs
- Professional associations including FPSB & FPA and the role of stakeholders
- Case studies and lessons from corporate scandal, national investigations and industry debate
Chapter
Refer to Study Guide for Week 2 Prescribed and Supplementary Reading
Events and Submissions/Topic
Refer to Week 2 in Moodle for:
- Study Guide and Week 2 Questions and Applications
- Webinar Agenda
Module/Topic
Identifying Financial Needs, Goals and Risk Tolerances
- Gathering data and ascertaining the client's wealth and risk capacity
- Understanding the objectives, values, responsibilities, behaviours and tolerances for risk of the client
- Client communication, effective questioning, framing, listening techniques
- Conducting the initial client interview and creating a trusted relationship
Chapter
Refer to Study Guide for Week 3 Prescribed and Supplementary Reading
Events and Submissions/Topic
Refer to Week 3 in Moodle for:
- Study Guide and Week 1 Questions and Applications
- Webinar Agenda
Module/Topic
Financial Planning Skills and Taxation Fundamentals
- Cash flow and budgets
- Balance sheets and ratios
- Common financial planning formulas and applications
- Income and capital gains tax basics
- Applying tax effective strategies to personal financial planning
Chapter
Refer to Study Guide for Week 4 Prescribed and Supplementary Reading
Events and Submissions/Topic
Refer to Week 4 in Moodle for:
- Study Guide and Week 1 Questions and Applications
- Webinar Agenda
Module/Topic
Structure, Layout and Purpose of a Statement of Advice
- Legislative framework governing quality financial advice in Australia
- Analysis and evaluation of goals, current financial situation and risk capacity
- Connecting needs, risk tolerance and risk capacity to investment choices
- Statement of Advice development process and write-up
Chapter
Refer to Study Guide for Week 5 Prescribed and Supplementary Reading
Events and Submissions/Topic
Refer to Week 5 in Moodle for:
- Study Guide and Week 5 Questions and Applications
- Webinar Agenda
Module/Topic
Vacation Week
Chapter
Vacation Week
Events and Submissions/Topic
Vacation Week
Module/Topic
Wealth Creation 1: Direct investment in fixed interest, shares and property
- Characteristics, benefits, risks and impact of interest rate changes on cash, fixed interest, shares and property investments
- Valuations and structuring a direct investment strategies in shares, property, collectibles and alternative investments
CAMEO WORKSHOP: Introduction to XPLAN
Chapter
Refer to Study Guide for Week 6 Prescribed and Supplementary Reading
Refer to ORIENTATION in Moodle for your XPLAN Login
Events and Submissions/Topic
Refer to Week 6 in Moodle for:
- Study Guide and Week 6 Questions and Applications
- Webinar Agenda
Portfolio of Practical Financial Planning Activities Due: Week 6 Wednesday (28 Aug 2019) 3:00 pm AEST
Module/Topic
Wealth Creation 2: Managed Funds, Gearing and Margin Lending
- Asset Classes - cash, fixed interest, shares and property investments
- Benefits, risks, fee structures and taxation implications of managed fund, leveraged investment and margin lending strategy
- Researching and Identifying management and investment styles of fund managers,
- Constructing a managed fund and geared investment strategies
CAMEO WORKSHOP 1: Introduction to Morningstar Research
Chapter
Refer to Study Guide for Week 7 Prescribed and Supplementary Reading
Refer to ORIENTATION in Moodle for your Morningstar Login [available in week 4]
Events and Submissions/Topic
Refer to Week 7 in Moodle for:
- Study Guide and Week 7 Questions and Applications
- Webinar Agenda
Module/Topic
Wealth Creation 3: Superannuation and retirement planning
- Characteristics, types and structure of superannuation trusts, investment and product
- Employer, employee contributions, tax treatments and preservation rules
- Basic superannuation accumulation strategies
CAMEO WORKSHOP: Introduction to XPLAN Wealth Solver
Chapter
Refer to Study Guide for Week 8 Prescribed and Supplementary Reading
Refer to ORIENTATION in Moodle for your XPLAN Login
Events and Submissions/Topic
Refer to Week 8 in Moodle for:
- Study Guide and Week 8 Questions and Applications
- Webinar Agenda
Module/Topic
Wealth Creation 4: Retirement Phase and Social Security
- Conditions of release, withdrawal of funds and death benefit basics
- Government benefits, age and DVA pension entitlements and income and asset test calculations
Chapter
Refer to Study Guide for Week 9 Prescribed and Supplementary Reading
Events and Submissions/Topic
Refer to Week 9 in Moodle for:
- Study Guide and Week 1 Questions and Applications
- Webinar Agenda
Module/Topic
Wealth Protection: Insurance and risk management
- Classifications of risk and risk management
- Insurance concepts, policy types and conditions
- Evaluating personal and property risk
- Purchasing personal insurance inside versus outside superannuation,
- Lifestyle changes and the need for ongoing review
CAMEO WORKSHOP: Introduction to XPLAN Risk Researcher
Chapter
Refer to Study Guide for Week 10 Prescribed and Supplementary Reading
Refer to ORIENTATION in Moodle for your XPLAN Login
Events and Submissions/Topic
Refer to Week 10 in Moodle for:
- Study Guide and Week 10 Questions and Applications
- Webinar Agenda
[Scaled] Statement of Advice Critique: Spot the Problems Due: Week 10 Wednesday (25 Sept 2019) 3:00 pm AEST
Module/Topic
Fundamentals of Estate Planning Estate Planning
- Importance and critical components of estate planning in a financial plan
- Distribution of estate and non-estate assets
- Raising the question of estate planning with a client
Chapter
Refer to Study Guide for Week 11 Prescribed and Supplementary Reading
Events and Submissions/Topic
Refer to Week 11 in Moodle for:
- Study Guide and Week 11 Questions and Applications
- Webinar Agenda
Module/Topic
Building and Maintaining a Trusted Adviser - Client Relationship
- Constructing and delivering informative, effective written and verbal communication
- Presenting financial planning advice and strategies
- The importance of reviewing the advice and on-going professional client-adviser relationship
Final Exam Review
Chapter
Refer to Study Guide for Week 12 Prescribed and Supplementary Reading
Refer to ASSESSMENT in Moodle for Final Exam Advice
Events and Submissions/Topic
Refer to Week 12 in Moodle for:
- Study Guide and Week 12 Questions and Applications
- Webinar Agenda
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Refer to the Orientation Section in Moodle for:
- Term Specific Information
- Teaching Team details and introductions
- What's happening this term
- Time management guidelines for the assessments and exam preparation
- Morningstar and XPLAN access details and logins
1 Practical Assessment
This is an individual assessment with 2 Parts. Comprehensive guidelines, submission instructions, resources and marking criteria will be available on Moodle in the ASSESSMENT Section.
Part 1: Short essay answers related to material covered in weeks 1 and 2
Part 2: Problem solving and calculations and related to material covered in weeks 3 and 4
Week 6 Wednesday (28 Aug 2019) 3:00 pm AEST
Refer to Submission Instructions on Moodle in the ASSESSMENT Section
Week 8 Wednesday (11 Sept 2019)
Feedback will be provided via Moodle
Details of the marking criteria and expectations will be provided on Moodle in the ASSESSMENT Section.
- Explain and apply the process and Australian legal framework of financial planning.
- Present strategic advice which meets the financial planning needs and objectives of clients in a variety of circumstances.
- Communicate effectively with clients to solve financial planning problems.
- Construct financial planning scenarios using industry standard software.
- Communication
- Problem Solving
- Critical Thinking
- Information Literacy
- Team Work
- Cross Cultural Competence
- Ethical practice
2 Practical Assessment
This is an individual assessment. Comprehensive guidelines, submission instructions, resources and marking criteria will be available on Moodle in the ASSESSMENT Section.
In summary, you will be provided with a client case study accompanied with a badly completed [scaled] Statement of Advice [SoA]. Your task is to identify the errors and problems and make recommendations about where and how the should be written.
Week 10 Wednesday (25 Sept 2019) 3:00 pm AEST
Refer to submission instructions in ASSESSMENT Section of Moodle
Week 12 Monday (7 Oct 2019)
Feedback will be provided via Moodle
Details of the marking criteria and expectations will be provided on Moodle in the ASSESSMENT Section.
- Explain and apply the process and Australian legal framework of financial planning.
- Present strategic advice which meets the financial planning needs and objectives of clients in a variety of circumstances.
- Communication
- Problem Solving
- Critical Thinking
- Information Literacy
- Team Work
- Information Technology Competence
Examination
Calculator - non-programmable, no text retrieval, silent only
As a CQUniversity student you are expected to act honestly in all aspects of your academic work.
Any assessable work undertaken or submitted for review or assessment must be your own work. Assessable work is any type of work you do to meet the assessment requirements in the unit, including draft work submitted for review and feedback and final work to be assessed.
When you use the ideas, words or data of others in your assessment, you must thoroughly and clearly acknowledge the source of this information by using the correct referencing style for your unit. Using others’ work without proper acknowledgement may be considered a form of intellectual dishonesty.
Participating honestly, respectfully, responsibly, and fairly in your university study ensures the CQUniversity qualification you earn will be valued as a true indication of your individual academic achievement and will continue to receive the respect and recognition it deserves.
As a student, you are responsible for reading and following CQUniversity’s policies, including the Student Academic Integrity Policy and Procedure. This policy sets out CQUniversity’s expectations of you to act with integrity, examples of academic integrity breaches to avoid, the processes used to address alleged breaches of academic integrity, and potential penalties.
What is a breach of academic integrity?
A breach of academic integrity includes but is not limited to plagiarism, self-plagiarism, collusion, cheating, contract cheating, and academic misconduct. The Student Academic Integrity Policy and Procedure defines what these terms mean and gives examples.
Why is academic integrity important?
A breach of academic integrity may result in one or more penalties, including suspension or even expulsion from the University. It can also have negative implications for student visas and future enrolment at CQUniversity or elsewhere. Students who engage in contract cheating also risk being blackmailed by contract cheating services.
Where can I get assistance?
For academic advice and guidance, the Academic Learning Centre (ALC) can support you in becoming confident in completing assessments with integrity and of high standard.
What can you do to act with integrity?
