Unit Profile Correction added on 30-03-20
The end of term assessment has now been changed to an alternate form of assessment. Please see your Moodle site for details of the assessment.
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 1 - 2020
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 Have Your Say
Students stated they found lecturer particularly helpful relating content back to situations in real life. Tutorials were interesting, discussions were thought provoking and the mini lectures and transcripts helped to manage full time work and study.
Design and delivery of the learning material will continue to focus on resources that work for different learning styles and needs.
Feedback from Have Your Say
Students were concerned that feedback from the first assessment was delayed and the scale of marks to effort was a concern.
Assessment regime has been modified to improve feedback turnaround and to have allocated marks better aligned to effort and expectations.
- 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)
2nd Edition (Update) (2018)
Authors: McKeown, Kerry and Olynyk
John Wiley & Sons Australia, Ltd.
Brisbane Brisbane , Queensland , Australia
ISBN: 9780730343554
Binding: eBook
Financial Planning 2nd Edition (Update Edition)
2nd (Update Edition) (2018)
Authors: McKeown, Kerry and Olynyk
John Wiley & Sons Australia, Ltd.
Brisbane Brisbane , Queensland , Australia
ISBN: 9780730350620
Binding: Paperback
Additional Textbook Information
There are two alternate hardcopy versions of this textbook and an etext. A black and white version of this text is available and approximately $120 and the e-book is approximately $65.
The paper text will be available for purchase at the CQUniversity Bookstore http://bookshop.cqu.edu.au.
The e-book version is available via the publisher's website.
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
- You will learn how to use XPLAN Financial Planning Software and Morningstar. Both systems are accessed via the internet and with the login provided.
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.
a.mcinnes@cqu.edu.au
g.small@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 Orientation Section in Moodle for:
- Weekly Webinar Schedule
- Teaching Team Introduction
- What's Happening in T1 2020
Note: Webinar Zoom link available in Week 1
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
Webinar Zoom link available in Week 2
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
Webinar Zoom link available in Week 2
Activity 1 Due by 10am Friday of Week 3
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
Webinar Zoom link available in Week 4
Activity 2 Due by 10am Friday of Week 4
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
Webinar Zoom link available in Week 5
Activity 3 Due by 10am Friday of Week 5
Module/Topic
Vacation Week
Consultations available via appointment
Chapter
Vacation Week
Consultations available via appointment
Events and Submissions/Topic
Vacation Week
Consultations available via appointment
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 strategy 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
Webinar Zoom link available in Week 6
Activity 4 Due by 10am Friday of Week 6
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 for your Morningstar Login
Events and Submissions/Topic
Webinar Zoom link available in Week 7
Activity 5 Due by 5 am Friday of Week 7
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
Webinar Zoom link available in Week 8
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
Webinar Zoom link available in Week 9
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
Webinar Zoom link available in Week 10
[Scaled] Statement of Advice Due: Week 10 Wednesday (20 May 2020) 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 nonestate 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
Webinar Zoom link available in Week 11
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
- Final Exam Advice will be available in Week 12
Events and Submissions/Topic
Webinar Zoom link available in Week 12
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
This unit was rated highly by students in Term 1 2019. While there was general agreement the workload was challenging, a high percentage of students appreciated the real-world applications
Refer to ORIENTATION Section in Moodle for:
- What's Happening in Term 1 2020
- Teaching Team Introductions
- Time Management guidelines for the assessments and exam preparation
- Morningstar and XPLAN logins
1 Practical Assessment
This is an individual assessment.
Comprehensive guidelines, submission instructions, resources and marking criteria will be available in Moodle in the ASSESSMENT Section.
There are 5 Activities. Each Activity is worth 6 marks and includes comprehension questions, calculations and professional advice discussions. The purpose of the activities is to:
- build your financial planning skills progressively,
- ensure you have a strong understanding of the professional and practical requirements financial planning
- establish specific competencies that will help you with Assessment Item 2, namely the [Scaled] Statement of Advice.
Submission of activities begins in Week 3 and then each week until Week 7.
For instance,
Activity 1 covers Week 1 material and is due by 10am Friday of Week 3,
Activity 2 covers Week 2 material and is due by 10am Friday of Week 4
Activity 3 covers Week 3 material and is due by 10am Friday of Week 5.
Activity 4 covers Week 4 material and is due by 10am Friday of Week 6.
Activity 5 covers Week 5 material and is due by 10am Friday of Week 7.
IMPORTANT: Due to the progressive nature of this assignment any requests for extensions are likely to be denied.
Refer to Learning Schedule above for specific dates.
Commencing in Week 3, the Activities are due each week
Feedback on assignments will be made within 10 business days of submission
A marking guide will be provided with each activity.
All activities will be available in ASSESSMENT Section in Moodle.
- 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
2 Practical Assessment
This is an individual assessment. Comprehensive guidelines, submission instructions, resources and marking criteria will be available in Moodle in the ASSESSMENT Section.
In summary, you will be provided with a client case study and a Best Interest Duty Statement template.The purpose of this assignment is to have you research a financial planning problem, analyse a number of solutions and document your recommendations using a real-world financial planning advice template [i.e. Best Interest Duty Statement].
The Best Interest Duty Statement must be thorough. It is used in the real-world as a preliminary worksheet and contains specific justifications related to your financial planning recommendations. Hence, this assignment has the reputation for being challenging, yet useful in terms of how it builds wealth creation knowledge as well as provides an employable skill.
Weekly webinars will demonstrate how to construct a Best Interest Duty Statement from different perspectives.
Week 10 Wednesday (20 May 2020) 3:00 pm AEST
Refer to Submission Instructions in ASSESSMENT in Moodle
Week 12 Wednesday (3 June 2020)
Feedback will be provided via Moodle
Details of the marking criteria will be provided in 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
Examination
Calculator - all non-communicable calculators, including scientific, programmable and graphics calculators are authorised
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?
