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 - 2021
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 self-evaluation
Overall the unit ran well, especially when students realized posting their unit content and assessment queries using the Moodle Q&A Forum gets them answers faster than using other means of communication. It especially encouraged students to help each other solve problems around unit content and assessments.
Continue to encourage students to use the Moodle Q&A Forum to get academic and assessment support from the unit coordinator and their peers (virtual classmates)
Feedback from staff feedback (peer review);
Complaints about some of the multiple choice questions being too ambiguous, inappropriate and open to interpretation and misinterpretation led to a feedback and peer review meeting between the unit coordinator and supervisor
When students are dissatisfied with any assessment tasks that leads to a formal complaint, it is important the issue, however minor is addressed by the unit coordinator within the scope of CQU's complaints handling process
Feedback from student feedback (formal unit evaluation responses)
Students appreciate lecturers that are approachable, helpful, supportive and nurturing that gives them that personal touch given the unit is challenging and can be overwhelming for new entrants to financial planning
Continue to encourage and support students navigate a challenging unit
Feedback from student feedback (formal unit evaluation responses)
Students appreciated real-life examples and interesting workshops where the knowledge was relayed in an easy to understand manner
Continue to offer workshops where the unit content is explained in an interesting easy to understand manner
Feedback from student feedback (formal unit evaluation responses)
Students found the resources on Moodle were too much, overwhelming and puts them off reading if it is too much content
Review the unit Moodle reading content volume for assessments and learning
Feedback from student feedback (formal unit evaluation responses)
Written assessment needs to be proof-read to ensure it flows well and does not confuse students.
Review to consider engaging more than one proof-reader and reviewer for the assessment tasks to ensure it flows well and does not confuse students
Feedback from student feedback (formal unit evaluation responses)
Within the context of unit coordinator's workloads, public holidays and guest presenters. students want the workshop conducted in the week that the content is delivered as it helped the student watching the workshop after doing the content and readings really helped with the learning and understanding of the content.
Review whether classes are appropriate for Mondays or Fridays when public holidays usually occur, and whether guest speakers are adding any value for the students for an introductory course
- 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 - Take Home Exam - 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 - Take Home Exam - 40% |
Textbooks
Financial Planning: Essentials Edition
Edition: First (2021)
Authors: Warren McKeown, Marc Olynyk, John Kerry, Lisa Ciancio, Diem La
John Wiley & Sons Australia, Ltd.
Milton Milton , Queensland , Australia
ISBN: E-Text: 9780730385752 Textbook: 9780730385738
Binding: Other
Additional Textbook Information
Students can use this textbook for other financial planning units.
Both paper and eBook versions can be purchased at the CQUni Bookshop here: http://bookshop.cqu.edu.au (search on the Unit code).
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
- XPlan Software
All submissions for this unit must use the referencing style: American Psychological Association 7th Edition (APA 7th edition)
For further information, see the Assessment Tasks.
a.mcinnes@cqu.edu.au
Module/Topic
Personal 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
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
- 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:
- What's Happening in T2 2021
- Study Guide for Week 1
Note: Webinar Zoom link available in Week 1
Module/Topic
Financial Planning Skills
- Preparation or personal financial statements, cash flows and budgets
-
Analyzing financial statements using ratio analysis
- Mathematics for financial advisers
- Time value of money concepts, net present value and compounding interest
- Taxation effects on returns
- Nominal, effective and real rates of returns
Chapter
Refer to Study Guide for:
- Week 2 Prescribed and Supplementary Reading
Events and Submissions/Topic
- Please refer to the study guide for details of the weekly requirements.
- Webinar Zoom link available in Week 2
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
- 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
- Statement of Advice development process and write-up
Chapter
Refer to Study Guide for:
- Week 3 Prescribed and Supplementary Reading
Events and Submissions/Topic
- Please refer to the study guide for details of the weekly requirements.
- Webinar Zoom link available in Week 3
- Activity 1 Due by 10am Friday of Week 3
Module/Topic
Taxation Fundamentals
- Income and capital gains tax basics
- Applying tax effective strategies to personal financial planning
- Taxation implications on investment returns, including capital gains
- Taxation implications of income splitting
- Identifying the various taxable entities with their benefits and shortcomings
- Explain the concept of negative gearing
- Discuss remuneration planning like salary packaging its tax implications
- Fringe Benefit Tax
- Goods and Services Tax
Chapter
Refer to Study Guide for:
- Week 4 Prescribed and Supplementary Reading
Events and Submissions/Topic
- Please refer to the study guide for details of the weekly requirements.
- Webinar Zoom link available in Week 4
- Activity 2 Due by 10am Friday of Week 4
Module/Topic
Identifying Investment Choices
- Attributes of investors
- Investment asset classes
- Risk and return relationship
- Benefits of diversification
- Understanding general investment strategies
Chapter
Refer to Study Guide for:
- Week 5 Prescribed and Supplementary Reading
Events and Submissions/Topic
- Please refer to the study guide for details of the weekly requirements.
- Webinar Zoom link available in Week 5
- Activity 3 Due by 10am Friday of Week 5
Module/Topic
Vacation and Catchup Week
Chapter
Study Guides Week 1 to 5
Events and Submissions/Topic
- Revising Weeks 1 to 5
- Assessment completion
- Catching up incomplete Modules from Weeks 1 to 5
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
Chapter
Refer to Study Guide for:
- Week 6 Prescribed and Supplementary Reading
Events and Submissions/Topic
- Please refer to the study guide for details of the weekly requirements.
- 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
Chapter
Refer to Study Guide for:
- Week 7 Prescribed and Supplementary Reading
Events and Submissions/Topic
- Please refer to the study guide for details of the weekly requirements.
- Webinar Zoom link available in Week 7
- Activity 5 Due by 5 am Friday of Week 7
PORTFOLIO OF ACTIVITIES Due: Week 7 Friday (3 Sept 2021) 11:45 pm AEST
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
Chapter
Refer to Study Guide for:
- Week 8 Prescribed and Supplementary Reading
Events and Submissions/Topic
- Please refer to the study guide for details of the weekly requirements.
- Webinar Zoom link available in Week 8
Module/Topic
Wealth Creation 3: Superannuation
- Characteristics, types and structure of superannuation trusts, investment and product
- Employer, employee contributions, tax treatments and preservation rules
- Basic superannuation accumulation strategies
Chapter
Refer to Study Guide for:
- Week 9 Prescribed and Supplementary Reading
Events and Submissions/Topic
- Please refer to the study guide for details of the weekly requirements.
- Webinar Zoom link available in Week 9
Module/Topic
Retirement Planning
- Conditions of release
- Preservation age
- Withdrawal of funds
- Death benefit basics
"HAVE YOUR SAY" Student Evaluation Survey
Chapter
Refer to Study Guide for:
- Week 10 Prescribed and Supplementary Reading
Events and Submissions/Topic
- Please refer to the study guide for details of the weekly requirements.
- Webinar Zoom link available in Week 10
- Complete the "HAVE YOUR SAY" Student Evaluation Survey
Module/Topic
Social Security
- Government benefits
- Age and DVA pension entitlements
- Income and asset test calculations.
"HAVE YOUR SAY" Student Evaluation Survey
Chapter
Refer to Study Guide for:
- Week 11 Prescribed and Supplementary Reading
Events and Submissions/Topic
- Please refer to the study guide for details of the weekly requirements.
- Webinar Zoom link available in Week 11
- Complete the "HAVE YOUR SAY" Student Evaluation Survey
[SCALED] STATEMENT OF ADVICE Due: Week 11 Monday (27 Sept 2021) 11:45 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
Final Exam Review
"HAVE YOUR SAY" Student Evaluation Survey
Chapter
Refer to Study Guide for:
- Week 12 Prescribed and Supplementary Reading
- Final Exam Advice will be available by Week 10
Events and Submissions/Topic
- Please refer to the study guide for details of the weekly requirements.
- Webinar Zoom link available in Week 12
- Attend final online Zoom workshop presentation
- Prepare for the exam, including referring to Previous Exam Papers
- Complete "Have Your Say" Survey
Module/Topic
Exam preparation
Completion of Student Evaluation Survey
Chapter
Refer to Study Guides for:
- Weeks 1 to 12
Events and Submissions/Topic
Preparing for exams due next week by working through previous exam exemplars
EXAMINATION Due: Review/Exam Week Monday (11 Oct 2021) 11:45 pm AEST
Module/Topic
Exam End of Term Report
Unit Coordinator End of Term Report
Chapter
Events and Submissions/Topic
End of term reports will be available on the Moodle site when finalised by the various relevant committees and after Certification of Grades
1 Practical Assessment
This is an individual assessment.
Comprehensive guidelines, submission instructions and resources will be available in Moodle and in the ASSESSMENT tile.
There are 5 multiple choice assessment activities.
Each activity is worth 6 percent and includes either statement of advice activities, comprehension questions, calculations or professional advice concepts.
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.
Week 7 Friday (3 Sept 2021) 11:45 pm AEST
All activities must be completed and submitted via Moodle Assessment tile. Commencing in Week 3, the Activities are due each week 10 AM Friday starting Week 3 and ending Week 7.
Week 9 Friday (17 Sept 2021)
Feedback on assignments will be made within 10 business days of submission via Moodle Assessment block
This assessment is graded online and marks will be provided at the completion of the each multiple choice assessment activity.
All activities will be available in the ASSESSMENT tile 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 tile.
In summary, you will be provided with a client case study and a partially completed Statement of Advice 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.
The Statement of Advice template completion is a simulation of the real-world as 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 Statement of Advice from different perspectives.
Week 11 Monday (27 Sept 2021) 11:45 pm AEST
Refer to submission instructions in ASSESSMENT block in Moodle
Review/Exam Week Monday (11 Oct 2021)
Feedback will be provided via Moodle in the Assessment tile
Details of the marking criteria (rubrics) will be provided in Moodle in the ASSESSMENT tile.
- 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
3 Take Home Exam
This is an open book online timed exam of 3 hours, including downloading, uploading and submission time.
- There is a minimum exam grade of 50% to pass the unit.
- You will be typing your answers in the examination template document provided.
- This is an individual assessment. Collaboration with other students will result in an academic misconduct allegation for all students involved. This may result in a fail result for this assessment. Please note that your paper will be submitted through Turnitin.
- You have 15 minutes at the start of the exam to download the exam file via Moodle.
- You have 2.5 hours to complete the exam in Microsoft-Word.
- You have 15 minutes to upload and submit the completed examination paper at the end of 2.5 hours.
- Late submissions will not be marked.
- If you encounter problems submitting your paper to Moodle, email it to your unit coordinator by the due time.
Review/Exam Week Monday (11 Oct 2021) 11:45 pm AEST
Download the exam from Moodle Assessment block on the scheduled date and time.
Exam Week Monday (18 Oct 2021)
Feedback will be provided via Moodle in the Assessment block
Open book online exam grading as per the Online Take Home Exam Advice to meet the learning outcomes.
Refer to the Exam Advice and Online Open Book Exam Instructions
- 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
- Cross Cultural Competence
- Ethical practice
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.