Overview
This capstone unit applies prior knowledge to produce a statement of advice for a real world case study. You will conduct an initial client interview, research and develop a wealth strategy and learn to present a financial plan to a client. You also gain insights into management of client relationships.
Details
Pre-requisites or Co-requisites
Pre-requisites - FINC11001 and FINC19011 and LAWS19033 Co-requisites:- FINC19012 and FINC19016 and FINC13001
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 - 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
Very enjoyable unit. Liked the fact that it had real life assessment tasks.
This unit will continue to embed the AMP University Challenge as a major assessment piece and offer real-world learning opportunities.
Feedback from UCC reflective practice
Assist students with progressive learning opportunities that will develop skills and good study routines.
A Portfolio of Activities will be introduced in future terms and focus on building skills, engaging with the content more closely and developing appropriate scaffolding to enhance active discussion in the weekly webinars.
Feedback from UCC reflective practice
Create stronger connections between financial planning theories and real-world applications
A stronger theoretical focus will be added to this unit as well as provide academic and professional literature for student review and develop tutorial questions to enable rich discussion in the weekly webinars.
- Research and identify client data in developing a statement of advice
- Apply professional and ethical principles pertaining to the financial planning process
- Employ communication skills to manage client relationships
- Apply financial planning software to model client scenarios.
Alignment of Assessment Tasks to Learning Outcomes
| Assessment Tasks | Learning Outcomes | |||
|---|---|---|---|---|
| 1 | 2 | 3 | 4 | |
| 1 - Practical Assessment - 30% | ||||
| 2 - Practical Assessment - 40% | ||||
| 3 - Practical Assessment - 30% | ||||
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 - 40% | ||||||||||
| 3 - Practical Assessment - 30% | ||||||||||
Textbooks
Financial Planning 2nd Edition (Update Edition)
2nd (Update Edition) (2015)
Authors: McKeown, Kerry and Olynyk
John Wiley & Sons Australia, Ltd.
Milton Milton , Queensland , Australia
ISBN: eText 9780730343554, 0730343553
Binding: eBook
Additional Textbook Information
ETEXT can be access via MCKEOWN 2E – FINANCIAL PLANNING
If you prefer to study with a paper copy, they are available at the CQUni Bookshop here: http://bookshop.cqu.edu.au (search on the Unit code). eBooks are available at the publisher's website.
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
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
Professional Obligations of a Financial Planner and Providing Advice
- Legislative and compliance frameworks governing the provision and construction of the Statement of Advice [SoA]
- Fiduciary obligations, FASEA Codes of Ethics and best interest duties
Chapter
Refer Study Guide for Week 1 Prescribed Reading 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
Overview of the Statement of Advice Development and Construction Process
- The 6 steps - objectives, intentions and compliance
- Examining SoA Exemplars and Templates
Chapter
Refer Study Guide for Week 2 Prescribed Reading 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
Gathering and Analysing Client Data and Tax Position
- Articulating the client's goals and concerns, investment preferences and time horizons
- Identifying the strengths and weaknesses of the client's financial position
- Establishing the client's risk tolerance, risk capacity, liquidity, debt and tax position
- CAMEO WORKSHOP: The AMP University Challenge and Past Successes
Chapter
Refer Study Guide for Week 3 Prescribed Reading and Supplementary Reading
Events and Submissions/Topic
Refer to Week 3 in Moodle for:
- Study Guide and Week 3 Questions and Applications
- Webinar Agenda
Module/Topic
Wealth Protection 1: Analysing the Client's Insurance and Estate Planning Risks
- Conduct an Insurance and Estate Planning Needs Analysis
- Assessing the suitability and appropriateness of the client's insurance cover, policy type and ownership.
- Articulate the critical estate planning needs
Chapter
Refer Study Guide for Week 4 Prescribed Reading and Supplementary Reading
Events and Submissions/Topic
Refer to Week 4 in Moodle for:
- Study Guide and Week 4 Questions and Applications
- Webinar Agenda
Module/Topic
Wealth Protection 2: Developing and Constructing Wealth Protection Advice
- Applying best interest duty and matching client needs with appropriate insurance polices
- Product replacement essentials, benefits and risks
- Building support and articulating the justifications for the recommendations
- CAMEO WORKSHOP: Using XPLAN Risk Researcher to select and compare insurance policies
Chapter
Refer Study Guide for Week 5 Prescribed Reading 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: Analysing [Non-Super] Short and Medium-Term Investments Options
- Comparing the characteristics of cash, fixed interest and managed fund investments
- Matching client objectives to non-super investments
- Constructing short and medium-term investment advice using non-super products
Chapter
Refer Study Guide for Week 6 Prescribed Reading and Supplementary Reading
Events and Submissions/Topic
Refer to Week 6 in Moodle for:
- Study Guide and Week 6 Questions and Applications
- Webinar Agenda
Module/Topic
Wealth Creation 2: Analysing [Super] Long Term Investment Options
- Review current superannuation contribution legislation and tax treatments
- Developing long term and tax effective wealth accumulation strategies
- Aligning superannuation recommendations with the client's needs, objectives, risk tolerance and risk capacity
- CAMEO WORKSHOP: XPLAN Wealth Solver
Chapter
Refer Study Guide for Week 7 Prescribed Reading and Supplementary Reading
Refer to Orientation in Moodle for your XPLAN login
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: Portfolio Construction
- Aligning and re-aligning a managed fund portfolio with a client's risk tolerance
- Evaluating and selecting appropriate managed funds
Chapter
Refer Study Guide for Week 8 Prescribed Reading and Supplementary Reading
Events and Submissions/Topic
Refer to Week 8 in Moodle for:
- Study Guide and Week 8 Questions and Applications
- Webinar Agenda
STATEMENT OF ADVICE [AMP UNIVERSITY CHALLENGE CASE STUDY] Due: Week 8 Monday (7 Sept 2020) 5:00 pm AEST
Module/Topic
Finalising the Statement of Advice [SoA]
- Refining and producing a professional and compliant Statement of Advice
- Strategy maps
- Clarifying disclosure and scope of the advice
- Thinking ahead to the SoA Presentation
Chapter
Refer Study Guide for Week 9 Prescribed Reading and Supplementary Reading
Events and Submissions/Topic
Refer to Week 9 in Moodle for:
- Study Guide and Week 9 Questions and Applications
- Webinar Agenda
Module/Topic
Managing the Client Relationship 1: Initial Phase
- Conducting effective client interviews
- Questioning and framing techniques
- Making the connection between FASEA Codes of Ethics, professional conduct obligations and 'Know Your Client' Rule
Chapter
Refer Study Guide for Week 10 Prescribed Reading and Supplementary Reading
Events and Submissions/Topic
Refer to Week 10 in Moodle for:
- Study Guide and Week 10 Questions and Applications
- Webinar Agenda
Module/Topic
Managing the Client Relationship 2: Presenting the Advice
- Customising the SoA presentation to the client
- Organising the SoA implementation documentation
- Discussing fees
Chapter
Refer Study Guide for Week 11 Prescribed Reading 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
SoA Presentations Conducted in this week.
Chapter
Refer to Week 12 in Moodle for:
- Exemplars of SoA Presentations
- SoA Presentation Templates
Events and Submissions/Topic
Refer to Week 12 in Moodle for:
- SoA Presentation Schedules
- Other instruction
Statement of Advice Presentation Due: Week 12 Monday (5 Oct 2020) 11:45 pm AEST
Module/Topic
Chapter
Revise Study Guides from Weeks 1 to 12
Work through previous exam exemplars
Events and Submissions/Topic
Refer to Study Guides from Weeks 1 to 12
Module/Topic
Unit Coordinator End of Term Report
Chapter
Events and Submissions/Topic
Available once finalised by all the relevant Committees
1 Practical Assessment
This is an individual assignment. Comprehensive guidelines, submission instructions, resources and marking criteria will be available in Moodle in the ASSESSMENT block.
In summary, to demonstrate your progressive understanding of the critical elements and practicalities of Statement of Advice construction, including the underpinning legislation, FASEA Codes of Ethics and key calculations, you are required to complete a portfolio of 3 x tutorial activities.
The 3 x tutorial activities are scheduled to be completed progressively during term and you will provide your answers online in the following weeks:
- Activity 1: Available 10am Thursday to 10pm Saturday in Week 4 covering material from Weeks 1 to 3
- Activity 2: Available 10am Thursday to 10pm Saturday in Week 7 covering material from Weeks 4 to 6
- Activity 3: Available 10am Thursday to 10pm Saturday in Week 9 covering material from Weeks 7 and 8
The activities will be open in the above times and you will have limited [yet comfortable] time to complete the activities.
The activities will include multiple choice, calculation and reading comprehension questions. The questions will draw from the prescribed reading outlined in the weekly study guides.
Refer to the Task Description and Submission Instructions on Moodle in the ASSESSMENT block
Feedback via Moodle in the Assessment block
Details of the marking criteria and expectations will be provided on Moodle in the Assessment Section.
- Research and identify client data in developing a statement of advice
- Apply professional and ethical principles pertaining to the financial planning process
- Employ communication skills to manage client relationships
- Communication
- Problem Solving
- Information Literacy
- Team Work
- Information Technology Competence
- Cross Cultural Competence
- Ethical practice
2 Practical Assessment
This is assignment is ‘group’ assignment. ‘The group’ can be 1, 2 or 3 persons. Comprehensive guidelines, submission instructions, resources and marking criteria will be available in Moodle in the ASSESSMENT Section and the ORIENTATION Section.
In summary you are required to complete a Statement of Advice.
The client details are taken from the AMP University Challenge case study.
The AMP University Challenge is a competition and a unique opportunity to combine your technical knowledge with your communication skills in a real-world scenario.
Prizes of up to $5,000 and a range of other significant benefits are awarded to finalists.
To receive the case study, you need to register ‘The Group’
Link: https://www.amp.com.au/unichallenge/home/overview
- Your case study will be sent to you by AMP on Monday, 13th July 2020.
- You'll have until Monday, 7th September 2020 to submit your discussion papers to the AMP University Challenge Portal.
Critical Submission Instructions:
- Your submission to the AMP Challenge University Portal is OPTIONAL and some eligibility criteria may preclude some students from the competition.
- Regardless of whether you partake in the competition or not, you MUST upload your submission to Moodle on the due date, Monday 7 September 2020.
Week 8 Monday (7 Sept 2020) 5:00 pm AEST
Refer to Submission Instructions on Moodle and/or AMP University Challenge 2020 Website [link shown in Task Description]
Feedback via Moodle within two weeks of the submission date
Details of marking criteria and expectations will be provided on Moodle in the ASSESSMENT Instructions.
See also ORIENTATION Section for details about the AMP University Challenge tips and past student experience.
- Research and identify client data in developing a statement of advice
- Employ communication skills to manage client relationships
- Apply financial planning software to model client scenarios.
- Communication
- Problem Solving
- Critical Thinking
- Information Literacy
- Information Technology Competence
- Cross Cultural Competence
- Ethical practice
3 Practical Assessment
This is an individual assignment. Comprehensive guidelines, submission instructions, resources and marking criteria will be available in Moodle in the ASSESSMENT block.
In summary, you are required to setup a typical adviser-client environment and present your SoA to a mock client. In doing so you will demonstrate your ability to:
- apply compliance procedures and communication skills to the presentation of comprehensive financial planning advice
- build client relationships and execute your ethical and professional responsibilities
Important Notes:
The presentation must be recorded. While it is acknowledged a presentation in real-life can take up to 2 hours, for the purpose of this assignment your presentation will be restricted to 30 minutes.
Recording logistics will be confirmed as part of Orientation issues discussed in Week 1 Webinar and confirmed in the ASSESSMENT Section on Moodle. The options being considered include:
- uploading recording to YouTube [private setting]
- conducting the presentation via zoom
Week 12 Monday (5 Oct 2020) 11:45 pm AEST
Presentations need to be finalised and submitted by the due date. Refer to Submission Instructions on Moodle in the ASSESSMENT Section.
Feedback via Moodle within two weeks of submission
Details of the marking criteria and expectations will be provided on Moodle in the Assessment Section.
- Apply professional and ethical principles pertaining to the financial planning process
- 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.
What can you do to act with integrity?
