Session Delivery plan: Client Requirements & Expectations

·  FNSFPLN506 - Determine client financial requirements and expectations

·  FNSCUS506 - Determine client requirements and expectations

Week / Content
Session 1 / Welcome
Course expectations
OHS
General Administration
Outline of Diploma
Your background and expectations
Financial Planning as a Career
Financial Planning and where we are now
General Questions about course
List of Acronyms
Learning Outcomes
Assessments – Test and Assignments
Must Pass Events
Procedure for Re-sits
Activity: Analyse the range of Skills Required to be a successful financial planner – how does this compare with the skills required to be a successful accountant?
Session 2 / Background of the financial planning environment in Australia and the world.
Macro issues affecting the FP environment
Activity – Discuss some of the major issues that impact financial planning? How could you manage these?
Why is financial planning a growing career?
Attributes required for a successful planner/adviser.
Importance of compliance
Selling versus advising
Best versus appropriate
Building Trust and “What’s in it for me?”
Activity: Discuss the statement “You don’t get a second chance to make a first impression”
Session 3 / Importance of Ethics
Six Steps of Financial Planning
Range of Communication skills
Roles and expectations – Advisers, Clients, Dealer Groups & Regulators
Activity: - Role play –Request a colleague to assist you with this role play. You play the role of a financial play and they play the role of the client and decide on a financial goal (i.e. I wish to have life insurance or I wish to consolidate my superannuation etc). The Adviser introduces themselves to the client and provides some background on financial planning and what it entails – the client asks relevant questions.
Recap – How was this process for you and for the client – could you have asked more relevant questions?
The various “types” of clients within the financial planning environment
·  Process of first meeting
·  Introduction of first meeting set time, and set agenda,
·  Discuss Objective and Goals what are they what are they not – are they realistic?
·  FSCG what is in one – get one for home work.
·  Resources - FSCG / Body language / Objections
·  Video interviewing skills or other type of video – look these up on Youtube!
Activity :
VAK questionnaire provided and completed by students -How did you do?
Scripting - Write how you would say and introduce you as a financial planner Only the first five minutes of the introduction set your agenda – above against at least two people in the class
Session 4 / The role of politics in financial planning
Impact of new legislation on clients
Government reviews
Business models and industry reforms
Class Activities – How has increased regulation improved the financial planning industry or made it more confusing, complicated and expensive?
Financial Planning process
Client portfolio review
Gap analysis
Activity – As you’ve probably realized by now, “getting” new clients is one of the most challenging aspects of financial planning. Given this, would you ever refer one of your clients to another adviser?
Discussion of data collection and introduction to class activity.
Session 5 / ·  FSG/FSCG
·  What, Why, How, When, Where….
·  Complaints , Services, fees in general, Privacy, APL, Relationships, Discussed – Complete scripting for Intro and FSG
·  Complaints – Concerns versus complaints
Activity :
Discuss an occasion when you had reason to make a complaint? How was it handled? How could it have been improved
·  Conversation funnel
·  Dealing with difficult customers
·  Discussion of fee structure and how financial planners charge
·  Fees versus commissions
·  Discussion of Know your client know your product reasonable basis
Activity :
Scripting - write introduction including your FSG and full explanation- then role play this to other students. Get to do it on at least three people you do not know in class.
Session 6 / ·  Discussion of Risk , Volatility
·  Issues under your control and not under your control
·  Asset Allocation Areas of investments and diversification within each asset allocation
·  What advice and services can I provide?
·  Am I restricted about what I can say
·  Asset Allocation
·  Pictorial representations - Provide TABLES vs. Pie Chart - Asset allocation – diversification, volatility, risk versus return
·  Remember to “Under-promise and Over-deliver”
·  If you are unsure say you will check it with a more senior colleague - Seek assistance and ensure that you get back to the client
The financial fact finder
·  What is a fact finder
·  Importance of fact finder – the basic building block in the FP process (analogy to foundations vis-à-vis building an apartment tower)
·  Open questions
·  Closed Questions
·  Personal details
·  How to ask for permission to go forward
·  Always be in control allow conversation to provide insight
·  Clients’ needs are identified by encouraging expression of their objectives and goals (short, medium and long term goals as relevant to the product)
·  Risk analysis’s from two sources – used .
Session 7 / Value Propostion and communication of your value v’s cost
Value what is it
Class Activity – How would you differentiate yourself from the “clutter” – design a business card, letter head, along with your business name and logo
Revision and Recap
Introduction to class test and assignment
Session 8 / Assessment Events need to be completed

This subject will be assessed by the completion of 3 assessments: An online test and two assignments.

Each assessment is marked individually and will be marked as either “Satisfactory” or “Not Yet Satisfactory”

Further information on Assessment is provided in the “Portfolio Assessment Guide”

Good Luck in your studies!

1 / Diploma of Financial Planning