The New Diploma Is to Be Offered in a Variety of Delivery Formats

Introduction

The New Diploma of Financial Planning FNS50611 (Course # 10735) replaces the Diploma of Financial Services (Financial Planning) FNS50610 (Course # 11366).

The New Diploma is to be offered in a variety of delivery formats:

Full time class room delivery (includes some on-line units)
Part time class room delivery (includes some on-line units)
On-line delivery (fully on-line)

A Proposed Cluster of the Units is provided below (it is recommended that the units be delivered in the number order below):

Cluster /Topic / Units/Content

Ethics & Professional Practice

/ FNSFPL501A - Comply with financial planning practice ethical and operational guidelines and regulations
FNSINC401A - Apply principles of professional practice to work in the financial services industry (currently being run by Accounting Dept.)

Client Requirements & Expectations

/ FNSFPL506A - Determine client requirements and expectations
FNSCUS505A Determine client requirements and expectations
This unit is mandatory for life insurance, super & managed investments
FNSASIC301C Establish client relationship and analyze needs
BSBITU402A - Develop and use complex spread sheets
3. Financial Planning Research / FNSFPL502A - Conduct financial planning analysis and research
FNSFPL508A - Conduct complex financial planning research
FNSINC501A - Conduct product research to support recommendations
This unit is mandatory for life insurance, super & managed investments
4. Provide Appropriate Advice & Services / FNSASICZ503A - Provide advice in Financial Planning
FNSIAD501A - Provide appropriate services, advice and products to clients
This unit is mandatory for life insurance, super & managed investments
5. Financial Plan Preparation & Implementation / FNSFPL503A - Develop and prepare financial plan
FNSFPL504A - Implement financial plan
FNSFPL505A - Review financial plans and provide ongoing service
FNSCUS506A Record and implement client instructions
This unit is mandatory for life insurance, super & managed investments
FNSASIC302C Develop, present and negotiate client solutions
FNSFPL507A – Provide financial planning advice
(mainly constitutes a role play and ideally has to done towards the conclusion of the course, hence it is placed in this cluster)

The Rationale for these Clusters:

Ethics & Professional Practice

FNSFPL501A - Comply with financial planning practice ethical and operational guidelines and regulations
FNSINC401A - Apply principles of professional practice to work in the financial services industry

This is self-explanatory – the 2 units in this cluster are related to ethics and professional practiceand would form the introductory cluster to most finance related diplomas.

Client Requirements & Expectations

FNSFPL506A - Determine client requirements and expectations
FNSCUS505A Determine client requirements and expectations
FNSASIC301C Establish client relationship and analyze needs
BSBITU402A - Develop and use complex spread sheets

These 4 units are groups together because they form the initial requirements for providing financial advice – i.e. determining the clients requirements and expectations. The developing and utilization of spread sheets follows on from this and acts as a lead onto the next cluster of units (Cluster # 3).

In particular, the following elements are very similar

FNSFPL506A - Determine client requirements and expectations / FNSCUS505A Determine client requirements and expectations
Element # 2: Obtain relevant information on client’s existing financial situation / Element # 2: Obtain relevant knowledge of client’s financial position and risk profile
Element # 3: Determine client expectations and requirements with respect to financial planning service offered by the representative / Element # 3: Determine client expectations and requirements with respect to financial markets and advice
Element # 4: Prepare and update necessary documentation where required / Element # 4: Prepare and update necessary documentation where required

Financial Planning Research

FNSFPL502A - Conduct financial planning analysis and research
FNSFPL508A - Conduct complex financial planning research
FNSINC501A - Conduct product research to support recommendations
This unit is mandatory for life insurance, super & managed investments (These units are in the Advanced Diploma in Financial Planning ) This Diploma is to be completed ( Or equivalent / RPL ) prior to commencement of the Advanced Diploma of Financial Planning

All the units in the above cluster are closely related to providing “Research”. In particular, the following elements are very similar:

FNSFPL502A / FNSFPL508A / FNSINC501A
Element # 1: Evaluate clients current situation & identify the issues / Element # 1: Evaluate clients current situation & identify the issues / Element # 1 Interpret available information and conduct research
Element 2: Identify research requirements & parameters / Element 2: Identify research requirements & parameters / Element 1: Interpret available information and conduct research
Element 3: Extract & analyse information according to research requirements & parameters / Element 3: Extract & analyse information according to research requirements & parameters / Element 2: Analyse and review research findings and activities
Element 4: Summarize research information / Element 4: Summarize research information / Element : Document research and distribute to relevant parties

4. Provide Appropriate Advice & Services

FNSASICZ503A - Provide advice in Financial Planning
FNSIAD501A - Provide appropriate services, advice and products to clients
This unit is mandatory for life insurance, super & managed investments (These units are in the Advanced Diploma in Financial Planning ) This Diploma is to be completed ( Or equivalent / RPL ) prior to commencement of the Advanced Diploma of Financial Planning

The 2 units in this cluster are related to providing advice and the services and products associated with that advice

FNSASICZ503A - Provide advice in Financial Planning / FNSIAD501A - Provide appropriate services, advice and products to clients
E#1 Establish relationship with client / E#1 Create rapport with client
E#2 Identify client’s objectives, needs & financial situation / E#2 Identify client’s needs, objectives & financial situation
E#3 Analyse client’s objectives ,needs, financial situation and risk profile
E# 4 Develop appropriate strategies and solutions / E#3 Analyse client’s needs, objective and, financial situation to identify appropriate solutions
E#5 Present appropriate strategies & solutions to clients / E#4 Present appropriate solutions to clients
E#6 Negotiate financial plan/policy/transaction with client / E#6 Negotiate effectively
E#8 Complete & maintain necessary documentation / E#6 Complete & maintain necessary documentation
E#9 Provide ongoing service where requested by client / E#7 Provide after sales service

5. Financial Plan Preparation & Implementation

FNSFPL503A - Develop and prepare financial plan
FNSFPL504A - Implement financial plan
FNSFPL505A - Review financial plans and provide ongoing service
FNSCUS506A Record and implement client instructions
This unit is mandatory for life insurance, super & managed investments (These units are in the Advanced Diploma in Financial Planning ) This Diploma is to be completed ( Or equivalent / RPL ) prior to commencement of the Advanced Diploma of Financial Planning
FNSASIC302C - Develop, present and negotiate client solutions
FNSFPL 507A – Provide financial planning advice

All the units in this cluster are related to the development, preparation and implementation of a financial plan.

In particular, the following elements are very similar:

FNSFPL503A / FNSFPL504A / FNSCUS506A / FNSFPL505A
E #1 Establish plan objectives & scope / E#1 Establish actions, timings & priorities needed to implement FP
E#6 Produce completed plan / E#2 Establish procedures for implementation of FP / E#1 Execute instructions to satisfy client requirements
E#3 Undertake &/or supervise implementation of FP / E#2 Review & monitor implementation of client instructions / E#3 Undertake and/or supervise review of FP
E#3 Provide additional after sales service / E#1 Discuss & confirm arrangements for ongoing service
E#2 Establish procedures for providing ongoing service

FP= Financial Plan

In addition, FNSASIC302C and FNSFPL507A also have similar elements to the above 4 units in relation to sales & ongoing service, reviews and providing advice in relation to financial plan preparation and implementation.