Assignment on Financial Planning

Assignment
Tier 1 Financial Planning
(Tier1FPPA_AS_v1A3)
Student identification
(student to complete)
Please complete the fields shaded grey.
Student number
Assignment result
(assessor to complete)
Result — first submission (Details for each activity are shown in the table below)
Parts that must be resubmitted:
Result — resubmission (if applicable)

Result summary
(assessor to complete)
First submission Resubmission (if
required)
Case study
assignment
questions
Section 1
Section 3
Section 4
Section 6
Section 7
Statement of Advice
Cash flow tables
Five–year projections
Feedback
(assessor to complete)
[insert assessor feedback]
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Before you begin
Read everything in this document before you start your assignment forTier 1 Financial
Planning (Tier1FPPAv1).
About this document
This document includes the following parts:
• Part 1: Instructions for completing and submitting this assignment
• Part 2: The case study
• Appendix 1: Fact finder and risk profile
• Appendix 2: Financial planning questions (assessment workbook):
– Case study questions
– Statement of advice (SOA) template
– Cash flow tables (financial position after implementation of strategy)
– Five-year projection table
• Appendix 3: Assumptions.
How to use the study plan
We recommend that you use the study plan for this subject to help you manage your
time to complete the assignment within your enrolment period. Your study plan is in
the KapLearn Tier 1 Financial Planning (Tier1FPPAv1) subject room.
How to use the sample case study and SOA in
KapLearn
The sample case study provides a model to help you prepare your SOA for this
assignment. The case study explains the process that is undertaken to develop the
SOA with reference to an example and it is a very useful resource. Download the
sample SOA and refer to it as you work through the learning materials for this subject.
Before you start work on this assignment, go back to the sample SOA and:
• compare how the SOA matches with the goals and objectives identified in the case
study
• consider what information has been included in the SOA
• consider why this information has been included.
This exercise will help your prepare an SOA for this assignment that addresses your
client’s goals. Please bear in mind that not all SOAs are exactly alike in their
construction, but all have common heading topics within them. Accordingly, there may
be minor differences between the sample SOA and the SOA template in this
assignment. However, all the required compliance elements will be included in both
formats.
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Part 1: Instructions for completing and
submitting this assignment
Completing the assignment
For this assignment you are required to complete the following tasks:
In your assessment workbook:
• answer the assignment questions as they relate to sections 1, 3, 4, 6 and 7 of the
case study
• complete the template SOA for your client, using the data in the case study, the fact
finder and risk profile
• complete the two (2) cash flow tables
• calculate the five year projection.
The information and resources that can assist you in answering the questions in this
assignment can be primarily sourced from the
Foundations of Financial Planning
textand the sample case study. Some data will have to be externally sourced, but the
assignment template will clearly indicate where this is necessary.
You are expected to analyse the 11 areas covered in the data analysis stage,
explained in Topic 2, as well asreview the sample case study and sample SOA.
Additionally, you will need to weigh up the client’s opinion against your own analysis
to determinethe important areas that need to be addressed for the client.
Although the case study may indicate that the client does not wish to have advice
provided about a specific area, you need still to evaluate the situation, provide clear
reasons as to why, or why not, review the area, and make referrals to specialists if
necessary in the relevant sections of the template.
You do not have to provide retirement planning calculations and recommendations.
However, you
must consider the appropriateness of all the investments held by
Sharon.If you recommend any change to her current asset allocation(including those
in her superannuation fund), you must explain why this action isappropriate.That is,
why there is a need to change the asset allocation, or to replace or sell an investment.
With regard to insurance, you are not expected to provide a detailed analysis of
Sharon’s needs.However,this area still needs to be examined. If your analysis shows
that she requires additional insurance andcould benefit from a review, you should
advise her of this. Alternatively,clearly explain why you believe her current cover is
sufficient.
More information regarding requirements for providing advice is included throughout
the assignment.
Word count
The word count shown with each question is indicative only. You will not be penalised
for exceeding the suggested word count. Please do not include additional information
which is outside the scope of the question.
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The Sharon Elsom case study
The case study steps you through the financial planning process, from initial contact
with Sharon Elsom, to the development and documentation of a financial strategy as
an SOA to meet her needs.
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Fact finder and risk profile
The fact finder for Sharon and her risk profile are provided. You will find these in
Appendix 1. The data in these documents has been used to complete some of the
sections in the SOA. You will need to refer to these documents to complete the
financial position tables for your client.
Additional research
When completing this assignment, assumptions are permitted although they must not
be in conflict with the information provided in the Case Studies.
You may also be required to source additional information from other organisations in
the finance industry to find the right products or services to meet your client’s
requirements, or to calculate any service fees that may be applicable.
Saving your work
Download this document to your desktop, type your answers in the spaces provided
and save your work regularly.
• Use the template provided, as other formats will not be accepted for these
assignments.
• Name your file as follows: Studentnumber_SubjectCode_Submissionnumber
(e.g. 12345678_DFP1B_Submission1).
• Include your student ID on the first page of the assignment.
Before you submit your work, please do a spell check and proofread your work to
ensure that everything is clear and unambiguous.
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Submitting the assignment
You must submit your completed assignment in a compatible Microsoft Word
document. You need to saveand submit this entire document.
Do not remove any sections of the document.
Do not save your completed assignment as a PDF.
The assignment must be
completed before submitting it to Kaplan Professional
Education. Incomplete assignments will be returned to you unmarked.
The maximum file size is 5MB. Once you submit your assignment for marking you will
be unable to make any further changes to it.
You are able to submit your assignment earlier than the deadline if you are confident
you have completed all parts and have prepared a quality submission.
The assignment marking process
You have 12 weeks from the date of your enrolment in this subject to submit your
completed assignment.
Should your assignment be deemed ‘not yet competent’ you will be give an additional
four (4) weeks to resubmit your assignment.
Your assessor will mark your assignment and return it to you in the Tier 1 Financial
Planning (Tier1FPPAv1) subject room in KapLearn under the ‘Assessment’ tab.
Make a reasonable attempt
You must demonstrate that you have made a reasonable attempt to answer all of the
questions in your assignment. Failure to do so will mean that your assignment will not
be accepted for marking; therefore you will not receive the benefit of feedback on
your submission.
If you do not meet these requirements, you will be notified. You will then have until
your submission deadline to submit your
completed assignment.
How your assignment is graded
Assignment tasks are used to determine your ‘competence’ in demonstrating the
required knowledge and/or skills for each subject. As a result, you will be graded as
either competent or not yet competent.
Your assessor will follow the below process when marking your assignment:
• Assess your responses to each question, and sub-parts if applicable, and then
determine whether you have demonstrated competence in each question.
• Determine if, on a holistic basis, your responses to the questions have
demonstrated overall competence.
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‘Not yet competent’ and resubmissions
Should sections of your assignment be marked as ‘not yet competent’ you will be
given an additional opportunity to amend your responses so that you can demonstrate
your competency to the required level.
You must address the assessor’s feedback in your amended responses. You only need
amend those sections where the assessor has determined you are ‘not yet
competent’.
Make changes to your original submission. Use a different text colour for your
resubmission. Your assessor will be in a better position to gauge the quality and
nature of your changes. Ensure you leave your first assessor’s comments in your
assignment, so your second assessor can see the instructions that were originally
provided for you. Do not change any comments made by a Kaplan assessor.
Units of competency
This assignment is your opportunity to demonstrate your competency against these
units:
FNSASICZ503 Provide advice in financial planning
FNSFPL501 Comply with financial planning practice ethical and operational guidelines and
regulations
FNSFPL502 Conduct financial planning analysis and research
FNSFPL503 Develop and prepare financial plan
FNSFPL504 Implement financial plan
FNSFPL505 Review financial plans and provide ongoing service
FNSFPL506 Determine client financial requirements and expectations
FNSINC401 Apply principles of professional practice to work in the financial services industry
BSBITU402 Develop and use complex spreadsheets
FNSASIC301 Establish client relationship and analyse needs
FNSASIC302 Develop, present and negotiate client solutions
FNSIAD301 Provide general advice on financial products and services
We are here to help
If you have any questions about this assignment you can post your query at the ‘Ask
your Tutor’ forum in your subject room. You can expect an answer within 24 hours of
your posting from one of our technical advisers or student support staff.
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