25772 Financial Planning: Principles and Regulation
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particular session, location and mode of offering is the authoritative source
of all information about the subject for that offering. Required texts, recommended texts and references in particular are likely to change. Students will be provided with a subject outline once they enrol in the subject.
Subject handbook information prior to 2025 is available in the Archives.
Credit points: 6 cp
Subject level:
Postgraduate
Result type: Grade and marksRequisite(s): 25742c Financial Management AND 25741c Capital Markets
The lower case 'c' after the subject code indicates that the subject is a corequisite. See definitions for details.
These requisites may not apply to students in certain courses.
There are course requisites for this subject. See access conditions.
Description
This subject provides an introduction to financial planning and an overview of the compliance needs and the legislative and regulatory environment with particular emphasis on the Corporations Act. It analyses the financial planning process and the main activities involved in the development, delivery and successive monitoring of the financial plan. This includes an exploration of the financial planning value chain, the role of the different stakeholders and the possible conflicts of interests. It provides an overview of the regulatory environment and the implications for the financial planning industry.
Subject learning objectives (SLOs)
| 1. | understand the structure of the financial planning industry in Australia and the relevant regulatory framework |
|---|---|
| 2. | demonstrate knowledge of the steps and process of giving financial planning process |
| 3. | critically analyse the role of the legal framework, codes of conduct and compliance rules as applied to the client – financial planner relationship |
| 4. | evaluate and compare various applications of insurance as a risk management tool |
Contribution to the development of graduate attributes
This subject provides students with a comprehensive introduction to the financial planning industry, its actors, key processes and the regulatory environment. The subject also analyses the specific nature of the relationship between client and financial planner. As such this subject contributes particularly to the development of these graduate attributes:
- Communication and collaboration
- Social responsibility and cultural awareness
- Professional and technical competence
This subject also contributes specifically to develop the following Program Learning Objectives:
- Collaborate as a member of a team and interact with stakeholders to deliver financial planning outcomes (2.2)
- Critically evaluate and apply social and sustainability principles in a financial planning context (3.1)
- Appraise knowledge of diverse cultural and Indigenous perspectives and their implications for the practice of financial planning (3.2)
- Integrate advanced knowledge and skills for ethical and effective financial planning practice (4.1)
Teaching and learning strategies
This subject strives to provide students with a comprehensive understanding of the financial planning industry, the processes involved and the regulatory environment. The online material and activities will develop students’ technical knowledge about the financial planning process and environment. The topics will be analysed using case studies during the face to face lectures. Students will actively discuss the case studies with the instructor and peers based on the knowledge from the online material.
An aim of this subject is to help you develop academic and professional language and communication skills in order to succeed at university and in the workplace. To determine your current academic language proficiency, you are required to complete an online language screening task, OPELA (information available at https://www.uts.edu.au/research-and-teaching/learning-and-teaching/enhancing/language-and-learning/about-opela-students) [or a written diagnostic task]. If you receive a Basic grade for OPELA [or the written diagnostic task], you must attend additional Language Development Tutorials (each week from week [3/4] to week [11/12] in order to pass the subject. These tutorials are designed to support you to develop your language and communication skills. Students who do not complete the OPELA and/or do not attend 80% of the Language Development Tutorials will receive a Fail X grade.
Content (topics)
- Introduction to compliance, regulation and legislation
- Stakeholders and their roles in financial planning
- The financial planning process
- The financial plan: development, implementation and monitoring
- The concepts underlying risk management
- Personal, general and compulsory insurance products
- Regulation and compliance
- Insurance law concepts and contract preparation
- Claims and taxation
- The client relationship: trust, compliance and ethics
Assessment
Assessment task 1: Online Quiz (Individual)*
| Objective(s): | This addresses subject learning objective(s): 1 and 3 |
|---|---|
| Type: | Quiz/test |
| Weight: | 20% |
| Criteria: |
*Note: Late submission of the assessment task will not be marked and awarded a mark of zero. |
Assessment task 2: Individual Assignment (Individual)
| Objective(s): | This addresses subject learning objective(s): 1 and 2 |
|---|---|
| Type: | Report |
| Weight: | 30% |
| Length: | Submissions should not exceed 15 pages (12 font, single spacing and 2cm margins) including title page, table of contents, executive summary and references. |
| Criteria: |
|
Assessment task 3: Presentation (Individual)*
| Objective(s): | This addresses subject learning objective(s): 2 and 4 |
|---|---|
| Type: | Presentation |
| Weight: | 20% |
| Criteria: |
*Note: Late submission of the assessment task will not be marked and awarded a mark of zero. |
Assessment task 4: Written Final Exam (Individual)
| Objective(s): | This addresses subject learning objective(s): 1 and 3 |
|---|---|
| Type: | Examination |
| Weight: | 30% |
| Criteria: |
|
Minimum requirements
Students must achieve at least 50% of the subject’s total marks.
It is a requirement of this subject that all students complete OPELA [or a written diagnostic task]. Students who received a Basic grade in the OPELA [or the written diagnostic task] are required to attend 80% of the Language Development Tutorials in order to pass the subject. Students who do not complete the OPELA and/or do not attend 80% of the Language Development Tutorials will receive a Fail X grade.
Required texts
Warren McKeown, Mike Kerry & Marc Olynyk (2017), Financial Planning 2nd Updated Edition, John Wiley and Sons. ISBN: 9780730343554 (ebook)
Available at: https://www.wileydirect.com.au/buy/financial-planning-2nd-update-edition/
Also available in digital form from UTS library https://ebookcentral.proquest.com/lib/uts/detail.action?docID=4857365
Other learning material will be placed on Canvas.
Recommended texts
Sharon Taylor (2019), Financial Planning in Australia: Advice and Wealth Management, LexisNexis ISBN 9780409351439 (ebook)
Australian Master Financial Planning Guide 2019/2020, CCH.
Students are also encouraged to read the e-magazine Professional Planner (http://www.professionalplanner.com.au/) for current topics in financial planning. The latest issues are free online.