FINS5510 Personal Financial Planning
Personal Financial Planning
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FINS5510 Personal Financial Planning
INSTRUCTIONS
Adviser Engagement Assignment
Overview
In future, you may be practicing as a financial adviser. Even if you don't end up working
in the financial planning industry, you (or a member of your family) will likely need to
engage with a professional financial adviser to give you feedback on your ideas and to
help implement your financial plan. The purpose of this assessment is to assess your
ability to identify some important best practices and skills when providing financial
advice to clients. It is required that we assess this since this course is part of an
Approved Degree Program for practising as a financial adviser in Australia. The
assessment involves watching some videos of financial advisers interacting with clients
and answering two questions. The videos are on Youtube, with the link provided under
the ‘Adviser Engagement’ section of the course website. We have provided videos of
two advisers (Jeremy and Tristan) but you are only required to watch the videos of one
adviser. The questions are under the ‘Questions’ section of the Adviser Engagement
Instructions document. There is no word limit for your answers to the questions, but
most students write a total of between 1,000 and 3,000 words for this assessment (with
about half allocated to each question). The answer to both questions should be
submitted in Microsoft Word format using the Microsoft Word template provided.
Due Date
Assessment Due Date*
Adviser Engagement Assignment 1:00pm Monday Week 8 (30 Oct 2023)
* All times are Sydney time
Weight
The Adviser Engagement Assignment is worth 20% of your assessment for this course.
Late Penalties
Late submission will incur a penalty of 5 percentage points per day or part thereof
(including weekends) from the due date and time. An assessment will not be accepted
after 5 days (120 hours) of the original deadline unless special consideration has been
approved. An assignment is considered late if the requested format, such as hard copy
or electronic copy, has not been submitted on time or an incorrect document has been
submitted.
The late penalty applies to your score for the assignment (not the maximum possible
score). For example, if your raw score is 70/100 and the assignment is submitted 2
days late, a 10 mark penalty will apply and so your score would be reduced to 60/100.
Note that there is a small ‘grace period’ of a few minutes after the submission time to
allow for slow internet connections or slow website performance. No penalty will apply
Adviser Engagement Assignment
if the submission is within this ‘grace period’. Please do not email me asking if your
submission falls within this grace period.
Since this assignment can be submitted at any time during the term, the maximum
period of special consideration that will be granted for this assessment (for any reason)
is 7 days from the original due date. Also, the maximum extension that will be granted
for Equitable Learning Plans will also be 7 days from the original due date. Any
submissions received after this will automatically be awarded a score of zero.
Special Consideration
Special consideration will only be granted in exceptional cases. You should work on
this assignment well before the due date. Being ill on the day before the assessment
due date will not normally constitute grounds for special consideration.
If special consideration is granted, the maximum extension that will be granted is
7 days from the original due date. Any assignments received more than 7 days from
the original due date will automatically be awarded a score of zero.
An application for Special Consideration together with supporting documentation must
be submitted online within 3 working days of the due date.
Individual Assessment
This is an individual assessment. All written work must be your own work. Seeking
assistance with your written work or research constitutes academic misconduct.
Seeking assistance from Artificial Intelligence computer programs also constitutes
academic misconduct. Providing assistance to any other student also constitutes
academic misconduct. Copying or paraphrasing the work of any other student (from
current or previous terms) constitutes academic misconduct. Basing your answer on
an assignment submitted by another student is academic misconduct. Providing a copy
of your assignment to another student is academic misconduct. Posting a copy of your
assignment on a website is academic misconduct (except for submitting your
assignment on the course website under the appropriate submission link).
If another student approaches you for assistance, please note the time, date and
details of the incident and email the details to me at [email protected] .
For some students, English is not your first language and so you may not feel confident
with your English grammar. In this course, obtaining assistance from someone else to
help correct spelling or grammar is not considered academic misconduct.
UNSW has no tolerance for students who are dishonest. Academic misconduct is a
serious offence. It can result in zero being awarded for this assessment, a failure grade
for the course and/or removal from the University.
Adviser Engagement Assignment
No Artificial Intelligence
Using Artificial Intelligence programs or services is not permitted in this assessment.
There are two exceptions to the above ‘no use of Artificial Intelligence’ rule. Students
for whom English is their second language are allowed to use Artificial Intelligence
programs (such as Google Translate) to translate from their native language into
English or to translate from English to their native language. Students with writing
difficulties are allowed to use Artificial Intelligence programs (such as Grammarly) to
help correct their spelling and grammar.
Videos
The videos for this assignment are on Youtube under the ‘Adviser Engagement’
playlist. The link to this playlist is provided under the ‘Adviser Engagement’ section of
the course website.
Tristan Scifo (Purpose Advisory) and Jeremy Chiel (Stonehouse Group) have provided
some roleplays that demonstrate some ‘good’ and ‘bad’ examples of interactions with
clients. You are only required to watch the videos from one adviser, but better
submissions will draw examples from the videos of both advisers. To make it clear
which roleplays are ‘bad’ and ‘good’, I have included ‘Good’ and ‘Bad’ in the titles
before each section of the video. The bad examples are pretty funny at times, so sit
back and have a good laugh. Note that there are both ‘good’ and ‘bad’ versions of
Jeremy’s videos but some of Tristan’s roleplays only have ‘good’ versions.
There are some additional videos of Alexander Pan, who is a compliance officer in the
financial planning industry. These may be useful to watch as you attempt to formulate
your answer to Questions 1 and 2.
These videos work best when you watch them on your large-screen TV in your media
room. Sit back, grab the popcorn and enjoy watching them (taking notes as you go)!
Questions
There are two questions that you must answer. Please use headings for ‘Question 1’
and ‘Question 2’ and answer them separately. Parts (a) and (b) within a question do
not need separate headings and can be answered holistically or as two separate parts
(the choice is up to you). Each question is marked separately and so it is okay for you
to repeat arguments or examples that you used in Question 1 for your answer to
Question 2.
Question 1 (50 marks)
a) Provide specific examples of situations in which Tristan and/or Jeremy attempted
to evaluate, analyse and communicate a deep understanding of the client’s
Adviser Engagement Assignment
situation, financial resources, financial goals, budget, risk perceptions, investment,
insurance and other financial planning needs. Provide specific examples of
situations in which they failed to do so.
b) Explain why it is an important part of the financial planning process for a financial
adviser to have a deep understanding of the client’s situation, financial resources,
financial goals, budget, risk perceptions, investment, insurance and other financial
planning needs before preparing a Statement of Advice (financial plan) for the
client.
Question 2 (50 marks)
a) Provide specific examples of steps or actions that Tristan and/or Jeremy undertook
to apply ethical principles, professional standards and/or comply with legislation
and regulations as they interacted with their clients. Provide specific examples of
situations in which they failed to do so.
b) Explain why it is an important for financial advisers to apply ethical principles,
professional standards and to conform with legislation and regulations when they
interact with their clients.
Word Limit
There is no word limit to this assignment. The expected total number of words for
both questions is somewhere between 1,000 and 3,000 words. If you would like to
write more than 3,000 words, you are welcome to do so. Roughly half of the total word
count should be allocated to each question. Each question has two parts (a and b).
There is no specific mark allocation provided to each part of the question since each
question is graded holistically (based on both parts). The ‘a’ and ‘b’ parts are provided
to make each part of the question clear. In the past, students normally write a roughly
similar number of words on parts a) and b) for each question.
Writing Style
You should adopt a ‘report’ writing style for this assignment. This means that you can
use headings and make selective use of bullet-points, tables or diagrams (if
appropriate).
Please use headings for ‘Question 1’ and ‘Question 2’ and answer them separately,
since I mark each question separately. You may also include ‘a’ and ‘b’ labels for each
question part, but this is not required. You can choose to answer a question holistically
(covering both part a and b) in one integrated answer or you can answer each part
separately. However, remember that Questions 1 and 2 must be answered separately
and you should use separate headings for them.
Adviser Engagement Assignment
References and citations
When citing specific videos in your answer, please just use the adviser name and the
timecode reference (mm:ss) in brackets. Full references and citations to the adviser
videos are not required since they are the focus of this assessment. For example, if
you are referring to the video with Jeremy Chiel to a timecode reference of 10 minutes
15 seconds, use the following in-text reference (Jeremy Chiel 10:15). There is no need
to include the adviser videos in your list of references.
If you would like to reference my lecture slides, an informal approach is acceptable.
Please just reference the title of the Unit and the slide number. There is no need to cite
my name or treat it as a published work. There is no need to include my lecture slides
in your list of references.
Citations and references for any other article or website should follow standard
university assignment citation and referencing principles. You may use Harvard,
Oxford or APA referencing (see below).