Your task [Overall – Parts A and B]
Based on the interview transcript ‘Brendon – Initial Client Interview’ (below) you are required to prepare a detailed file note [strategy paper] using the templates provided on L@G.
As detailed below and on L@G, your file note [strategy paper] will be broken down into two parts, Part A and Part B, to enable you to receive feedback on your initial submission. Please refer to the submission section below and the specific Part A and Part B instructions for more information on what is required for each part.
Overall, your final file note [strategy paper], ‘Part B’, should include an overview of the interview with Brendon, including his current situation, his goals and objectives and any issues raised; and then based on this information, your strategic recommendations that address how he should achieve these goals. These recommendations should include wealth creation (both inside and outside of superannuation), wealth protection (insurance), estate planning, social security and lifestyle recommendations (as appropriate).
In practice, your file note [strategy paper] would most likely go to a paraplanner who would use the recommendations (and reasoning) given in this to prepare a Statement of Advice (SOA) for Brendon. However, you are not required to prepare a SOA.
Please note that a standard SOA template generally contains generic information such as what is a managed fund, what is total and permanent disability insurance etc. Accordingly, you are not required to include generic product information such as this in your submissions. Instead, the focus of your submission should be your strategy recommendations (and reasons why etc) as indicated in the Part A and Part B instructions.
• Your submission must be prepared using the relevant template provided on L@G;
• Your submission is a strategy document only, as such you are NOT required to price any actual quotes or recommend specific investment products;
• As illustrated in the templates, please bullet point your responses.
The purpose of this assessment item
This assessment item is a practical, real world assessment task. It has been designed to assist students in putting the course content into practice to enable greater understanding, as well as increasing student’s work-readiness for those intending on pursuing a career in financial planning.
This assessment task is also designed to assist students in preparing for latter courses, such as Applied Financial Planning which requires students to complete a full SOA, the next step in the financial planning process.
It is important that you refer to the Part A and Part B Marking Rubrics (in the Assessment folder on L@G) which details the expected standards of each section of the file note [strategy paper].
The assessment is worth a total 80% of your final grade, that is, 20% for Part A and 60% for Part B. You will be advised of your mark via ‘My Marks’ on L@G.
Resources provided
Please refer to L@G (Assessment folder) for the required templates for Part A and Part B and detailed Part A and Part B instructions which provide important information on how to complete these. The Part A and Part B instructions also include answers to frequently asked questions as part of the Appendices.
You will also find several short videos on L@G to help you get started and to help clarify certain areas of the assignment; these include:
• Assignment background: contains further information as to the purpose of the assignment and the rationale behind the assessment design.
• Getting started: how to complete Part A: goes through how I would complete Part A and some tips and tricks on completing your assignment.
• Investment choices: goes through what you need to include in the wealth creation / lifestyle recommendation sections of your file note [strategy paper], including the level of detail required.
• Future value calculations: goes through how to complete the future value calculations, why these are required as part of your file note [strategy paper], and what you need to include in your Appendices.
• Getting started: how to complete Part B: goes through how I would complete Part B and some common concerns to watch out for.
• Part B: wealth creation: provides additional assistance in allocating your clients funds over all their wealth creation goals and how to complete the superannuation / retirement planning section of your assignment.
As previously noted, your Assignment will be submitted in two parts as follows:
• Part A: You are required to submit your intended wealth creation recommendations (outside superannuation), together with any lifestyle recommendations for feedback. This is worth 20% of your final grade. More details on Part A, including specific instructions, a Part A template and marking guide are available on L@G.
• Part B: You are required to submit your full file note [strategy paper] as detailed above. This is worth 60% of your final grade. Part B includes any wealth creation / lifestyle recommendations for Brendon, which may or may not be the same as your Part A recommendations. Based on your Part A feedback, you can choose to update / change your recommendations as desired.
All submissions must be submitted via the Blackboard Assignment submission point on L@G (within the assessment folder) and an electronic coversheet must also be completed. Further instructions on this and the specific due dates for Part A and B are provided on L@G.
Finally, it is your responsibility to ensure you upload the correct file and the complete assignment is submitted by the due date. Please note you may submit your assessment item as many times as you like prior to the due date. Your final submission will be marked and count towards your final grade.