TPLA606 Financial Planning Capstone

This capstone unit will draw upon and consolidate the knowledge and skills acquired in previous units in the course. Learning goals will be achieved through the use of selected case studies and one large and comprehensive research task, being the preparation of a complete Statement of Advice (SoA) (or ‘financial plan’) for a simulated client and the conduct of appropriate negotiation around that advice.

It is expected that students will have acquired all prerequisite knowledge through prior studies in financial products, wealth creation, investments, insurance, risk management, superannuation, retirement planning, business and taxation law and be able to derive solutions where needed in other areas not fully studied prior to this unit such as estate planning and self-managed superannuation funds.

Students will be required to identify through research and then critically evaluate a range of financial planning strategies to prepare a full Statement of Advice relevant to a simulated client that complies with legal, ethical and regulatory requirements.

Scenarios may involve high net worth clients, complex legal, regulatory or estate issues and a range of financial products and investment categories. The scope and detail of the Statement of Advice will reflect client requirements, objectives and expectations as well as regulatory and organisational constraints. In addition to drawing upon and consolidating technical knowledge, the preparation of a full Statement of Advice exposes students to necessary financial planning practices and processes such as documentation, record keeping, research, file management and review which collectively underpins successful client-adviser relationships.

At the conclusion of this unit students will have a deep understanding from a client’s perspective of the intended outcomes of the financial planning process: the initial client interview, conducting a “fact finder”, analysis of goals and circumstances, selection and evaluation of appropriate products, critical evaluation of alternatives and the implementation of advice and a follow-up review. The written Statement of Advice assessment task will be accompanied by an oral presentation and negotiation of the advice.