FPC009 Complex Financial Planning

Assignment details

• This assignment covers all topics and accounts for 60% of your final
• Following your analysis of the case study provided for clients Mike and Delilah Samson, you will be required to produce a statement of advice (SOA) that addresses their financial situation and goals and You will be assessed on the quality of your advice and the way your SOA is compiled. (While guidance tasks to assist you to complete the SOA are included in Part 2, you should not submit any separate notes or analysis in relation to these. Your analysis and findings from completing these tasks should be incorporated in your SOA.)
• There are three (3) parts to completing your assignment:
  • Part 1: Instructions for completing the assignment
  • Part 2: Developing the advice
  • Part 3: The statement of
• Your overall mark for this assignment will be rounded to the nearest whole
• Word limit: Your response to the assignment tasks should not exceed 7,000 words. Marks will only be awarded for your assignment response up to the word limit, plus 10% for the overall assignment. Any material written in excess of the limit will not be eligible for marks consideration, so it is important to be not only communicative but also concise and selective in the manner of your responses. Numerical tables, calculations and reference lists are not included. For more information on word counts and their rationale, go to Assessment à Assignment à Assessment Preparation
• Assignment structure:
  • Use of software: You may use financial planning software to assist in modelling strategic options for the clients and for preparing the SOA, provided you personalise the content and ensure that it is clear, concise and effective and conforms to the structural guidelines for an SOA contained within the sample SOA in Topic 4, located beneath your subject notes and required readings. Your SOA document must be formatted and presented in a professional manner that would be appropriate to provide to a client.
  • If you use software, please ensure that you include in the reference list the software provider name, software version number, Licensee name and Licensee

Example reference list

<insert software name><insert year><insert version number>, <Insert Licensee name and number>,<insert name of software provider>

Xplan 2021 v12, ABCFinplanning lic: 123451, Iress Ltd.

• Use of template: You may use the Sample SOA provided in Topic 4, located beneath your subject notes and required readings, as a guide to assist you in formatting your SOA in a Word document. Any use of templates, software, products recommended, and independent research must have in- text citations and be included in your reference list.

• Refer to the Mark allocation grid and Criteria-based Marking Guide for guidelines on the allocation of marks and what is expected for each section. To assist you in satisfactorily completing the assignment, five (5) ‘best interests’ guidance tasks have been incorporated. You should address all five tasks when constructing your
• You may need to undertake research beyond the subject notes to complete this assignment. You should conduct as much research as needed to give quality advice and fulfil your obligations as a financial
• Full workings must be shown for all Show all calculations in the text of your assignment and

not attached as an appendix. Only appendices specified in the assignment will be read.

• Indicative weightings are noted beside each question. Use these weightings to assist you with your allocation of time and The weightings indicate the relative importance of each question.
• State all assumptions used in providing your

Independent research

For some or all questions in this assignment, you will be required to complete independent research beyond the provided materials. You will also be expected to analyse this research and use it to support your own reasoned conclusions.

This includes:

• consideration of multiple sources beyond topic notes or other provided resources
• sources included are academically sound and credible
• analysing and understanding the argument or information the source presents
• using the material appropriately to directly support your

Where significant independent research is required for a given question, it will be clearly indicated in the question instructions and the Criteria-Based Marking Guide.

Assignment research and referencing (5 marks)

Your assignment should be presented in a clear and appropriate format, with all sources correctly referenced and cited.

You are required to:

• structure a clear response to each question, using headings if required
• number questions (including sub-questions) and pages
• use correct font style and size
• ensure tables or graphs are clearly labelled and readable
• clearly set out calculations or workings, where they are required
• adhere to the assignment word limit
• follow the Harvard referencing style as recommended in Kaplan Australia: Harvard Referencing Guide (available from the ‘Build Your Skills’ hub in KapLearn) to cite sources throughout your assignment, and provide a reference list at the

Part 1: Instructions for completing the assignment

The assessment

You will be assessed on your ability to analyse the quantitative and qualitative information given to you about clients Mike and Delilah Samson, who are requiring financial planning advice, and to then produce a statement of advice (SOA) in a form which complies with best interests duty obligations and the

‘safe harbour’ advice elements described in section 961B(2) of the Corporations Act 2001 (Cth) and ASIC Regulatory Guide RG 175 ‘Licensing: Financial product advisers—Conduct and disclosure’.

To develop the advice, you will need to prepare taxation and cash flow statements as well as a net worth statement for the clients covering their current situation, in addition to their situation if they implement your recommendations.

The assignment requirements

You should read the whole assignment first, so you understand the process you must follow, and the outcomes required at each stage. Reading all sections will provide guidance on what is required.

Read the case study thoroughly so you understand the clients’ objectives, needs, values and attitudes.

Word count

The maximum word count for this assessment is 7,000 words. Your work should be clear, concise and effective as required by Regulatory Guide 175 (RG 175). Your advice should be tailored to the needs of these clients and their situation and should not include standard text irrelevant to their circumstances.

Research

You will likely have to refer to your internal resources or research websites in preparing your advice. You will also have to research appropriate financial products that can meet the clients’ needs.

Use of your company’s resources

You may find it useful to use resources with which you are familiar. For instance, you may transfer the facts of the case to a fact find document to assist with your analysis of the clients’ objectives, needs and financial circumstances.

You may use proprietary software and/or reliable industry calculators for calculations and modelling. If applicable, you may also use your company’s SOA template to assist in developing your SOA.

However, overuse of templated paragraphs that are not specifically relevant or tailored to the client’s circumstances will be penalised. An SOA template has also been provided for you in the appendices of this document. You may use these templates in your assignment.

Alternatively, you can write your own SOA using spreadsheets for calculations and modelling; however, note the comments above on word count. Again, as noted above, you are expected to tailor the document to the needs of the clients.

Please note that you must reference your SOA, for referencing instructions refer to your Assignment details section.

Part 2: Developing the advice

Financial advisers must act in the best interests of their clients as described in section E of RG 175 and under the Code of Ethics.

One way to demonstrate that you are acting in the clients’ best interests is to follow the steps of the ‘safe harbour’, also described in RG 175.

The first five (5) guidance tasks set out below follow the steps of the safe harbour process and are designed to assist you as you construct your SOA. Refer to the sixth (6th) guidance task to ensure you have included all required components in your SOA. It is important to remember that even if you have followed the safe harbour steps, you may need to go further to comply with your best interests duty obligations under the Code of Ethics.

Note: You should not submit any separate notes or analysis in relation to these. Your analysis and findings from completing these tasks should be incorporated into your SOA.