BUSN3028 Personal Financial Planning

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This topic includes a 2-3 week placement with a Financial Organisation. Students have the opportunity to undertake their placement interstate.

Personal financial planning has become more important for those individuals who seek some advice on financial planning, financial planners and the government regulators who ensure that ethical standards are maintained by the professionals in giving planning advice. Furthermore personal financial planning has become more prominent in the product range offered by traditional financial services providers such as banks and investment funds. This topic is presented in two main stages. First, it introduces the role of financial planners and the regulatory framework within which financial planners are required to operate. Second, it examines various aspects of personal financial planning such as credit, estate planning, insurance, investment, social security, superannuation, and taxation. These key aspects help the development and implementation of sound personal financial plans.

This topic aims to provide students with the ability to:

• Describe and analyse the personal financial planning profession as a part of the financial services industry
• Apply relevent regulatory framework within which financial planning activities are performed
• Understand the financial reporting, taxation and mathamatical concepts useful in personal financial planning
• Apply financial instruments in developing financial plans
• Search and analyse the implications of other factors, such as the social security system, insurance protection, and estate planning, on the financial planning process
• Understand the process involved in developing personal financial plans
• Demonstrate the information, literacy and communication skills required by financial planners

1. Explain the role of financial planners and the premier industry associations (assignment/examination)
2. Identify the legal management and regulatory framework of the Australian Securities and Investment Commission (ASIC) (assignment/examination)
3. Describe the issues of taxation, allowable deductions, income, planning and dividend imputations (assignment/examination)
4. Examine investment either directly into various asset classes or managed funds (assignment/examination)
5. Discuss the cost and benefits of credit and ownership of fixed assets including home ownership (assignment/examination)
6. Describe superannuation and retirement planning options along with insurance (assignment/examination)
7. Examine the benefits available under the social security net, the need of wills, and the use of power of attorney in estate planning (assignment/examination)
8. Identify the role of pricing and performance management in enhancing the knowledge of financial management (assignment/examination)
9. Demonstrate the relationship between ethics and regulatory requirements (eg good faith, utmost good faith, full disclosure of remuneration/fees and any other conflicts of interest which may influence the adviser's recommendation (case study and assignment)
10. Describe skills required by the financial planner in ethics, disclosure and dispute resolution process (case study and assignment)