Introduction
A comprehensive financial plan will contribute towards the quality of a person's life by reducing the uncertainty about their future needs and the resources that will be available to meet them. This unit is an introductory course examining what is involved in organising and managing an individual's financial resources, and how to protect, maximise and enjoy the benefits obtained from these resources. The financial planning industry has undergone significant change commencing from March 2004 with the implementation of the Financial Services Reform Act 2001 (FSRA). The aim of the unit is to provide a sound understanding of the process of financial planning, together with some of the fundamental skills and knowledge that are required. In line with these objectives, each of the recognised steps in the financial planning process that have been developed by financial planners will be examined in detail, namely: gathering qualitative and quantitative data; identifying goals; identifying financial problems including: setting priorities, deciding on trade-offs and considering opportunity costs; preparing or interpreting written recommendations; implementing agreed-upon plans; and, reviewing, revising and maintaining personal financial plans. The `key areas' that are important for the financial planning process are examined, namely: the regulatory framework; investments; managed funds; superannuation; home ownership; risk management and insurance; taxation; consumer credit; social security; estate planning.
Summary
| Unit name | Introduction to Financial Planning |
| Unit code | BFA508 |
| Credit points | 12.5 |
| College/School | Tasmanian School of Business and Economics |
| Discipline | Accounting |
| Coordinator | Doctor Ayobolawole Ogundipe |
| Delivered By | University of Tasmania |
| Level | Postgraduate |
Sustainable Development Goals
The Unit Coordinator has identified that this unit aligns with the following UN Sustainable Development Goals. We welcome your thoughts and feedback on the alignment of the unit with these goals.
Availability
Specific information on 2027 unit availability will be available in August
Learning Outcomes
- Critique the advisory functions of financial planners. within the adviser/client relationship
- Analyse the Australian legal framework within which financial planners operate.
- Apply sustainable financial planning process steps to client scenarios.
- Evaluate the ethical considerations and professional conduct requirements
Fee Information
2027 fee information will be available in August.
Teaching
| Teaching Pattern | For each of the Topics there are workshop power point slides, online presentation material and video interviews that introduce key concepts. The 12 topics /weeks are for students to use as readings and source material. The on-campus classes will be delivered in intensive three-hour block workshops, four times a semester. There are 12 x 1 hour weekly online workshops across the semester. |
|---|---|
| Assessment | Assignment analysis (25%)|Workshop participation activities (35%)|Project (40%) |
| Timetable | View the lecture timetable | View the full unit timetable |
Textbooks
| Required |
McKeown, Olynyk, Kerry, Cianco, La, 2021, Financial Planning, Essentials Edition, Wiley, E-Book or Paperback |
|---|---|
| Recommended | Taylor, S; Juchau, R, 2021, Financial Planning in Australia Essentials Edition, LexisNexis Butterworths, Sydney Russell, S 2019, Behavioural Finance: A Guide for Financial Advisers, Simon Christopher Russell at Trustee for the BCF Consulting Services Trust. Lawson, C, Gill, R, Feekery, A Witsel, M, Lewis, M & Cenere, P 2019, Communication Skills for Business Professionals, second edition, Cambridge. Ackert, L & Deaves, R 2009, Behavioral Finance: Psychology, Decision-Making, and Markets, 1st edn, Cengage Learning https://faaa.au/ |
The University reserves the right to amend or remove courses and unit availabilities, as appropriate.