Advanced Diploma of Paraplanning

Introduction to finance principles (IFP) is an optional introductory subject for students who are new to industry (less than 6 months experience in the finance sector). Students may complete Introduction to finance principles (IFP) prior to studying the four subjects in the FNS60920 Advanced Diploma of Paraplanning.

Introduction to finance principles (IFP) provides students with a foundational understanding of the financial industry and a basic understanding of accounting principles and financial statements prior to commencing their studies in FNS60920 Advanced Diploma of Paraplanning.

Note: there are no units of competency issued for the Introduction of finance principles (IFP) subject.

Learning outcomes

On successful completion of Introduction to finance principles (IFP), students will have a basic understanding of:

• The finance industry
• Accounting principles
• Financial statements

Topics

• Topic 1: Introduction to business finances
• Topic 2: Accounting principles
• Topic 3: The balance sheet
• Topic 4: The income statement
• Topic 5: Statement of cash flows
• Topic 6: Analysing and interpretation of financial statements
• Topic 7: Cost behaviour analysis
• Topic 8: Budgeting and forecasting

Financial planning fundamentals (ADP1) is the first of four subjects of the FNS60920 Advanced Diploma of Paraplanning. This subject introduces students to the role of the professional paraplanner within the context of the evolving legal, regulatory, ethical, economic, and organisational environment of financial planning.

Students will demonstrate their knowledge and skills by preparing reports based on their research and analysis for a range of areas relevant to a paraplanner’s role.

Learning outcomes

On successful completion of financial planning fundamentals (ADP1) students should be able to:

• Explain how legislative, regulatory, ethical, economic, and organisational considerations impact on the role of a paraplanner
• Prepare effective reports based on research and analysis on a range of areas relevant to a paraplanner’s role
• Demonstrate effective written, oral, and digital communication skills with a range of stakeholders
• Establish effective personal and organisational work procedures and practices to support the six-step financial planning process.

Topics

• Topic 1: Introduction to paraplanning and financial advice
• Topic 2: The financial planning practice and process
• Topic 3: Economic environment for financial planning
• Topic 4: The finance industry
• Topic 5: Legislation relevant to financial services
• Topic 6: Ethics, standards, and professionalism
• Topic 7: Communication and relationship skills
• Topic 8: Compliance and risk management
• Topic 9: Effective work and organisational practices

The Research, analysis, and product recommendations (ADP2) subject provides students with an in-depth understanding of the six-step financial planning process. Students will draw on knowledge and skills gained in the Financial planning fundamentals (ADP1) subject, then apply research, analysis, and problem‑solving skills to develop a series of recommendations that focus on the technical areas of life insurance, managed investments, and superannuation

Students will demonstrate their knowledge and skills by confirming information and instructions with stakeholders, then presenting and discussing proposed recommendations with authorised representatives.

Learning outcomes

On successful completion of Research, analysis, and product recommendations (ADP2) students should be able to:

• Source and record client personal and financial information and needs from fact find documents, file notes and other sources
• Conduct research into relevant strategies and products to address client needs
• Apply relevant analysis techniques and technology (including modelling) to analyse suitability to meet client needs
• Develop appropriate proposed recommendations which meet required legislative, regulatory, ethical, economic, and organisational requirements
• Demonstrate effective written, oral, and digital communication skills with a range of stakeholders
• Implement effective personal and organisational work procedures and practices to support the six-step financial planning process.

Topics

• Topic 1: Providing financial advice – licensee and advice obligations
• Topic 2: Initial client meeting – data collection and scoping advice
• Topic 3: Introduction to taxation
• Topic 4: Overview of insurance products
• Topic 5: Overview of managed investments
• Topic 6: Overview of superannuation
• Topic 7: Overview of social security
• Topic 8: Overview of estate planning
• Topic 9: Research, data analysis and recommendations
• Topic 10: Making recommendations

In the Present, implement and assess the financial plan (ADP3) subject, students continue to focus on the six-step financial planning process, with a particular focus on preparing and presenting advice documents, including implementing recommendations.

Students will apply knowledge and skills in developing personal financial advice recommendations, constructing compliant advice documents including Statements of Advice (SoA) and Records of Advice (RoA) in superannuation, managed investments, and life insurance.

Learning outcomes

On successful completion of Present, implement and assess the financial plan (ADP3), students should be able to:

• Explain the legislative obligations, and regulatory and organisational requirements for creating and presenting compliant personal advice documents
• Select and develop technical strategies which optimise outcomes for clients and consider benefits, risks, advantages, disadvantages, and costs
• Prepare and present to financial advisers clear, concise, and effective advice documents which incorporate all required legislative and organisational requirements, including required disclosures
• Demonstrate effective written, oral, and digital communication skills to prepare, present and implement personal financial advice
• Integrate continuous improvement into personal and organisational processes and practices to support the six-step financial planning process.

Topics

• Topic 1: Creating effective and compliant financial advice
• Topic 2: Financial and mathematical concepts and calculation
• Topic 3: Preparing insurance advice
• Topic 4: Preparing managed investments advice
• Topic 5: Preparing superannuation advice
• Topic 6: Finalising advice documents
• Topic 7: Advice implementation and ongoing advice and service

In the Develop complex (multi-strategy) advice (ADP4) subject, students will integrate knowledge and skills gained in the previous subjects to produce effective and compliant multi-strategy advice in life insurance, managed investments, and superannuation.

Students will demonstrate their application of knowledge and skills, as they identify, research, and analyse advice issues for fictitious client scenarios with multiple needs and objectives across a variety of technical advice areas, then develop comprehensive and compliant personal advice documents.

Learning outcomes

On successful completion of Develop complex (multi-strategy) advice (ADP4) students should be able to:

• Analyse complex client personal and financial scenarios to identify, quantify and prioritise client needs
• Assess suitable strategy and product options to meet multiple and potentially conflicting needs of clients
• Determine, develop, present, and finalise comprehensive and compliant initial and ongoing personal financial advice documents
• Demonstrate effective communication skills with a range of stakeholders
• Develop a personal development plan which incorporates self-reflection and stakeholder feedback.

Topics

• Topic 1: Developing complex (multi-strategy) advice
• Topic 2: Writing effective, compliant multi-strategy advice documents
• Topic 3: Wealth creation (accumulation) strategies
• Topic 4: Wealth creation (accumulation) case study
• Topic 5: Retirement (wealth utilisation) strategies
• Topic 6: Retirement (wealth utilisation) case study
• Topic 7: Ongoing advice for complex (multi-strategy) clients

The 12 units of competency are awarded for the successful completion of the qualification; 9 core and 3 electives. For information on the units of competency see the course outline in the Subject Overview tab.

For individuals who are new to industry (less than six (6) months’ experience), Kaplan Professional provides an optional introductory subject IFP: Introduction to Finance Principles. In this subject, individuals are provided with an introduction to finance, including budgeting and forecasting, balance sheets, income statements, cash flows and accounting principles.

IFP: Introduction to Finance Principles – optional (separate to the qualification)

Individuals must enrol in all four subjects in the FNS60920 Advanced Diploma of Paraplanning, and complete them in sequential order below:

• ADP1 Financial planning fundamentals
• ADP2 Research, analysis, and product recommendations
• ADP3 Present, implement and assess the financial plan
• ADP4 Develop complex (multi-strategy advice)

This course is delivered online via Kaplan Professional’s learning management system, KapLearn.

You’ll receive login details to KapLearn on enrolment. When you log into KapLearn, you’re able to access the subject notes, assessments and additional learning materials. This includes media, case studies, practice activities and your online tutor. It also includes an additional subject room which houses a simulated financial planning practice to provide you a unique real-world learning experience.

Assessments are accessed and submitted through KapLearn.

Corporate clients should contact our Corporate Solutions Representatives at corporate@kaplan.edu.au to discuss delivery options and how we can further tailor our training to meet your business needs.

Individuals may be able to obtain Recognition of Prior Learning (RPL) for a Kaplan award subject based on their previous study and/or work experience. To do this, individuals must submit evidence that demonstrates they have already met the requirements of the subject through these other means.

Evidence can take many forms, such as information about approved study, information about work experience, certificates, transcripts or other credentials.

To find out if you are eligible for RPL, refer to our Credit Transfer and Recognition of Prior Learning.