CO-FINS2643-Term 2-FINS2643 Wealth Management - 2021 PDF

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UNSW Business School Course Outline

FINS2643 Wealth Management - 2021 Study Level Undergraduate

Term Term 2

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UOC 6 Units of Credit

Location On Campus

School Banking & Finance

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1. Course Details Summary of Course Real people are different from agents in standard economic theory regarding goals, objectives, well-being, financial literacy, decision-making process, and biases. This course applies finance and behavioural science to a professional financial planning process to manage wealth and other clients' financial planning needs. After describing the regulatory environment of financial advice and the taxation system in which people make financial decisions, this course considers financial choices along the typical life cycle: savings, homeownership and consumer credit, asset allocation, portfolio construction, insurance, and retirement planning. Client engagement and communication skills are integrated into each step in the financial planning process. The course finishes with financial advisers' ethics and professional standards.

Teaching Times and Locations Please note that teaching times and locations are subject to change.Students are strongly advised to refer to the Class Timetable website for the most up-to-date teaching times and locations. View course timetable

Course Policies & Support The Business School expects that you are familiar with the contents of this course outline and the UNSW and Business School learning expectations, rules, policies and support services as listed below: Program Learning Outcomes Academic Integrity and Plagiarism Student Responsibilities and Conduct Special Consideration Protocol for Viewing Final Exam Scripts Student Learning Support Services Further information is provided in the Assessment and Policies and Support sections. Students may not circulate or post online any course materials such as handouts, exams, syllabi or similar resources from their courses without the written permission of their instructor.

Course Aims and Relationship to Other Courses FINS2643 is one of the nine courses required to claim the UNSW B.Com (from 2021) as a FASEA Approved Degree for financial advisers. These nine courses are FINS1612, FINS2624, FINS2643, FINS3631, FINS3637, FINS3639, TABL1710/2710, TABL2741, andTABL2751. FINS2643 focuses on: • Apply insights into human behaviour, biases, and other limitations in making financial planning decisions • The financial planning process, its institutional environment, and associated client engagement skills • Understanding the nature and regulations of key financial products The focus on applying finance and behavioural sciences to professional financial planning advice to retail business.unsw.edu.au - CRICOS Code 00098G View course outline in browser

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clients differentiates this course from other investment and portfolio management courses. This course assumes knowledge and skills in financial markets, securities valuation, and portfolio management that you gain from FINS1612 and FINS2624. It does not focus on portfolio or trading strategies per se. Advanced investment valuation and strategies, sustainable investing, and securities trading courses are FINS3640, FINS3641, FINS3644, and FINS3666. FINS3655 covers behavioural finance in general.

Student Learning Outcomes The Course Learning Outcomes (CLOs) are what you should be able to demonstrate by the end of this course, if you participate fully in learning activities and successfully complete the assessment items. CLOs also contribute to your achievement of the Program Learning Outcomes (PLOs), which are developed across the duration of a program for all coursework students in the Business School. More information on PLOs is available under Policies and Support . PLOs are, in turn, directly linked to UNSW graduate capabilities and the aspiration to develop “globally focussed graduates who are rigorous scholars, capable of leadership and professional practice in an international community”. The following table shows how the CLOs for this course relate to the overall PLOs and indicates where each CLO and PLO is assessed:

Course Learning Outcomes

Program Learning Outcomes

Course Assessment Item

On successful completion of the course, you should be able to:

This course helps you to This learning outcome will be develop the following assessed in the following Program Learning items: Outcomes:

Identify, evaluate, analyse, communicate and negotiate client resources, financial goals, budget, insurance needs, and risk perceptions.

PLO 1: Business knowledge PLO 2: Problem solving PLO 3: Business communication

Class Contributions Financial Plan Blog Mid-term Exam Final Exam

Explain the basic operation of the Australian taxation and social security system and suggest effective strategies for financial planning.

PLO 1: Business knowledge PLO 2: Problem solving PLO 3: Business communication

Class Contributions Financial Plan Blog Mid-term Exam Final Exam

PLO 1: Business knowledge PLO 2: Problem solving PLO 3: Business communication

Class Contributions Financial Plan Blog Mid-term Exam Final Exam

PLO 1: Business knowledge PLO 2: Problem solving PLO 3: Business communication

Class Contributions Financial Plan Blog Mid-term Exam Final Exam

Use finance theory and evidence as foundation to explain, recommend and evaluate home ownership and long-term investment strategies given client objectives, risk profile and constraints. Explain, analyse, and recommend appropriate retirement planning strategies including the use of superannuation funds, self-managed superannuation funds, home ownership and and insurance products.

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Course Learning Outcomes

Program Learning Outcomes

Construct, analyse, implement and review a complying personal financial plan.

PLO 1: Business knowledge PLO 2: Problem solving PLO 3: Business communication

Financial Plan Blog Mid-term Exam Final Exam

PLO 1: Business knowledge PLO 2: Problem solving PLO 5: Responsible business practice PLO 7: Leadership development

Class Contributions Financial Plan Blog Mid-term Exam Final Exam

Explain and apply ethical principles, professional standards and regulation in providing personal financial advice.

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Course Assessment Item

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2. Staff Contact Details Position Title

Name

Email

Location

Phone

Consultation Times

Lecturer- Mr incharge

Nidal Danoun

Email

UNSW Business School building

–

appointment for phone consultation

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3. Learning and Teaching Activities Approach to Learning and Teaching in the Course The course's overall objective is to enable students to acquire the knowledge and skills required to implement the financial planning process personally and professionally. It emphasises the understanding of behavioral aspects of people, client engagement, and communication skills. The instructor helps by providing instructions, curating materials, and setting assessment tasks. You learn by actively reviewing study materials, making study notes, complete learning activities, ask questions, providing feedback, and interacting with group members. We design assessment tasks to support and incentivise these activities. There is a substantial amount of readings in this course. There are timeless elements in human, finance, communication knowledge, ethical principles, and financial planning structure. However, there are also impermanent regulatory structures and parameters. The final solution of a specific financial planning problem depends on the interactions between the timeless elements and the impermanent environmental parameters. Financial planning is an emerging field; existing textbooks and reference materials available in the market do not satisfy all the course goals. You should be pragmatic when you read and focus on three questions: 1. What a. are the relevant timeless knowledge, relationships, and insights? b. are the regulations and parameters for defining, solving the problem, and for providing advice? 2. Why a. What financial planning problems that this piece of learning material could help your to solve? 3. How a. Can you recognise the issue or problem if you are presented with a situation? b. What would be your recommendation when presented with a situation? To achieve a high grade in this course, it is essential that you 1. work consistently (do not cramp in the last minute), 2. have hands-on experience in the step-by-step application of the financial planning process, and 3. master the distinctions between the timeless and impermanent elements of course materials.

Learning Activities and Teaching Strategies Lectures The instructor produces slides and lectures to set out the main concepts and framework for each topic. These instructions synthesize materials from the textbook and other sources and provide the first attempt to identify the timeless financial planning knowledge and the impermanent environment. You are encouraged to add your refinements and insights via your blog (see Assessments). Class Contribution Activities Class contribution activities consist of pre-lecture surveys and self-assessment exercises.

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A series of short videos have been designed to motivate and contextualize each topic. You should watch these short videos and complete the associated survey activity BEFORE lectures. Meaningful attempts generate marks. Self-Assessment exercises provide you with an opportunity to apply the materials in lectures and reading materials. They are warm-up for tests and designed to increase your confidence and competence in technical and critical skills. Correct answers generate marks. Blog You reflect and apply the material using an online journal. It encourages habits of imagination, deep and life-long learning that are beyond technical competency. Tutorial The weekly tutorials provide you with an interactive environment to enhance your learning and interpersonal skills. These tutorials include exercises and presentation of your research. You build client engagement skills by interacting with others while being mindful of behavioural and cultural diversity.

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4. Assessment Formal Requirements In order to pass this course, you must: achieve a composite mark of at least 50 out of 100; meet any additional requirements described in the Assessment Summary section. You are expected to attempt all assessment requirements in the course.

Assessment Structure Assessment Task Class Contributions Mid-Term Test

Financial Planning Blog

Weighting

Length

20%

–

20%

20%

1hr (Module 1-3)

–

Due Date On going Week 5

Topic 1-2 Week 3 Topic 4-9 and Executive Summary

Final Exam Total

40% 100%

2 hours

Centrally Managed TBA

–

–

Assessment Summary As a student at UNSW you are expected to display academic integrity in your work and interactions. Where a student breaches the UNSW Student Code with respect to academic integrity, the University may take disciplinary action under the Student Misconduct Procedure. To assure academic integrity, you may be required to demonstrate reasoning, research and the process of constructing work submitted for assessment. To assist you in understanding what academic integrity means, and how to ensure that you do comply with the UNSW Student Code, it is strongly recommended that you complete the Working with Academic Integrity module before submitting your first assessment task. It is a free, online self-paced Moodle module that should take about one hour to complete. You should complete the Working with Academic Integrity module before submitting any written assessment by the due date. Non-compliance with the UNSW Student Code may result in disciplinary action. Assessments provide some incentives to encourage learning. However, you are responsible for the depth of your understanding. Your understanding will depend on your effort. You should study and complete the assessments with a growth mindset.

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Class Contribution (20%) Weekly Moodle BLOG (20%) Mid-Term Test (20%) Final Examination (40%) Please see Moodle course page for details.

Assignment Submission Procedure Please see instructions in Moodle.

Assessment Feedback Feedback on student performance from formative and summative assessment tasks will be provided to students in a timely manner. Assessment tasks completed within the teaching period of a course, other than a final assessment, will be assessed and students provided with feedback, with or without a provisional result, within 10 working days of submission, under normal circumstances. Feedback on continuous assessment tasks (e.g. laboratory and studio-based, workplace-based, weekly quizzes) will be provided prior to the midpoint of the course.

Special Consideration You can apply for special consideration when illness or other circumstances beyond your control interfere with your assessment performance (to apply see Special Consideration on the UNSW Current Students page). Special Consideration is primarily intended to provide you with an extra opportunity to demonstrate the level of performance of which you are capable. Special Consideration applications will be assessed centrally by the Case Review Team within Student Lifecycle. The Case Review team will update the online application with the outcome and add any relevant comments. Please note the following: Applications can only be made through Online Services in myUNSW. Applications will not be accepted by teaching staff. The lecturer-in-charge/course coordinator will be automatically notified when you lodge an online application for special consideration. Applying for special consideration does not automatically mean that you will be granted a supplementary exam or other concession. If you experience illness or misadventure in the lead up to an exam or assessment, you must submit an application for special consideration, either prior to the examination taking place, or prior to the assessment submission deadline , except where illness or misadventure prevent you from doing so. If you sit the exam/submit an assignment, you are declaring yourself well enough to do so and are unable to subsequently apply for special consideration. If you become unwell on the day of the exam, you must provide evidence dated within 24 hours of the exam, with your application. The current provisions will continue for exceptional circumstances, for example, if a student falls sick during an exam. Other exceptions will continue to be examined on a case by case basis by the Student business.unsw.edu.au - CRICOS Code 00098G View course outline in browser

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Lifecycle team. Special consideration requests do not allow the awarding of additional marks to students. Further information on Business School policy and procedure can be found under “Special Consideration” on the Policies and Support page.

Protocol for Viewing Final Exam Scripts UNSW students have the right to view their final exam scripts, subject to a small number of very specific exemptions. The UNSW Business School has set a protocol under which students may view their final exam script. Individual schools within the Faculty may also set up a local process for viewing final exam scripts, so it is important that you check with your School. Further school-specific information may be included below.

Quality Assurance The Business School is actively monitoring student learning and quality of the student experience in all its programs. A random selection of completed assessment tasks may be used for quality assurance, such as to determine the extent to which program learning goals are being achieved. The information is required for accreditation purposes, and aggregated findings will be used to inform changes aimed at improving the quality of Business School programs. All material used for such processes will be treated as confidential.

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5. Course Resources You will be able to obtain the latest course announcements and course materials via Moodle. Lecture notes will be available for download a day before the lecture in a teaching week. Textbook [MOKCL] McKeown, W, M. Olynyk, J. Kerry, L. Ciancio, D. La. 2021. Financial Planning, Essentials Edition. Wiley. https://www.wileydirect.com.au/buy/financial-planning-essentials/ See Moodles for Other Readings

Recommended Readings [R] Russell, S., 2019, Behavioural Finance A guide for financial advisers, Publicious Pty Ltd. [TJ] Taylor, S., and R. Juchau, 2018. Financial Planning in Australia 8th Ed, LexisNexis Butterworths. [K] Kahneman, D., 2011. Thinking, Fast and Slow. Farrar, Straus and Giroux. [LHT] Longstaff S., K. Hunt, C. Tate, 2019. Everyday Ethics for Financial Advisers. The Ethics Centre. Ethics in Finance Online

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6. Course Evaluation & Development Feedback is regularly sought from students and continual improvements are made based on this feedback. At the end of this course, you will be asked to complete the myExperience survey , which provides a key source of student evaluative feedback. Your input into this quality enhancement process is extremely valuable in assisting us to meet the needs of our students and provide an effective and enriching learning experience. The results of all surveys are carefully considered and do lead to action towards enhancing educational quality.

Adopting a new, updated, and concise textbook to enhance learning experience. Content and assessment structure modified to support skill development and accreditation requirements.

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7. Course Schedule Note: for more information on the UNSW academic calendar and key dates including study period, exam, supplementary exam and result release, please visit: https://student.unsw.edu.au/ new-calendar-dates

Week

Activity

Week 1: 31 May

Module 1

Topic Human Behavior, Financial Planning Process and the Profession MOKCL 1 (TJ 1-3; LHT 0; K 35-38)

Week 2: 7 June

Module 2

Week 3: 14 June

Module 3

Module 4

1. Watch the videos and complete prelecture survey by the day BEFORE lecture

1. Watch the videos and complete prelecture survey by MOKCL ...