Course overview
The aim of this course is to provide students with a detailed understanding of the key issues and factors, including taxation, that impact on the selection of financial and investment strategies for development of a comprehensive Statement of Advice (SOA). The aim of this course is to identify the impact of behavioural biases on client financial choices and implications for adviser recommendations, and to recognise the importance of long-term financial, tax, and investment planning for the maintenance of and improvement to the investor's lifestyle. The financial planning process and professional, ethical and regulatory compliance requirements in the client- adviser relationship; implications of behavioural finance for both the client-adviser relationship and in the development of client financial advice; preparation of the Statement of Advice (SOA), including 'fact finding' for required information and the construction of recommendations; cash flow and budgeting in the creation of personal wealth; income and capital gains tax considerations for personal investment and financing; investment structuring and tax planning strategies for personal investment and financing, including the role of superannuation within the broader financial plan; social security benefits, and their role in the financial planning process; keys to successful financial planning.
Course learning outcomes
- Critically reflect on the financial planning process, the role of behavioural factors in influencing decisions within this process, and examine the professional, ethical, and legal requirements associated with the client-adviser relationship.
- Examine the requirements for the construction of a Statement of Advice (SOA), and evidence an ability to provide SOAs to meet client-specific needs.
- Analyse the importance and role of cash flow analysis, budgeting, investment and taxation planning to the creation and disposition of wealth over the client's financial life-cycle.
- Identify the relevant taxation impacts on the investor or entity that arise from the selection of alternative investment products or processes to distribute income, and their strategic implications for the investor (entity) over their financial life-cycle.
- Highlight the relevant issues and considerations, including taxation and social security, required for the development of client-specific wealth creation and retirement planning strategies as embodied in a SOA.
- Demonstrate UniSA Business Enterprise Skills in the context of the Financial Planning discipline: i) Self Management (advanced level); ii) Teamwork (advanced level); iii) Oral Communication (advanced level); and iv) Written Communication (advanced level).