FINS2643 Wealth Management - 2021

FINS2643
Undergraduate
Term 2
6 Units of Credit
On Campus
Banking & Finance
This course outline is for the current semester. To view outlines from other years and/or semesters, visit the archives

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

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 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.

2. Staff Contact Details

Position Title Name Email Location Phone Consultation Times
Lecturer-in-chargeMrNidal DanounUNSW Business School building
appointment for phone consultation

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.

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.

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

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.



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 Topic Assessment/Other
Week 1: 31 MayModule 1

Human Behavior, Financial Planning Process and the Profession

MOKCL 1 (TJ 1-3; LHT 0; K 35-38)

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

 

Week 2: 7 JuneModule 2

Financial Plan, Advice and Regulations

MOKCL 2,12 & ASIC RG175 (TJ 2,4-5; LHT 2-3)

  1. Watch the videos and complete pre-lecture survey by the day BEFORE lecture
  2. Tutorial (see Moodle for details)
Week 3: 14 JuneModule 3

Taxation Basic and Planning

MOKCL 3 (TJ 13-14)

  1. Watch the videos and complete (assessed) pre-lecture survey by the day BEFORE lecture
  2. Tutorial (see Moodle for details)
  3. Complete Blog for Modules 1-2 by Friday COB for initial feedback (5%)
Week 4: 21 JuneModule 4

Home Ownership and Consumer Credit

MOKCL 6; RBA Financial Stability Review (TJ 6, 10)

  1. Watch the videos and complete pre-lecture survey by the day BEFORE lecture
  2. Tutorial (see Moodle for details)
  3. Complete Self Assessment Quiz 1 (Modules 1-3)
Week 5: 28 JuneModule 5

Asset Allocation, Portfolio Construction and Fund Selection

MOKCL 4,5,6 (TJ 7-9; K 26-34)

  1. Watch the videos and complete (assessed) pre-lecture survey by the day BEFORE lecture
  2. Tutorial (see Moodle for details)
Mid-Term Exam

Modules 1-3

Mid-term Exam (20%)

Week 6: 5 JulyModule 6

Flexiweek

Week 7: 12 JulyModule 7

Life and General Insurance

MOKCL 7 (TJ 17)

 

  1. Watch the videos and complete (assessed) pre-lecture survey by the day BEFORE lecture
  2. Tutorial (see Moodle for details)
  3. Complete Self Assessment Quiz 2 (Modules 3-6) by 6 Apr Mar 9:00 am
Week 8: 19 JulyModule 8

Superannuation

MOKCL 8 (TJ 12, 18)

  1. Watch the videos and complete (assessed) pre-lecture survey by the day BEFORE lecture
  2. Tutorial (see Moodle for details)
Week 9: 26 JulyModule 9

Social Security and Retirement Planning

MOKCL 9, 10 (TJ 11-12)

  1. Watch the videos and complete (assessed) pre-lecture survey by the day BEFORE lecture
  2. Tutorial (see Moodle for details)
  3. Complete Weekly Blog for Modules 7-9 and start Executive Summary.
Week 10: 2 AugustModule 10

Ethics and Professional Standards

LHT 1,3-4; EFO 1-3; FASEA standards and guidelines

  1. Watch the videos and complete (assessed) pre-lecture survey by the day BEFORE lecture
  2. Tutorial (see Moodle for details)
  3. Weekly Blog for Modules 7-9 and Executive Summary Due Fri COB.
Week 11: 9 AugustPre-Final Consultation

Module 1-9

  1. Complete Self Assessment Quiz 3 (Module 6-10) by Wed COB.
  2. Pre-Final Consultation

8. Policies and Support

Information about UNSW Business School protocols, University policies, student responsibilities and education quality and support.

Program Learning Outcomes

The Business School places knowledge and capabilities at the core of its curriculum via seven Program Learning Outcomes (PLOs). These PLOs are systematically embedded and developed across the duration of all coursework programs in the Business School.

PLOs embody the knowledge, skills and capabilities that are taught, practised and assessed within each Business School program. They articulate what you should know and be able to do upon successful completion of your degree.

Upon graduation, you should have a high level of specialised business knowledge and capacity for responsible business thinking, underpinned by ethical professional practice. You should be able to harness, manage and communicate business information effectively and work collaboratively with others. You should be an experienced problem-solver and critical thinker, with a global perspective, cultural competence and the potential for innovative leadership.

All UNSW programs and courses are designed to assess the attainment of program and/or course level learning outcomes, as required by the UNSW Assessment Design Procedure. It is important that you become familiar with the Business School PLOs, as they constitute the framework which informs and shapes the components and assessments of the courses within your program of study.

PLO 1: Business knowledge

Students will make informed and effective selection and application of knowledge in a discipline or profession, in the contexts of local and global business.

PLO 2: Problem solving

Students will define and address business problems, and propose effective evidence-based solutions, through the application of rigorous analysis and critical thinking.

PLO 3: Business communication

Students will harness, manage and communicate business information effectively using multiple forms of communication across different channels.

PLO 4: Teamwork

Students will interact and collaborate effectively with others to achieve a common business purpose or fulfil a common business project, and reflect critically on the process and the outcomes.

PLO 5: Responsible business practice

Students will develop and be committed to responsible business thinking and approaches, which are underpinned by ethical professional practice and sustainability considerations.

PLO 6: Global and cultural competence

Students will be aware of business systems in the wider world and actively committed to recognise and respect the cultural norms, beliefs and values of others, and will apply this knowledge to interact, communicate and work effectively in diverse environments.

PLO 7: Leadership development

Students will develop the capacity to take initiative, encourage forward thinking and bring about innovation, while effectively influencing others to achieve desired results.

These PLOs relate to undergraduate and postgraduate coursework programs.  Separate PLOs for honours and postgraduate research programs are included under 'Related Documents'.

Business School course outlines provide detailed information for students on how the course learning outcomes, learning activities, and assessment/s contribute to the development of Program Learning Outcomes.

RELATED DOCUMENTS

 

UNSW Graduate Capabilities

The Business School PLOs also incorporate UNSW graduate capabilities, a set of generic abilities and skills that all students are expected to achieve by graduation. These capabilities articulate the University’s institutional values, as well as future employer expectations.

UNSW Graduate CapabilitiesBusiness School PLOs
Scholars capable of independent and collaborative enquiry, rigorous in their analysis, critique and reflection, and able to innovate by applying their knowledge and skills to the solution of novel as well as routine problems.
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 4: Teamwork
  • PLO 7: Leadership development

Entrepreneurial leaders capable of initiating and embracing innovation and change, as well as engaging and enabling others to contribute to change
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 4: Teamwork
  • PLO 6: Global and cultural competence
  • PLO 7: Leadership development

Professionals capable of ethical, self-directed practice and independent lifelong learning
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 5: Responsible business practice

Global citizens who are culturally adept and capable of respecting diversity and acting in a socially just and responsible way.
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 4: Teamwork
  • PLO 5: Responsible business practice
  • PLO 6: Global and cultural competence

While our programs are designed to provide coverage of all PLOs and graduate capabilities, they also provide you with a great deal of choice and flexibility.  The Business School strongly advises you to choose a range of courses that assist your development against the seven PLOs and four graduate capabilities, and to keep a record of your achievements as part of your portfolio. You can use a portfolio as evidence in employment applications as well as a reference for work or further study. For support with selecting your courses contact the UNSW Business School Student Services team.





Academic Integrity and Plagiarism

Academic Integrity is honest and responsible scholarship. This form of ethical scholarship is highly valued at UNSW. Terms like Academic Integrity, misconduct, referencing, conventions, plagiarism, academic practices, citations and evidence based learning are all considered basic concepts that successful university students understand. Learning how to communicate original ideas, refer sources, work independently, and report results accurately and honestly are skills that you will be able to carry beyond your studies.

The definition of academic misconduct is broad. It covers practices such as cheating, copying and using another person’s work without appropriate acknowledgement. Incidents of academic misconduct may have serious consequences for students.

Plagiarism

UNSW regards plagiarism as a form of academic misconduct. UNSW has very strict rules regarding plagiarism. Plagiarism at UNSW is using the words or ideas of others and passing them off as your own. All Schools in the Business School have a Student Ethics Officer who will investigate incidents of plagiarism and may result in a student’s name being placed on the Plagiarism and Student Misconduct Registers.

Below are examples of plagiarism including self-plagiarism:

Copying: Using the same or very similar words to the original text or idea without acknowledging the source or using quotation marks. This includes copying materials, ideas or concepts from a book, article, report or other written document, presentation, composition, artwork, design, drawing, circuitry, computer program or software, website, internet, other electronic resource, or another person's assignment, without appropriate acknowledgement of authorship.

Inappropriate Paraphrasing: Changing a few words and phrases while mostly retaining the original structure and/or progression of ideas of the original, and information without acknowledgement. This also applies in presentations where someone paraphrases another’s ideas or words without credit and to piecing together quotes and paraphrases into a new whole, without appropriate referencing.

Collusion: Presenting work as independent work when it has been produced in whole or part in collusion with other people. Collusion includes:

  • Students providing their work to another student before the due date, or for the purpose of them plagiarising at any time
  • Paying another person to perform an academic task and passing it off as your own
  • Stealing or acquiring another person’s academic work and copying it
  • Offering to complete another person’s work or seeking payment for completing academic work

Collusion should not be confused with academic collaboration (i.e., shared contribution towards a group task).

Inappropriate Citation: Citing sources which have not been read, without acknowledging the 'secondary' source from which knowledge of them has been obtained.

Self-Plagiarism: ‘Self-plagiarism’ occurs where an author republishes their own previously written work and presents it as new findings without referencing the earlier work, either in its entirety or partially. Self-plagiarism is also referred to as 'recycling', 'duplication', or 'multiple submissions of research findings' without disclosure. In the student context, self-plagiarism includes re-using parts of, or all of, a body of work that has already been submitted for assessment without proper citation.

To see if you understand plagiarism, do this short quiz: https://student.unsw.edu.au/plagiarism-quiz

Cheating

The University also regards cheating as a form of academic misconduct. Cheating is knowingly submitting the work of others as their own and includes contract cheating (work produced by an external agent or third party that is submitted under the pretences of being a student’s original piece of work). Cheating is not acceptable at UNSW.

If you need to revise or clarify any terms associated with academic integrity you should explore the 'Working with Academic Integrity' self-paced lessons available at: https://student.unsw.edu.au/aim.

For UNSW policies, penalties, and information to help you avoid plagiarism see: https://student.unsw.edu.au/plagiarism as well as the guidelines in the online ELISE tutorials for all new UNSW students: http://subjectguides.library.unsw.edu.au/elise. For information on student conduct see: https://student.unsw.edu.au/conduct.

For information on how to acknowledge your sources and reference correctly, see: https://student.unsw.edu.au/referencing. If you are unsure what referencing style to use in this course, you should ask the lecturer in charge.



Student Responsibilities and Conduct

​Students are expected to be familiar with and adhere to university policies in relation to class attendance and general conduct and behaviour, including maintaining a safe, respectful environment; and to understand their obligations in relation to workload, assessment and keeping informed.

Information and policies on these topics can be found on the 'Managing your Program' website.

Workload

It is expected that you will spend at least ten to twelve hours per week studying for a course except for Summer Term courses which have a minimum weekly workload of twenty to twenty four hours. This time should be made up of reading, research, working on exercises and problems, online activities and attending classes. In periods where you need to complete assignments or prepare for examinations, the workload may be greater. Over-commitment has been a cause of failure for many students. You should take the required workload into account when planning how to balance study with employment and other activities.

We strongly encourage you to connect with your Moodle course websites in the first week of semester. Local and international research indicates that students who engage early and often with their course website are more likely to pass their course.

View more information on expected workload

Attendance

Your regular and punctual attendance at lectures and seminars or in online learning activities is expected in this course. The Business School reserves the right to refuse final assessment to those students who attend less than 80% of scheduled classes where attendance and participation is required as part of the learning process (e.g., tutorials, flipped classroom sessions, seminars, labs, etc.).

View more information on attendance

General Conduct and Behaviour

You are expected to conduct yourself with consideration and respect for the needs of your fellow students and teaching staff. Conduct which unduly disrupts or interferes with a class, such as ringing or talking on mobile phones, is not acceptable and students may be asked to leave the class.

View more information on student conduct

Health and Safety

UNSW Policy requires each person to work safely and responsibly, in order to avoid personal injury and to protect the safety of others.

View more information on Health and Safety

Keeping Informed

You should take note of all announcements made in lectures, tutorials or on the course web site. From time to time, the University will send important announcements to your university e-mail address without providing you with a paper copy. You will be deemed to have received this information. It is also your responsibility to keep the University informed of all changes to your contact details.




Student Support and Resources

The University and the Business School provide a wide range of support services and resources for students, including:

Business School Learning Support Tools
Business School provides support a wide range of free resources and services to help students in-class and out-of-class, as well as online. These include:

  • Academic Communication Essentials – A range of academic communication workshops, modules and resources to assist you in developing your academic communication skills.
  • Learning consultations – Meet learning consultants who have expertise in business studies, literacy, numeracy and statistics, writing, referencing, and researching at university level.
  • PASS classes – Study sessions facilitated by students who have previously and successfully completed the course.
  • Textbook access scheme – To support the inclusion and success of students from equity groups enrolled at UNSW Sydney in first year undergraduate Business programs.

The Nucleus - Business School Student Services team
The Nucleus Student Services team provides advice and direction on all aspects of enrolment and graduation. Level 2, Main Library, Kensington 02 8936 7005 / https://nucleus.unsw.edu.au/en/contact-us

Business School Equity, Diversity and Inclusion
The Business School Equity, Diversity and Inclusion Committee strives to ensure that every student is empowered to have equal access to education. The Business School provides a vibrant, safe, and equitable environment for education, research, and engagement that embraces diversity and treats all people with dignity and respect. BUSEDI@unsw.edu.au

UNSW Learning & Careers Hub
The UNSW Learning & Careers Hub provides academic skills and careers support services—including workshops, individual consultations and a range of online resources—for all UNSW students. See their website for details.
Lower Ground Floor, North Wing Chancellery Building.
learningcentre@unsw.edu.au
02 9385 2060

Student Support Advisors
Student Support Advisors work with all students to promote the development of skills needed to succeed at university, whilst also providing personal support throughout the process.
John Goodsell Building, Ground Floor.
advisors@unsw.edu.au
02 9385 4734

International Student Support
The International Student Experience Unit (ISEU) is the first point of contact for international students. ISEU staff are always here to help with personalised advice and information about all aspects of university life and life in Australia.
Advisors can support you with your student visa, health and wellbeing, making friends, accommodation and academic performance.
International.student@unsw.edu.au
02 9385 4734

Equitable Learning Services
Equitable Learning Services (formerly Disability Support Services) is a free and confidential service that provides practical support to ensure that your health condition doesn't adversely affect your studies. Register with the service to receive educational adjustments.
Ground Floor, John Goodsell Building.
els@unsw.edu.au
02 9385 4734

UNSW Counselling and Psychological Services
Provides support and services if you need help with your personal life, getting your academic life back on track or just want to know how to stay safe, including free, confidential counselling.
Level 2, East Wing, Quadrangle Building.
counselling@unsw.edu.au
02 9385 5418

Library services and facilities for students
The UNSW Library offers a range of collections, services and facilities both on-campus and online.
Main Library, F21.
02 9065 9444

Moodle eLearning Support
Moodle is the University’s learning management system. You should ensure that you log into Moodle regularly.
externalteltsupport@unsw.edu.au
02 9385 3331

UNSW IT
UNSW IT provides support and services for students such as password access, email services, wireless services and technical support.
UNSW Library Annexe (Ground floor).
02 9385 1333



FINS2643