This unit applies risk management knowledge and methodologies to the protection and distribution of wealth with effective personal insurances and estate planning. Analysis and exploration of the insurance policies and risk management products is undertaken and matched to the spectrum of client situations in the process of constructing insurance planning advice. The concept of protecting wealth is expanded to include a strong awareness of the role of estate planning. Applications of related law and compliance are built into practical client situations and a Statement of Advice, with insurance and estate planning advice recommendations will be undertaken. Professional skills including negotiating insurance analysis outcomes against costs, succession planning challenges and interpersonal skills related to difficult estate planning conversations, are given attention via podcast interviews with practitioners, structured discussions and metacognitive interactions.

In this unit students will critically review superannuation and retirement planning trends, compare superannuation and self-managed superannuation funds with non-superannuation options, and role play the presentation of retirement planning advice to a mock client. Technical knowledge of superannuation, related tax legislation, building retirement capital, income stream options and social security will be applied to client scenarios and modelled using financial planning software and tools. Client communication skills will be applied to negotiating retirement planning preparation and problems. Professional skills including business awareness and interpersonal skills are given attention via podcast interviews with practitioners, structured discussion and metacognitive interaction.

The unit combines the higher-order responsibilities and legislative framework governing the provision of financial planning advice with the principles and functions of investing in financial markets. Matters, such as compliance and the relational role of the financial advisor are placed in the context of assessing client investment risk and defending a best-interest, multi-asset portfolio as part of a client’s financial plan. Lessons from economic events and the impact of financial advice failures provide a backdrop to a range of activities including managed fund research, aligning client risk profiles and preferences with investment choices and borrowing strategies for investing. Professional skills including interpersonal skills are given attention via podcast interviews with practitioners, structured discussion and metacognitive interaction to develop the narratives associated with informing clients of risk, returns, costs and benefits of investing.

In this unit, students will acquire technical and working knowledge of the key provisions of Australian Tax Law and apply to a range of problems to determine taxation consequences. Comparisons of tax implications relating to business, individuals and trusts will be undertaken along with research and analysis to develop strategic tax planning solutions. Case scenarios will be employed to develop the students’ understanding of tax avoidance legislation and awareness of the consequences of tax avoidance and their ability to construct tax recommendations and explicate the consequences of unresolved tax problems. Professional skills including business awareness, obligations of the TPB and interpersonal skills related to presenting tax advice are given attention via podcast interviews with practitioners, structured discussion and metacognitive interaction.

This unit aligns to the knowledge requirements of the Tax Practitioners Board.