PURPOSE
To equip students with a financial planning practice management skill set with integrated knowledge of the core strategic and operational components required for establishing and managing a successful financial planning practice.
LEARNING OUTCOMES
The student will be able to:
• Identify and discuss the strategic and operational components critical to establishing and managing a successful and sustainable financial planning practice.
• Develop a financial planning business strategy and plan with due consideration of:
o Succession planning;
o Partnerships;
o Types of staff structures;
o Company systems and processes for increasing business value;
o The ethical standards applied by the financial planning industry.
• Evaluate the business strategy, plan and performance of an existing financial planning practice.
• Discuss and critique the different types of hardware and software required in a financial planning practice.
• Discuss the importance of positioning and public relations in increasing business growth.
• Develop a sales and marketing plan for a financial planning practice.
• Analyse and critique service offerings aimed at addressing particular client segment needs.
• Develop a service offering to address a particular client segment need.
• Explain the value of and discuss ways to develop and nurture client relationships.
• Discuss the value of behavioural finance theory in managing client expectations.
• Examine and appraise particular client – financial planner relationships.
• Discuss the significance and value of third party referrals.
CORE CONTENT
• Core strategic and operational components of a financial planning practice.
• The financial advisory practice business plan including plans to cover:
o Contingency and succession.
o Staffing and partnerships.
o Professional development.
o Growing the business.
• Business and operations management including:
o Hardware and software solutions.
o Designing and implementing systems.
o Building leverage and capacity.
o Positioning and transitioning.
o Financial planning business resources.
• Professional ethical standards and the financial advisory and intermediary services industry.
• Financial advisory practice team development and maintenance.
• Sales and marketing of financial advisory services.
• Client acquisition, engagement and relationships.
• Client acquisition and refusal strategy.
• Engagement with related professionals.
• Behavioural theory and behavioural finance.
• The purpose and value of surveys.
Evaluation criteria
100% Continuous assessment:
• 2x Semester tests (Final mark weight = 30%)
• 5x Quizzes (Final mark weight = 15%)
• 1x Assignment (Final mark weight = 25%)
• End of module assessment (Final mark weight = 30%)
MODERATION
Internal and External.
Prerequisites
• Personal Financial Planning (EBFV201)