DFP1 Financial Planning Fundamentals

DFP1_OR_VolGuide_v4
Oral Assignment Volunteer Guide
DFP1 Financial Planning Fundamentals
(DFP1_OR_VolGuide_v4)
Thank you for participating in a 20-minute role-play to assist a student enrolled in Kaplan’s FNS50615
Diploma of Financial Planning. The purpose of the role-play is to assess the student’s oral communication
with a potential client. You will be the client in the role-play.
You are not expected to be a professional actor. However, you will need to follow the instructions in this
guide, so the student is able to complete their Oral Assignment to the best of their ability. The student will
make an audio recording of the role-play to submit with their Oral Assignment.
The role of the student
The student will be a qualified financial adviser. The student is provided the case scenario below and
instructions on how to approach the client meeting.
The assessment criteria for the student includes the following:
• Open the dialogue to build rapport with the client.
• Confirm with the client the basic facts they have provided.
• Explain your business and services using the FSG as a reference and respond to client queries.
• Explain the financial planning process.
• Extend your understanding of the client’s situation, needs and objectives.
• Close the interview and agree with the client ‘what happens next’.
The role of the volunteer
Your role will be to act as the student’s client, David, who is described below. Please note, you do not need
to be male or have any of the characteristics in the scenario below. The student will work with you on
creating a dialogue so that they can cover the above assessment criteria.
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The case scenario
The client, David, has never sought financial planning advice previously. Following a suggestion from his
parents, he has decided to interview three financial planners and then make an assessment of which one to
use. A key objective of the interview with the volunteer/client is for the student to ‘sell themselves and
their business’. This means they will need to be open and honest with you, responding to your concerns
and showing that they and their business are competent, ethical and capable.
David is 32 years old and single but has had a relationship with his girlfriend for the last five years.
David currently lives at home with his parents. They are in their late 50s and live on a semi-rural double
block which has a large shed. David pays a share of household expenses but not rent. His siblings have left
home and are always having a go at him for not moving out.
So far life has been easy for David. He has a good job writing gaming software and money has never been a
concern for him. He has a busy social life and has indulged himself by buying ‘boy’s toys’. He drives a
European brand SUV, has a jet ski and two motorbikes as well as bicycles, surfboards, a motorised
skateboard and a couple of drones. He admits that he loves the novelty of trying out these new toys but
doesn’t have much time to use them.
He has an outstanding personal loan and credit card debt and his ‘generous’ lifestyle means he struggles to
make inroads into paying them off.
The crunch has come because his parents have accepted an unsolicited (but generous) offer to buy their
home. They were thinking of downsizing anyway so this has come at a good time. This means David will
have to move out and remove his ‘toys’ from his parent’s shed. On top of this, his girlfriend wants him to
get serious about life. She wants him to start making commitments and says it’s about time he started
saving money for a house rather than being an ageing ‘playboy’.
He has promised her he will get help — he thinks what he needs is a financial coach. He asked his parents’
advice because they had recently done research into financial planning for their retirement. They had
interviewed three planning firms and have suggested he does the same and interview an adviser from each
one. He will then be better placed to select his preferred financial coach.
David rings your firm’s client services and they collect some preliminary information over the phone
(see fact find below) and set up a meeting date and time for you to see him. They confirm the details in a
letter and enclose your firm’s Financial Services Guide (FSG) including your particulars.
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Fact finder — David Morris
Personal details