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Studying Foundations of Financial Planning

Discussion in 'Financial Planning Study Group' started by da_ragazzo, 7th Sep, 2009.

  1. da_ragazzo

    da_ragazzo Member

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    Hi is anyone else studying foundations of financial planning? I noticed with the assignment they expect submitted fact finders, statements of goals & objectives, cash flow tables and an SOA. Are we meant to just type all this up in Word or are we allowed to download templates from the internet?
     
  2. AsxBroker

    AsxBroker Well-Known Member

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    Hi Da Ragazzo,

    You may find that templates might miss something important. Do it in a word document which you have put together and you know that nothing is missing :)

    Cheers,

    Dan
     
  3. da_ragazzo

    da_ragazzo Member

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    hi Dan,

    Thanks for the quick reply...The only problem is I wouldnt even know how to make these documents in word?
     
  4. AsxBroker

    AsxBroker Well-Known Member

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    Hi Da Ragazza,

    Have you check ASICs website?

    They released an example SoA last year.
    http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/Example_SOA_guide.pdf/$file/Example_SOA_guide.pdf

    Cheers,

    Dan
     
  5. midlife

    midlife Member

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    Assignment

    da_ragazzo, you should have had a fact finder sent to you in your course material. I am doing it by correspondence and found it attached with the assignment question. Keen to talk about assignment it you want.
     
  6. da_ragazzo

    da_ragazzo Member

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    Hi i posted my assignment in today...hopefully i pass OR if i dont pass they atleast send it back and tell me how to pass :)

    its a pretty draining assignment and u have to repeat alot of stuff for the questions but you'll get thru it mate. If i pass i will be happy to assist lol
     
  7. midlife

    midlife Member

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    da_ragazzo, was your assignment on Marco? Am going ok (or so I think). Lot of blanks in the fact finder. Not sure how much of the advice I would change. Let me know how you go.

    Ant.
     
  8. da_ragazzo

    da_ragazzo Member

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    i didn't change any of the advice and i only filled in what i knew for the fact finder and left the rest blank
     
  9. moates

    moates New Member

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    hey there guys,

    Just a quick question on the assignment,

    With the fact finder, how much of it were you able to fill out?
    because I'm coming up with A LOT of blank spaces.

    I would muchly appreciate any help that you could give me.

    This assignment is really messing with my head, because there seems to be a lot of information missing.

    Thanks Matt,
     
  10. da_ragazzo

    da_ragazzo Member

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    Hi, I left heaps of Gaps for the fact finder. I assumed Kaplan want us to be Marco filling out the fact finder which he received in the mail prior to receiving advice.....Most clients wouldn't know all the complicated superannuation stuff, which is why they go to an adviser :)

    But i could be wrong I dont really want to say until i receive my assignment back.
     
  11. moates

    moates New Member

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    hey

    Thanks,

    yer i assed about assuming things n they said that somethings can be assumed it just has to be stated,

    i'm also finding it extreamly hard to make all these question spread over 12 to 15 pages.

    There just doesn't seem to be enough information let alone most the questions being only one or 2 paragraph answers
     
  12. da_ragazzo

    da_ragazzo Member

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    You got a chance to ask Kaplan a question? Well done mate you got further with them than me haha I could never even get through to Kaplan.

    With the questions I just repeated the same crap over and over and made it size 12 font and presented it nicely with spaces to get 12 pages.

    I have since changed providers to continue my studying as Kaplan are hopeless and offer you no support at all, they only care about taking your money and leaving you in the deep end.
    My other provider offers phone support and are more than happy to provide you with templates of SOA's, all the appendices etc etc (and are much cheaper than Kaplan too)
     
  13. moates

    moates New Member

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    yer

    yer i emailed them and finally got a reply ages later, not tat it was that helpful,

    didn't really answer any of my questions.

    can i get the email of the new one because i'd love to change too?

    majorly not that helpful at all.

    and yer they are extreamly expencive
     
  14. da_ragazzo

    da_ragazzo Member

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  15. just_me

    just_me New Member

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    Hey guys,
    I have been looking for some kind of forum regarding the DFS- FFP unit 1. So glad I found this.
    I am completing it via correspondence as well and am kind of regretting it.
    My fact finder looks like it is incomplete, there are gaps everywhere. Everytime I email kaplan with a query they come back with some generic response that pretty much says - go away read the notes.
    Da ragazzo, when are you expecting your assignment back? How did you complete it so quickly???
    midlife & moates, arent you finding the sample fact finder (included in materials) a massive joke? Why would they give us a sample one with a millon gaps, just to confuse us?
    I found ques 1 & 2 pretty good, however VERY repetitive.
    Will definitely be sussing out RG146, PS146 Compliance Training - IIT education - for the 2nd module.
    I am doing this on my own and don't really have anyone I can ask for help.
    Marco is driving me insane!!!
    Thanks heaps.
     
  16. Salmonpie

    Salmonpie New Member

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    Foundations of Financial Planning Kaplan

    So glad that I've come across this forum. I am sat at home doing the assignment now and it just seems so badly written, the case study gives no real information about Marco yet we're supposed to complete detailed questions on him. I'm just starting question 3 and have done 8 pages already with an SOA could run to 30+ Seems they rushed this new module out in response to the GFC. Just glad I'm not the only one having trouble.

    I also hate Marco (poor bloke)
     
    Last edited by a moderator: 7th Oct, 2009
  17. da_ragazzo

    da_ragazzo Member

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    guys i know this sounds bad but my only advice to you is to change providers.

    kaplan are hopeless and offered my no support at all. Since changing providers I receive all the support i desire along with supporting documentation and who actually care how i am progressing.
    If i knew of some sort of education board or regulator i surely would report Kaplan for being the must useless education provider ive ever come across. Why do you pay $600? for a bunch of paper sent out in the mail along with an Email address that no one replies to? LOL what a joke
     
  18. AsxBroker

    AsxBroker Well-Known Member

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    Financial Services Education Agency (02) 9299 6799
    Ste3/ 340 Darling St
    Balmain NSW 2041

    They used to have a good website and very helpful with sorting out Kaplan previously.

    Cheers,

    Dan
     
  19. serge g

    serge g Active Member

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    Hey there all, new to this forum but thought I'd share my experience of FFP so far - looks like a few of you are finding it hard going. I've just got my assignment back marked and my experience of this subject is totally different to da_ragazzo and moates, you guys must certainly be the exception because my study group, a few of us who went to the first FFP workshop, we've all had great service from Kaplan. I had to email the ffpquestions email address a couple of times while I was doing my assignment and they were awesome - I had a few questions about how the assignment was supposed to work, what we were expected to do and stuff. I asked them a few of the same questions that are coming up here so I thuoght i'd tell you what I know.

    The gaps in the fact finder are there because that's what a real client would do to you - apparently they never fill out everything they're supposed to and it's your job to ask them. one of the assignment questions (can't remember which, my assignment's at work) asks you identify where the gaps are and what you'd do about it. There's another questoin about communications with the client, what methods you use. They're trying to get you to understand early on how the clients are going to deal with you and how you should deal with them. It's pretty realistic in that way. When you're doing the SOA and you don't have information you need, you can make assumptions but you have to say what they are and be realistic, or you can just say that you don't have enough information. They want to see how you deal with these sorts of real life issues, it's not a trick question. all the client communications is in the financial planning module where they talk about the six steps of financial planning. start there and when you're doing your assignment, think about how you'd react if you were the planner and you got that fact finder from your client. you shouldn't have that many blank spaces I've you've got all the information out of the problem, but it looks to me like they've used an actual fact finder from one of the dealer groups to base it on and they've always got more space than you need, so don't freak out about having a few empty spaces - a real fact finder will have blank spaces as well. Don't forget that you can fill out some of the fact finder with the client when you get them in the office - that's part of the data collectoin process. And remeber you get the skills component in this course too so that's probably why all that stuff is there - in the old course you had to do some kind of role play to show you could interact with the client.

    They told me to use the fact finder template that's attached to the assignment, if you're doing that you're on the right track. As far as your SOA goes, you've got two choices: you can use the ASIC one that ASXBroker linked to, or you can make up one of your own in word using the sample one in the book as a guide. I was told that if you follow the format of the one in the book then you can't go wrong because all the disclaimer language and so forth in the example one is compliant - that's why they included it that way.

    As far as projections go, in the email I got they said that you should do basic cashflows for the the implemenation stage only, about the first year, just enough to show how Marco's financial situation is better off after he's done your recommendatoins than he was before. And for retirement income, you should make some kind of analysis about how much cash he's going to need to retire on, but they dont want any more detail than what you canget from one of the retirmenet income calculators on the internet that they mention in the text - there's one for colonial, all the banks have them, and there's one at the ASIC Fido website as well. No more detail than that required, so you don't have to do compound interest calculatoins for every investment you recommend up till he retires. I guess if you did that probably wouldn't hurt though. We've got visyplan at my work but I didnt use it, it wasn't necessary. It's only supposed to be a limited SOA, not a full one.

    For his insurance and TPD, make sure you use the CIMER analysis - everything you need to do the insurance part is on those pages in the insurance chapter, there's a huge worked example of exactly how to do it, don't rely on the case study at the back so much for that. There's a cimer template attached to the assignment on the my kaplan website.

    The trick really seems to be do it one question at a time, don't bite off more than you can chew, make sure that you relate every question you do back to the bit in the course book that you're supposed to be demonstrating you know. I thought the book was great, easy to read, beats the hell out of the old course they used to offer. Go and have a look at the rg146 and pinnacle notes - you'll learn more reading Ross Gittins every day than you will with that gear, I've seen it.

    So for all those ragging on kaplan, don't freak out, start the assignment early and take your time. I've worked around the industry in back office roles i banks for a while and only decided to go into planning recently so I could do something client facing. Everyone I spoke to, both at work and at other dealers, said that kaplan was the way to go. Those stories about people being sent back to kaplan to redo some of their DFS courses because they got bits and pieces from loads of other crap providers is all true, and that was on the days when they were desperate for new hires and would take you on spec and then let you finish your DFS while you worked. Most dealer groups aren't desperate for new hires any more so you better have quality paper in hand when you rock up. Thos of you who want to ditch kaplan when you havent even finished one subject, doesn't sound like you've tried all that hard. Put your head down, read the book, and you might even get a job out of it. They're trying to train you to be a financial planner - if you don't like the assignment then you should probably rethink your choice of career because doing what they ask you to do in the assignment, that's what being a planner IS guys.

    Anyone who wants to know more, post in some actual questoins and I'll post again if I've got something to add.

    See ya,
    serge
     
  20. Salmonpie

    Salmonpie New Member

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    Thanks for the info. I think you explained your position in the first paragraph of your post, you went to a Kaplan workshop. I'm sure it really helps bring it all together, when you have the chance to sit down with others studying and have a tutor in the room with you. The other guys in this post and myself unfortunately haven't had this chance, for me my company wouldn't pay for it. I'm sure you can understand that sitting at home on your own trying to work out what Kaplan might or might not want you to do could be a little confusing at times and I personally found a lot of reassurance in this forum as thought I was the only one having the same sort of concerns. Your comments are really good though
    Thanks