Risk Management and Estate Planning

Risk Management and Estate Planning

Unit code: BAO6004

Credit points: 12

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.

This unit is designed to meet the approved degree requirements of Financial Adviser Standards and Ethics Authority [FASEA]. Successful completion of this unit has the added advantage of satisfying the relevant FASEA education requirements of an approved degree and may count towards the annual Continuing Professional Development (CPD) requirement to a maximum of 30 CPD hours per year.

Learning outcomes

 

On successful completion of this unit, students will be able to:

  1. Articulate the critical elements of insurance contracts, claims processes and risk management as it relates to insurance planning advice.
  2. Use financial planning software, online resources and risk management steps to evaluate risk, research and compare insurance products and apply to risk management and optimisation strategies.
  3. Formulate suitable, tax effective [including CGT] financial advice to manage and distribute wealth in a range of insurance and estate planning contexts [including succession planning and blended family cases].
  4. Model client relationship building skills using clear and coherent communication in client scenarios discussing insurance and estate planning strategies.

 

Related course/s

 

This unit is studied as part of the online Master of Financial Planning, Graduate Diploma of Financial Planning and Graduate Certificate of Financial Planning.