In acknowledging the value of digital advice and the relevant skills required for SCU students entering the financial services industry, we have created and implemented a new video Statement of Advice (SOA) assessment task for FINC2005 Principles of Financial Planning. The task requires students to assume the role of a financial adviser in a hypothetical client scenario concerning the provision of life insurance advice.
Students are asked to produce a personalised video SOA explaining the key advice recommendations, strategies, compliance disclosures, and fees. Consistent with the client’s circumstances and acting in their best interests, students must deliver a 20-minute video presentation that is directed at the client. The video needs to be visually engaging and interactive and highlight the key areas and recommendations of the SOA, with a focus on meeting legal and regulatory obligations, maintaining professional standards and ethical practices, and sustaining the client–adviser relationship. The video must also be sensitive to their circumstances, needs and goals, and financial literacy level, and must be creative, and delivered confidently and professionally. The ultimate aim of the assessment task is to convey to the client, in simple terms, relevant information regarding the advice being offered so that they can make an informed decision.
The video SOA has delivered numerous outcomes. To our knowledge, SCU is one of the first Australian universities to require its students to produce a video SOA assessment. Moreover, limited research on video SOA assessments in tertiary education makes this contribution unique. The teaching team and students have also indicated that they prefer video assessments. For instance, on-time submissions increased, more students completed the task, the marking process became more streamlined and efficient (allowing for a faster turnaround of marks), and students performed better in the SOA assessment than in previous offerings. The students could also carry out the task on their phones/tablets and verify their identity for Financial Adviser Standards (FAS) accreditation purposes at the commencement of the video. Our innovative video SOA assessment establishes that accreditation requirements can be achieved without the need for a proctored exam, offering a more student-friendly experience. The task also limits the use of Generative AI. For example, the marking criterion does not solely focus on content, allowing students to showcase their presentation skills.
Overall, this authentic and impactful assessment task has been received positively by SCU students, with unit satisfaction and teaching satisfaction increasing from 2021 to 2023.
Adviser Voice. (2023). CPD: The time is right - The whys and how's of compliant video SOAs. Retrieved September 22, 2023, from https://www.adviservoice.com.au/2023/05/cpd-the-time-is-right-the-whys-and-hows-of-compliant-video-soas/
(*Please note this abstract does not have a link to a recording because the presenter was unable to present on the day.)