Assessor Resource

FNSFPL508
Conduct complex financial planning research

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to undertake research of a complex nature for use in the financial planning process. Research would involve plans for those with above average sums of money, with complex legal, regulatory or estate issues, or an above average range of products or plans for major clients.

It applies to experienced individuals who use specialised knowledge and techniques to source, evaluate and synthesise complex information to solve problems and support the planning process.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Evaluate client’s current situation and identify issues

1.1 Undertake analysis of integrity of information provided by client

1.2 Ensure client objectives and expectations are identified, quantified and tested for viability by authorised representative

1.3 Establish basis for strategy development

2. Identify research requirements and parameters

2.1 Establish aims and objectives of research, including strategy and product and performance parameters against client requirements and expectations

2.2 Clearly establish intended use of research information

2.3 Identify wide range of internal and external information resources

2.4 Identify information requirements not met by regular sources and develop strategies to access them legitimately

2.5 Establish timeframes and prioritise requests for information to ensure timelines are met

3. Extract and analyse information according to research requirements and parameters

3.1 Establish data extraction criteria that are relevant to intended use and client requirements, and do not unduly limit scope of research

3.2 Identify trends to provide meaningful information on performance of possible strategies, products and markets

3.3 Undertake comprehensive risk assessment of products identified through research

3.4 Analyse strategies and financial products within appropriate timeframes to ensure currency of decision making

3.5 Prioritise information obtained according to client requirements and expectations

3.6 Identify issues that require specialist research or advice, and source and obtain appropriate advice

4. Summarise and present results of research

4.1 Collate information on financial products and check against research specification

4.2 Prepare written performance, trend and risk analyses and check against research specification

4.3 Describe and document any qualifications or issues for further research

4.4 Present research findings to financial planner

Evidence of the ability to:

conduct and document research of a complex nature for use in the financial planning process that includes:

testing and assessing the integrity of information

specifying and justifying research objectives and strategy

summarise and prioritise findings based on:

assessing the impact of trends on product performance to interpret and assess available products and services and how they can be combined in a comprehensive portfolio

assessing risks and benefits associated with using a range of products and services within a portfolio

evaluate outcomes against client requirements to form recommendations that comply with company policy and procedures, industry codes of practice and relevant legislation.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

identify and outline the key features of a wide range of:

financial products and services and their uses in portfolios

relevant financial product information sources and research techniques

identify and classify a wide range of available information sources and describe research strategies to obtain information not readily available

describe the key features of:

financial industry related Acts and regulations

industry trends and latest research findings

relevant legislative and code of practice requirements

relevant organisational policy, objectives and guidelines

identify and discuss the major risks and implications associated with financial products and services

explain theories of investment, portfolio management and management of investment and risk

describe issues relating to taxation and social security systems and regulations, and their effect on the specified financial products.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial planning field of work and include access to:

office equipment, technology, software and consumables.

Assessors must satisfy NVR/AQTF assessor requirements

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Evaluate client’s current situation and identify issues

1.1 Undertake analysis of integrity of information provided by client

1.2 Ensure client objectives and expectations are identified, quantified and tested for viability by authorised representative

1.3 Establish basis for strategy development

2. Identify research requirements and parameters

2.1 Establish aims and objectives of research, including strategy and product and performance parameters against client requirements and expectations

2.2 Clearly establish intended use of research information

2.3 Identify wide range of internal and external information resources

2.4 Identify information requirements not met by regular sources and develop strategies to access them legitimately

2.5 Establish timeframes and prioritise requests for information to ensure timelines are met

3. Extract and analyse information according to research requirements and parameters

3.1 Establish data extraction criteria that are relevant to intended use and client requirements, and do not unduly limit scope of research

3.2 Identify trends to provide meaningful information on performance of possible strategies, products and markets

3.3 Undertake comprehensive risk assessment of products identified through research

3.4 Analyse strategies and financial products within appropriate timeframes to ensure currency of decision making

3.5 Prioritise information obtained according to client requirements and expectations

3.6 Identify issues that require specialist research or advice, and source and obtain appropriate advice

4. Summarise and present results of research

4.1 Collate information on financial products and check against research specification

4.2 Prepare written performance, trend and risk analyses and check against research specification

4.3 Describe and document any qualifications or issues for further research

4.4 Present research findings to financial planner

Evidence of the ability to:

conduct and document research of a complex nature for use in the financial planning process that includes:

testing and assessing the integrity of information

specifying and justifying research objectives and strategy

summarise and prioritise findings based on:

assessing the impact of trends on product performance to interpret and assess available products and services and how they can be combined in a comprehensive portfolio

assessing risks and benefits associated with using a range of products and services within a portfolio

evaluate outcomes against client requirements to form recommendations that comply with company policy and procedures, industry codes of practice and relevant legislation.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

identify and outline the key features of a wide range of:

financial products and services and their uses in portfolios

relevant financial product information sources and research techniques

identify and classify a wide range of available information sources and describe research strategies to obtain information not readily available

describe the key features of:

financial industry related Acts and regulations

industry trends and latest research findings

relevant legislative and code of practice requirements

relevant organisational policy, objectives and guidelines

identify and discuss the major risks and implications associated with financial products and services

explain theories of investment, portfolio management and management of investment and risk

describe issues relating to taxation and social security systems and regulations, and their effect on the specified financial products.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial planning field of work and include access to:

office equipment, technology, software and consumables.

Assessors must satisfy NVR/AQTF assessor requirements
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Undertake analysis of integrity of information provided by client 
Ensure client objectives and expectations are identified, quantified and tested for viability by authorised representative 
Establish basis for strategy development 
Establish aims and objectives of research, including strategy and product and performance parameters against client requirements and expectations 
Clearly establish intended use of research information 
Identify wide range of internal and external information resources 
Identify information requirements not met by regular sources and develop strategies to access them legitimately 
Establish timeframes and prioritise requests for information to ensure timelines are met 
Establish data extraction criteria that are relevant to intended use and client requirements, and do not unduly limit scope of research 
Identify trends to provide meaningful information on performance of possible strategies, products and markets 
Undertake comprehensive risk assessment of products identified through research 
Analyse strategies and financial products within appropriate timeframes to ensure currency of decision making 
Prioritise information obtained according to client requirements and expectations 
Identify issues that require specialist research or advice, and source and obtain appropriate advice 
Collate information on financial products and check against research specification 
Prepare written performance, trend and risk analyses and check against research specification 
Describe and document any qualifications or issues for further research 
Present research findings to financial planner 
Undertake analysis of integrity of information provided by client 
Ensure client objectives and expectations are identified, quantified and tested for viability by authorised representative 
Establish basis for strategy development 

Forms

Assessment Cover Sheet

FNSFPL508 - Conduct complex financial planning research
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Assessment Record Sheet

FNSFPL508 - Conduct complex financial planning research

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Overall assessment result: Competent Not yet competent

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