Assessor Resource

FNSFPL508A
Conduct complex financial planning research

Assessment tool

Version 1.0
Issue Date: May 2024


This unit has application to job roles such as senior financial planners, senior para-planners and senior technical staff.

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

This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).

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

Employability Skills

This unit contains employability skills.



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.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

test and assess the integrity of information and specify and justify research objectives and strategy

use knowledge of a wide range of available information sources to develop research strategies and obtain information not readily available

assess 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

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

conduct and document research for financial plans, summarise and prioritise findings and evaluate outcomes against client requirements to form recommendations

comply with company policies and guidelines, industry codes of practice and relevant legislation.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills which may include formal examinations

setting and reviewing workplace projects and business simulations/scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

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.

Required skills

well-developed communication skills to:

determine and confirm client and work requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

highly developed research skills such for:

accessing and managing comprehensive and complex information

interpreting complex documentation

well-developed numeracy and IT skills such as:

using advanced analytical techniques

accessing and using software such as spreadsheets and databases

using internet information

self-management skills for complying with ethical, legal and procedural requirements

learning skills to maintain knowledge of changes to compliance legislation and requirements

organisational and time management skills to sequence tasks, meet timelines and arrange meetings

problem solving skills to identify any issues that have the potential to impact on the planning process or outcome and to develop options to resolve these issues when they arise

judgement skills to form recommendations in complex situations

strategy skills to form different strategies and options

Required knowledge

a wide range of financial products and services and their uses in portfolios

a wide range of relevant financial product information sources and research techniques

financial industry related Acts and regulations

industry trends and latest research findings

relevant legislative and code of practice requirements

relevant organisational policies, objectives and guidelines

risks and implications associated with financial products and services

specialist level knowledge of theories of investment, portfolio management and management of investment and risk

taxation and social security systems and regulations and their effect on the specified financial products

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Information may include factors such as:

economic situation

environmental considerations

industry codes of practice

internal comparisons

market situation

political situation

regulatory environment

social environment.

Client objectives and expectations may include:

comprehensive financial planning

integrated advice

product specific advice and/or service

portfolio advice for complex situations.

Timeframes may be affected by:

changes in client's circumstances

competitors

legislative and regulatory requirements

market cycles

marketing strategy

procedures revision

product release dates.

Appropriate advice may come from:

accountants

consultants

expert staff

external financial planners

investment analysts

lawyers

management

peers.

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
An analysis of the integrity of information provided by the client is undertaken 
The client objectives and expectations are identified and quantified by the authorised representative and tested for viability 
The basis for strategy development is established 
Aims and objectives of research including strategy and product and performance parameters are established against client requirements and expectations 
Intended use of the research information is clearly established 
A wide range of internal and external information resources are identified 
Information requirements not met by regular sources are identified and strategies developed to access them legitimately 
Timeframes are established and requests for information prioritised to ensure timelines are met 
Data extraction criteria are established that are relevant to intended use and client requirements and do not unduly limit the scope of research 
Trends are identified to provide meaningful information on performance of possible strategies, products and markets 
Comprehensive risk assessment is made of products identified through the research 
Strategies and financial products are analysed within appropriate timeframes to ensure currency of decision making 
Obtained information is prioritised according to client requirements and expectations 
Issues that require specialist research or advice are identified and appropriate advice sourced and obtained 
Information on financial products is collated and checked against research specification 
Written performance, trend and risk analyses are prepared and checked against research specification 
Any qualifications or issues for further research are described and documented 
Research findings are presented to the financial planner 

Forms

Assessment Cover Sheet

FNSFPL508A - Conduct complex financial planning research
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSFPL508A - Conduct complex financial planning research

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: