Assessor Resource

FNSFPL605A
Present and negotiate complex and innovative financial plans

Assessment tool

Version 1.0
Issue Date: May 2024


This unit applies to senior financial planners, senior para-planners and senior technical staff.

This unit describes the performance outcomes, skills and knowledge required to present and negotiate a complex or innovative preliminary, amended or final financial plan to a client. It encompasses creating rapport with clients, presenting financial plans to the clients, negotiating effectively, and completing and maintaining necessary documentation.

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:

apply comprehensive knowledge of the financial planning industry, industry regulations and codes of practice, financial products, financial markets and investment characteristics to the role of financial adviser

assess impacts of taxation, social security, economic and other government policies on client investment and financial requirements

apply knowledge of sales and marketing media and methodologies

successfully present complex financial plans to clients providing justification and research evidence for all elements of the plan and gain client feedback on, and agreement to, the plan.

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

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills

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

highly developed communication skills to:

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

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

well-developed research and analysis skills for:

accessing and managing comprehensive and complex information

interpreting complex documentation

forming a holistic perspective of complex situations and identify implications

well-developed numeracy skills to accurately analyse, record and store data in accordance with organisational requirements

well-developed literacy skills for analysingcomplex information and products to ensure appropriateness to client needs, currency and accuracy

IT skills for accessing and using appropriate software such as spreadsheets and databases and 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

highly developedproblem 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

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

critical reasoning and judgement skills for forming recommendations in operational situations

Required knowledge

impact of relevant economic, taxation and social security policy on the client's financial planning needs

impact of relevant estate planning considerations on the client's financial planning needs

investment and savings vehicles, financial markets, asset classes and investment characteristics

investment risk factors and relationship to return expectations

products available in the financial services industry

relevant industry codes of practice and requirements

requirements related to the disclosure of capacity

role of the financial planning adviser and the financial planning practice

terms of the acts and regulations affecting the industry

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.

Disclosure of capacity will include:

a statement indicating whether the adviser is only accredited to sell or advise on a restricted range of products

any relationship the adviser and/or their organisation have with products mentioned in the financial plan

name and address of the registered adviser

the means of remuneration of the adviser

who is responsible for the adviser's conduct.

Financial plans covered by this unit:

are those which are identified according to practice guidelines as complex or which are for commercial relationship reasons identified as requiring development to a higher than normal standard

could involve above average sums of money, plans with complex legal, regulatory or estate issues, plans covering an above average range of products or plans for major clients.

Documentation may include:

disclaimers

disclosures

Eligible Termination Payment (ETP) forms

written advice.

Products include, but are not limited to:

cash deposits

derivatives

direct investments

equities

futures

insurance products

managed investments

superannuation.

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
Disclosure of capacity to client is consistent with industry requirements and organisation guidelines 
Client concerns, if any, are identified and responded to appropriately 
Services explained to client are given orally and in writing in a clear and unambiguous way, avoiding jargon and in a language appropriate to the receiver 
Client is assisted to make informed choices using the relevant documentation 
Client's needs and objectives are addressed in a manner consistent with client's level of financial understanding 
Strategies and recommendations in the financial plan are explained and discussed with the client in a clear and unambiguous way 
The financial plan document is prepared, explained and discussed with the client in a clear and unambiguous way 
Client is guided through the assumptions used in formulating the plan and the degree to which variations in the assumptions may impact on expected outcomes is discussed 
Impact of the recommendations is clearly and comprehensively discussed with the client including advantages, risks and any disadvantages of particular proposals 
Implementation actions required by the client are clearly explained and written agreement to actions is obtained 
Fees, charges and commissions are clearly explained to the client 
Any commercial relationship of the representative and their organisation to products and or services mentioned in the plan are disclosed to the client 
Adviser identifies and addresses issues that in their professional judgement may require further consideration or consultation with other financial services professionals 
Copies of the research and other documentation are provided to the client as required or when requested and confirmation is sought that the client understands the recommendations presented 
Product knowledge appropriate for the service or advice offered is demonstrated in discussion with the client 
After sales service to be provided is clearly defined, and is communicated to the client 
Clients are assisted to make appropriate decisions regarding solutions to their needs and objectives with alternatives to recommendations presented when requested 
Limits imposed by regulatory requirements or organisation guidelines are observed 
Restraint and composure are exercised when dealing with conflict situations involving clients 
Communication channels are maintained when dealing with complaints and internal and external complaint handling procedures are observed 
Agreement in principle to proceed is obtained from the client 
Financial plan is adjusted according to changes agreed to with the client and a proposal and other documents are completed and signed off when plan is agreed 
Client records are created or updated with contract variations completed if required 
Confirmation including relevant documentation and contract variation is provided to the client and final plan implemented 
Customer advice is recorded in accordance with current industry documentation requirements 
Instructing or purchasing documents where required are signed by the client 

Forms

Assessment Cover Sheet

FNSFPL605A - Present and negotiate complex and innovative financial plans
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

FNSFPL605A - Present and negotiate complex and innovative financial plans

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: