Assessor Resource

FNSFPL612
Determine client requirements and expectations in financial planning

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to determine the financial requirements and expectations of clients in financial planning. It involves informing required stakeholders of the financial planning process and service, obtaining required information on the client’s financial situation and expectations, and preparing and updating necessary documentation.

The unit applies to those who manage relationships and apply systematic approaches using highly specialised knowledge to problem solve and develop customised solutions. This unit requires in-depth financial knowledge. Client information may be provided by authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those 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.

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

determine client requirements and expectations for financial planning for at least three different clients.

In the course of the above, the candidate must:

comply with relevant industry codes of practice, legislation and regulations, and organisational policies and procedures

offer thorough and ongoing assistance with enquiries and requests for service

communicate features and benefits of available products and services.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative requirements relating to financial planning

organisational policies, procedures and requirements relating to financial planning, including:

client privacy and confidentiality

establishing client’s investment needs and preferences

complaints handling processes and procedures

business principles and law relating to financial planning

economic climate and outlook and impact on financial planning

local and international financial market and investment information included in financial plans

key features of client’s financial situation impacting on financial planning, including:

personal, family and business matters

family financial histories

key features of family structures and property structures and associated legal implications

taxation and property structures and their financial implications

estate planning issues

indications and implications of risk and fraud relating to client’s financial position

financial risk and reward principles

financial products:

features and benefits

service terms and conditions

sales and marketing techniques relevant to the financial services industry.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

organisational equipment, technology and software.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

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.

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

determine client requirements and expectations for financial planning for at least three different clients.

In the course of the above, the candidate must:

comply with relevant industry codes of practice, legislation and regulations, and organisational policies and procedures

offer thorough and ongoing assistance with enquiries and requests for service

communicate features and benefits of available products and services.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative requirements relating to financial planning

organisational policies, procedures and requirements relating to financial planning, including:

client privacy and confidentiality

establishing client’s investment needs and preferences

complaints handling processes and procedures

business principles and law relating to financial planning

economic climate and outlook and impact on financial planning

local and international financial market and investment information included in financial plans

key features of client’s financial situation impacting on financial planning, including:

personal, family and business matters

family financial histories

key features of family structures and property structures and associated legal implications

taxation and property structures and their financial implications

estate planning issues

indications and implications of risk and fraud relating to client’s financial position

financial risk and reward principles

financial products:

features and benefits

service terms and conditions

sales and marketing techniques relevant to the financial services industry.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

organisational equipment, technology and software.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
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
Identify and document client’s expectations, requirements, priorities and objectives 
Identify financial planning process, roles, licensees, principals, services and capacity of organisation to meet client needs 
Detail fees and charges to authorised representative and confirm understanding 
Identify and report client’s relationship with other financial services to authorised representative 
Identify client special needs and take required action, making referral to specialists where required 
Explain procedures for internal and external complaints handling and resolution to authorised representative 
Obtain and assess information on client’s financial situation 
Document findings from assessment of client’s financial situation 
Obtain and check with authorised representative relevant facts and information and manage confidentially according to organisational policies and procedures, legislative requirements and industry codes of practice 
Develop summary analysis of client’s financial position 
Identify taxation and estate issues affecting client’s financial planning needs, and discuss implications with authorised representative 
Establish and document client’s expectations, requirements, priorities and objectives for identified issues 
Develop and document summary analysis of client’s taxation and estate financial position according to legislative requirements and organisational policies and procedures 
Combine information and generate comprehensive view of client’s financial position 
Identify interdependencies and implications of situation, and obtain further information where required 
Develop initial summary of client’s financial position and discuss client expectations, priorities, and requirements 
Review summary with authorised representative against comprehensive position 
Discuss risk issues and tolerances with required stakeholders and assess unusual risks and requirements 
Communicate risks and consequent impact on financial planning services to authorised representative according to organisational policies and procedures and relevant legislation 

Forms

Assessment Cover Sheet

FNSFPL612 - Determine client requirements and expectations in financial planning
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

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Assessor name:

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Assessment Record Sheet

FNSFPL612 - Determine client requirements and expectations in financial planning

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:

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Student signature:

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