Assessor Resource

FNSIAD502
Provide appropriate and timely information and advice to clients

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to provide financial information and advice to clients with regard to a variety of financial investment options.

It applies to individuals working within enterprises and job roles who are undertaking the provision of ongoing financial advice to clients.

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. Analyse client expectations, requirements and investment strategies

1.1 Determine client expectations and needs in accordance with client requirements, organisational policy and guidelines, and relevant legislation or industry codes of practice

1.2 Determine appropriate strategies promptly and accurately to meet client needs and requirements

1.3 Carry out research and use relevant research data where appropriate

1.4 Seek and obtain specialist advice and assistance promptly, where required

1.5 Carry out and determine cost-benefit analysis on the various strategies and document where appropriate

2.Develop response consistent with client investment strategies and agreed terms of business

2.1 Select a range of investment options and investment strategies relevant to client requirements

2.2 Explain features of the options, including potential impacts, in a clear, unambiguous way to clients

2.3 Make relevant disclosures as required by legislation, regulations, industry codes of practice or organisational policy and guidelines to clients

2.4 Seek confirmation from clients that they understand the selected options, potential impacts and disclosures

2.5 Explain requirements to put suggested options into effect and obtain agreement to proceed from clients

2.6 Prepare documentation, including suggested options, agreed investment strategies and confirmation of agreement promptly and accurately

2.7 Update and file client records promptly

3. Provide ongoing financial advice and review of portfolio where requested and within agreed terms of business

3.1 Maintain ongoing rapport with clients

3.2 Seek client satisfaction and feedback regarding service performance, portfolio performance and recommended investment strategies

4. Market services and investment opportunities to clients

4.1 Identify potential investment opportunities and provision of additional or ongoing services from review of client records and feedback, and external financial markets

4.2 Identify and implement strategies to inform existing clients of additional or ongoing services and potential investment opportunities

4.3 Seek client feedback on advertising and marketing strategies to monitor the effectiveness of those strategies

Evidence of the ability to:

develop investment options and strategies for clients that are:

based on a thorough analysis of client needs, expectations and requirements

in compliance with organisational policy and procedures, industry codes of practice and relevant legislation and regulations

accurately prepare documentation for clients that includes suggested options and investment strategies, and agreed terms of business.

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:

discuss the current economic climate and outlook

describe local and international financial markets and investments

explain key features of a range of financial products including:

returns

terms and conditions

outline and explain basic tax factors, business principles and law impacting on financial products

identify organisational policy, procedures and requirements

describe key requirements of relevant legislation, regulation and industry codes of practice relating to the provision information and advice to clients

discuss general sales and marketing techniques

list relevant research reports on financial markets

explain current investment returns and trends obtained from financial markets research.

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

organisational records

organisational policy, procedures, legislation and regulations as they relate to provision of advice

common 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. Analyse client expectations, requirements and investment strategies

1.1 Determine client expectations and needs in accordance with client requirements, organisational policy and guidelines, and relevant legislation or industry codes of practice

1.2 Determine appropriate strategies promptly and accurately to meet client needs and requirements

1.3 Carry out research and use relevant research data where appropriate

1.4 Seek and obtain specialist advice and assistance promptly, where required

1.5 Carry out and determine cost-benefit analysis on the various strategies and document where appropriate

2.Develop response consistent with client investment strategies and agreed terms of business

2.1 Select a range of investment options and investment strategies relevant to client requirements

2.2 Explain features of the options, including potential impacts, in a clear, unambiguous way to clients

2.3 Make relevant disclosures as required by legislation, regulations, industry codes of practice or organisational policy and guidelines to clients

2.4 Seek confirmation from clients that they understand the selected options, potential impacts and disclosures

2.5 Explain requirements to put suggested options into effect and obtain agreement to proceed from clients

2.6 Prepare documentation, including suggested options, agreed investment strategies and confirmation of agreement promptly and accurately

2.7 Update and file client records promptly

3. Provide ongoing financial advice and review of portfolio where requested and within agreed terms of business

3.1 Maintain ongoing rapport with clients

3.2 Seek client satisfaction and feedback regarding service performance, portfolio performance and recommended investment strategies

4. Market services and investment opportunities to clients

4.1 Identify potential investment opportunities and provision of additional or ongoing services from review of client records and feedback, and external financial markets

4.2 Identify and implement strategies to inform existing clients of additional or ongoing services and potential investment opportunities

4.3 Seek client feedback on advertising and marketing strategies to monitor the effectiveness of those strategies

Evidence of the ability to:

develop investment options and strategies for clients that are:

based on a thorough analysis of client needs, expectations and requirements

in compliance with organisational policy and procedures, industry codes of practice and relevant legislation and regulations

accurately prepare documentation for clients that includes suggested options and investment strategies, and agreed terms of business.

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:

discuss the current economic climate and outlook

describe local and international financial markets and investments

explain key features of a range of financial products including:

returns

terms and conditions

outline and explain basic tax factors, business principles and law impacting on financial products

identify organisational policy, procedures and requirements

describe key requirements of relevant legislation, regulation and industry codes of practice relating to the provision information and advice to clients

discuss general sales and marketing techniques

list relevant research reports on financial markets

explain current investment returns and trends obtained from financial markets research.

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

organisational records

organisational policy, procedures, legislation and regulations as they relate to provision of advice

common 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
Determine client expectations and needs in accordance with client requirements, organisational policy and guidelines, and relevant legislation or industry codes of practice 
Determine appropriate strategies promptly and accurately to meet client needs and requirements 
Carry out research and use relevant research data where appropriate 
Seek and obtain specialist advice and assistance promptly, where required 
Carry out and determine cost-benefit analysis on the various strategies and document where appropriate 
Select a range of investment options and investment strategies relevant to client requirements 
Explain features of the options, including potential impacts, in a clear, unambiguous way to clients 
Make relevant disclosures as required by legislation, regulations, industry codes of practice or organisational policy and guidelines to clients 
Seek confirmation from clients that they understand the selected options, potential impacts and disclosures 
Explain requirements to put suggested options into effect and obtain agreement to proceed from clients 
Prepare documentation, including suggested options, agreed investment strategies and confirmation of agreement promptly and accurately 
Update and file client records promptly 
Maintain ongoing rapport with clients 
Seek client satisfaction and feedback regarding service performance, portfolio performance and recommended investment strategies 
Identify potential investment opportunities and provision of additional or ongoing services from review of client records and feedback, and external financial markets 
Identify and implement strategies to inform existing clients of additional or ongoing services and potential investment opportunities 
Seek client feedback on advertising and marketing strategies to monitor the effectiveness of those strategies 

Forms

Assessment Cover Sheet

FNSIAD502 - Provide appropriate and timely information and advice to clients
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

FNSIAD502 - Provide appropriate and timely information and advice to clients

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: