Assessor Resource

FNSIAD502A
Provide appropriate and timely information and advice to clients

Assessment tool

Version 1.0
Issue Date: May 2024


This unit applies to job roles that involve providing ongoing financial advice to clients and is likely to involve regulation and licensing.

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

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:

analyse client expectations, requirements and investment strategies

develop a rapport with clients and respond to their investment strategies and agreed terms of business

interpret and comply with organisation 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

access to financial services product information.

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

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 requirements, using questioning and active listening as required and avoiding unnecessary industry jargon

negotiate with clients on suitable products and services

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research and analysis to access, interpret and manage complex information and product characteristics

presentation skills to inform clients of findings and recommendations

well-developed literacy skills for:

analysing information and products to ensure appropriateness to client needs, currency and accuracy

reading and interpreting documentation from a variety of sources and recording, gathering and consolidating financial information

drafting comprehensive client documentation and recommendations

learning skills to maintain knowledge of changes to relevant legislation and financial product features

organisational skills, including the ability to plan and sequence work

Required knowledge

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

current economic climate and outlook

financial product and service terms and conditions

general sales and marketing techniques

local and international financial markets and investments

organisational policy, procedures and requirements

relevant legislation and codes of practice

relevant research reports on financial markets

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.

Client expectations and needs may include:

beliefs about performance of financial products

financial planning

long-term or short-term risk and security of investment

portfolio advice

speculative advice

stock specific advice.

Organisation policy and guidelines may include:

advertising and marketing

codes of practice

complaints and dispute resolution procedures

IT and administrative systems

policies and procedures in relation to client service

product or service development.

Relevant legislation and codes of practice may include:

Consumer Affairs Act

Consumer Credit Code

contract law

Corporations Act

industry codes of practice

national Guarantee Funds Rules

Privacy Act

relevant financial association's business rules and codes of conduct

secrecy laws

Taxation Act

Trade Practices Act

trust law.

Clients may include:

agents

companies and organisations

intermediaries

members

members of the public

shareholders

stockbrokers

trustees.

Investment options, opportunities and strategies may include:

equities

corporate advice

derivatives

discretionary accounts

margin lending

money market facilities

portfolio management and administration

research

scrip lending

tax factors.

Disclosures include:

charges

fees

interest.

Documentation may include:

advice provided

agreements

bills

contracts or policy statements

in-house publications

legal, government, professional documents

meeting notes

memos

correspondence:

official

general

other

program recommendations

prospectuses

quotations

reasons for adopting or incorporating certain information in preference to other information

receipts

records of telephone conversations

reference to all evidence and information considered

reports including:

research

statistical

ad hoc

transaction

other.

Additional or ongoing service may be:

annually

daily

if and when required

monthly

quarterly

weekly.

Strategies to inform existing clients may include:

email

mail-outs

networking

newsletters

phone calls

seminars

websites.

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
Client's expectations and needs are determined in accordance with client requirements, organisation policies and guidelines, and relevant legislation or industry codes of practice 
Appropriate strategies to meet client's needs and requirements are determined promptly and accurately 
Research is carried out and relevant research data is utilised where appropriate 
Specialist advice and assistance, where required, is sought and obtained promptly 
Cost-benefit analysis is carried out on the various strategies determined and is documented where appropriate 
A range of investment options relevant to client requirements and investment strategies is selected 
Features of the options, including potential impacts are explained in a clear, unambiguous way to client 
Relevant disclosures as required by legislation, industry codes of practice or organisation policies and guidelines are made to clients 
Confirmation is sought from clients that they understand the selected options, potential impacts and disclosures 
Requirements to put the suggested options into effect are explained and agreement to proceed is obtained from clients 
Documentation, including suggested options, agreed investment strategies and confirmation of agreement is prepared promptly and accurately 
Client records are updated and filed promptly 
Ongoing rapport is maintained with clients 
Client satisfaction and feedback is sought regarding service performance, portfolio performance and recommended investment strategies 
Potential investment opportunities and provision of additional or ongoing services are identified from a review of client records and feedback and external financial markets 
Strategies to inform existing clients of additional/ongoing services and potential investment opportunities are identified and implemented 
Client feedback on advertising/marketing strategies is sought to monitor the effectiveness of those strategies 

Forms

Assessment Cover Sheet

FNSIAD502A - 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

FNSIAD502A - 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: