Assessor Resource

FNSPRM603
Grow the practice

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to promote and grow a financial practice. It requires the application of marketing skills and the use of market intelligence to develop and implement practice promotion and growth plans.

It applies to experienced individuals who use specialised knowledge and systematic approaches and, within their level of authority, provide guidance in strategic organisational activity.

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. Develop marketing plan for practice

1.1 Develop or review practice vision statement objectives

1.2 Identify or refine target markets based on research and experience

1.3 Obtain market research data and develop competitor analysis

1.4 Develop or review practice market position based on research findings and analysis

2. Develop practice promotion plans

2.1 Develop practice brand and benefits of practice, and identify practice products and services

2.2 Select or develop appropriate promotion tools, as required

3. Develop practice growth plans

3.1 Develop plans to add new clients and increase yield per existing client

3.2 Rank proposed plans according to agreed criteria and develop agreed action plan to implement top ranked plans

3.3 Review practice work activities to ensure they support growth plans

4. Implement and monitor plan

4.1 Develop implementation plan in consultation with all relevant stakeholders

4.2 Agree on indicators of success of plan and monitor implementation against agreed indicators

4.3 Adjust implementation as required to meet objectives

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. Develop marketing plan for practice

1.1 Develop or review practice vision statement objectives

1.2 Identify or refine target markets based on research and experience

1.3 Obtain market research data and develop competitor analysis

1.4 Develop or review practice market position based on research findings and analysis

2. Develop practice promotion plans

2.1 Develop practice brand and benefits of practice, and identify practice products and services

2.2 Select or develop appropriate promotion tools, as required

3. Develop practice growth plans

3.1 Develop plans to add new clients and increase yield per existing client

3.2 Rank proposed plans according to agreed criteria and develop agreed action plan to implement top ranked plans

3.3 Review practice work activities to ensure they support growth plans

4. Implement and monitor plan

4.1 Develop implementation plan in consultation with all relevant stakeholders

4.2 Agree on indicators of success of plan and monitor implementation against agreed indicators

4.3 Adjust implementation as required to meet objectives

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
Develop or review practice vision statement objectives 
Identify or refine target markets based on research and experience 
Obtain market research data and develop competitor analysis 
Develop or review practice market position based on research findings and analysis 
Develop practice brand and benefits of practice, and identify practice products and services 
Select or develop appropriate promotion tools, as required 
Develop plans to add new clients and increase yield per existing client 
Rank proposed plans according to agreed criteria and develop agreed action plan to implement top ranked plans 
Review practice work activities to ensure they support growth plans 
Develop implementation plan in consultation with all relevant stakeholders 
Agree on indicators of success of plan and monitor implementation against agreed indicators 
Adjust implementation as required to meet objectives 

Forms

Assessment Cover Sheet

FNSPRM603 - Grow the practice
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

FNSPRM603 - Grow the practice

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: