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. Establish requirements of administrative document | 1.1 Examine, previous instructions, legal, administrative and other supporting documents to establish parameters of role 1.2 Confirm instructions contained within documentation and identify any other relevant advisers or stakeholders 1.3 Identify and develop strategies for appropriate action to be taken for special needs and potential conflicts during interactions with client |
2. Identify client’s assets and liabilities | 2.1 Identify client’s assets and ensure all relevant information and documents are obtained and checked 2.2 Arrange for any real property to be adequately insured and physically secured if required 2.3 Indentify client's liabilities and obtain accurate valuation of assets weighed against liabilities 2.4 Prepare and make a record of a statement of assets and liabilities according to organisational requirements |
3. Manage administration requirements | 3.1 Determine appropriate actions to undertake documented instructions whilst maintaining client's best interest 3.2 Identify client's financial needs for both income and capital and prepare financial plan and investment strategy with assistance of financial advisers where required 3.3 Ensure that regular and periodic payments are established 3.4 Establish taxation file with Australian Taxation Office (ATO) and prepare regular statements of accounts and tax returns or liaise with client’s accountant where relevant 3.5 Establish and maintain ongoing communication channels with client and other relevant advisers or stakeholders |
4. Continuously evaluate and review strategies | 4.1 Establish and implement ongoing review of financial plan 4.2 Review assets and investment strategy periodically and make appropriate changes 4.3 Provide ongoing management of client’s assets using procedures in accordance with relevant legislative and organisational requirements ensuring that the client's interest is protected 4.4 Confirm that there is certifiable evidence on any request to handover the appointment |
Evidence of the ability to:
produce organisational and legislative documents relevant to carrying out instructions of an attorneyship or financial administration order
prepare and interpret financial statements
apply conflict resolution skills to manage client expectations and any special needs
determine appropriate actions to administer the instructions in the client's best interest within parameters of role
review the appropriateness of the financial plan in meeting client's needs.
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:
describe tasks associated with carrying out instructions contained within attorneyship or financial administration orders
explain the factors that must be considered when establishing the client's income and capital needs
describe the different types of potential conflicts and special needs that may arise when interacting with clients including effects on behaviour of different intellectual capacities and mental and physical disabilities
explain the key requirements of relevant legislation and regulations including:
taxation and tax obligations as they relate to the administration of the appointment as attorney or financial administrator
financial services legislation relating to powers of attorney, guardianship and administration
explain products and services offered by personal trustee organisations and fees and charges that apply
describe organisational policies and procedures required when administering powers of attorney or financial administration orders
outline the role, responsibilities and authority of the personal trust officer including:
organisational expectations
limitation of personal authority in giving investment advice
summarise the professional code of conduct, where applicable, in the personal trustee sector
identify the role of, and how and when to contact, internal or external specialists relating to the personal trustee sector.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the personal trustee field of work and include access to:
common office equipment, technology, software and consumables
appropriate legislation and regulations relevant to attorneyship and financial administration orders
organisational reference materials such as policies, procedures, manuals and checklists.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.