Assessor Resource

FNSPRT501A
Advise clients on trust structures

Assessment tool

Version 1.0
Issue Date: April 2024


This unit applies to job roles in the personal trustee industry.

This unit describes the performance outcomes, skills and knowledge required to determine client needs, advise on a suitable trust structure, and prepare relevant documentation for its settlement.

This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.

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:

Identify appropriate products that pertain to the public trustee industry and meet the needs of clients by identifying benefits, risks, taxation requirements and other issues

use high level interpersonal skills to deal appropriately with sensitive issues

accurately prepare trust and related financial documents.

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 relevant trust legislation, organisational documents and 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

verbal or written questioning on underpinning knowledge and skills

setting and reviewing simulations or scenarios

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

highly developed communication skills to:

determine and confirm client trust requirements, using questioning and active listening as required

provide customer service and deal sensitively with clients

resolve disputes and conflicts

liaise with others such as specialist advisers, share information, listen and understand

use language and concepts appropriate to cultural differences

well-developed research and analysis skills for accessing, interpreting and managing complex information

IT skills for accessing and using appropriate systems and databases and using internet information

highly developed numeracy skills to prepare and interpret complex financial statements and perform complex financial calculations

well-developed literacy skills to:

read and interpret documentation from a variety of sources

prepare documentation

record, consolidate and file information

problem solving skills to identify any issues that have the potential to impact on the trust process or outcome and to develop options to resolve these issues when they arise

excellent interpersonal skills to establish rapport with clients and to liaise with other specialists and team members

organisational and time management skills to sequence tasks, meet timelines and arrange meetings

Required knowledge

relevant Commonwealth, State and Territory legislation and regulations, including:

wills

taxation

trusteeships

application of interstate and overseas legislation and regulations where appropriate

relevant social services and benefits, and qualification requirements, including:

age

disability

unemployment provisions

organisational policies and procedures required in the full range of tasks covered

products and services offered by the organisation, and fees attached

roles, responsibilities and powers of senior personal trust officer including:

management and supervision responsibilities

organisational expectations

limitation of personal authority

application of the professional code of conduct in the personal trustee industry, including:

ethical practices

integrity

professionalism

confidentiality

how and when to contact key organisational personnel with expertise in specialised areas relating to the personal trustee industry

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.

Relevant information, taxation and legislative requirements may include:

corporate versus personal trustees

Commonwealth, State and Territory legislation and regulation relating to:

wills

taxation

trusteeships

beneficiaries

charging of fees.

Benefits and considerations may include:

payments from a superannuation fund

pension benefits.

Role and responsibilities of a trustee may involve:

distributing capital

distributing income

investing trust assets.

Relevant details in relation to beneficiaries may include:

articles of association

beneficiaries with special needs or particular problems

beneficiaries':

names

location

relationship to client

company records

personal details

taxation returns

trust deed.

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
The needs and expectations of the client and relevant details of their estate are discussed and confirmed with the client 
The nature and purpose of trusts and relevant information, taxation and legislative requirements, consequences and requirements are explained to the client 
Benefits and considerations are identified and explained accurately to the client including the types of investments that can be utilised when investing trust assets 
The role and responsibilities of a trustee are explained clearly and accurately in a language appropriate to the client 
Client concerns regarding the advice and recommendation are discussed and clarified and confirmation on how to proceed is determined 
Associated fee and cost structures are clearly explained to client and their formal agreement is gained 
Process and timeframes for execution are clearly explained and confirmation of understanding gained from client 
A Trust deed is prepared according to client and statutory requirements and the structure checked for legal implications and any complications 
Settlement deed is executed and initial assets are received 
Record keeping and safe storage of the trust deed is undertaken according to organisational and legislative requirements 
Relevant details and information in relation to the beneficiaries are gathered and confirmed 
Type of reporting service is agreed upon with client 
Needs of beneficiaries for both income and capital are identified and an investment strategy is prepared where appropriate 
Beneficiaries' profiles are established and relevant records obtained 
Ongoing service and management of the trust is provided and reviewed as required 

Forms

Assessment Cover Sheet

FNSPRT501A - Advise clients on trust structures
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

FNSPRT501A - Advise clients on trust structures

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: