Assessor Resource

FNSPRT503A
Allocate, assess and supervise work within the personal trustee sector

Assessment tool

Version 1.0
Issue Date: May 2024


This unit applies to the job role of a senior personal trust officer.

This unit describes the performance outcomes, skills and knowledge required to assess and allocate work in regard to preparation and administration of wills, estates, trusts, attorneyships, financial administration orders and other work relevant to the personal trustee sector, supervise and monitor staff and monitor work progress.

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:

undertake relevant tasks associated with assessing and allocating work, managing personnel, supervising the preparation of wills, estates, trusts, attorney ships, financial administration orders and administering complex accounts

apply conflict resolution skills to recognise potential conflict in a variety of situations, including internal and use strategies to defuse the situation

prepare and interpret complex financial statements, and perform complex financial calculations.

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

access to relevant personal trustee organisation documentation 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

observing processes and procedures in workplaces

verbal or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business 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 work requirements, using questioning and active listening as required

inform staff of work allocation and deal with issues that arise, providing a constructive working relationship

resolve disputes and conflicts

establish relationships with others such as clients, specialist advisers to 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 interpret complex financial documents 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

excellent problem solving skills to identify any issues that have the potential to impact on the work progress and to develop options to resolve these issues when they arise

well-developed supervisory, organisational and time management skills to manage staff, set goals and targets, sequence tasks, meet timelines and arrange meetings

Required knowledge

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

wills

intestacies

attorneyships/guardianships

probate and administration

trusteeships

interstate and overseas laws relating to matters where appropriate

the range of social services and benefits, and qualification requirements

benefits and costs related to complex investment options, including investment products offered in the market, such as:

property

shares

fixed interest

relevant global markets and market forces impacting on the personal trustee sector

factors which increase the risk of litigation and appropriate strategies to overcome them

the roles, responsibilities and powers of the personal trust manager including:

senior management responsibilities including management, accountability and reporting requirements and decision-making processes

setting and achieving organisational goals/targets/objectives

development and implementation of organisational policies and procedures

human resource management principles, issues and practices

application of the professional code of conduct in the personal trustee industry at all levels, 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 role of external specialists and resources relevant to requirements in the personal trustee industry

basic legal and administrative requirements for managing a business, including WorkCover (or similar schemes), superannuation and group tax

occupational health and safety (OHS) policies and guidelines, for workers with supervisory responsibilities, relevant to the organisation

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.

Organisational criteria and standards may include:

the professional code of conduct in the personal trustee industry, at all levels, including:

ethical practices

integrity

professionalism

confidentiality

staff training

organisational mission statements

organisational codes of conduct.

Relevant personnel may include:

external advisers

personal trust officers

senior personal trust officers.

Legislative requirements may include:

Commonwealth, State and Territory legislation and regulation relating to:

attorneyships and guardianships

financial administration orders

interstate and overseas laws relating to wills, probate, estates and trusts

intestacies

probate and administration

trustees

wills.

Prepared legal documents may include:

attorneyship documents

estate plans

guardianship orders

trust deeds

wills.

Complex issues may include:

assumptions

balance sheet, net worth and cash flow projections

client needs assessment

data gathering

financial plans

implementation and review

plan writing and legal requirements

retirement planning

social, economic and regulatory environment.

Risk management and insurance planning may include:

financial analysis of insurance products

analysing general, life and government insurance

complying with insurance policy law.

Taxation and retirement planning may include:

administration and anti-avoidance

approved deposit funds (ADFs), annuities and allocated pensions

eligible termination payments

employee benefits

income and deductions

individual income tax planning

social security

superannuation.

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 file is assessed to determine its complexity and specific needs and criteria for allocation are considered 
Prospective new business is assessed and either accepted or rejected based on organisational criteria and standards 
The competency and workload of staff is considered, assessed and matched to appropriate work 
Actions to be undertaken by relevant personnel are authorised 
File is allocated to and coordinated with appropriate staff based on organisational criteria and standards 
Files are allocated equitably, and with due regard for level of competency and experience of relevant personnel 
File management responsibilities are undertaken in a timely and professional manner 
Progress of work is reviewed and checked according to legislative requirements for legal implications and complications 
Adherence to the terms of matters is checked and the quality of prepared legal documents evaluated, and rulings given on doubtful clauses 
Progress on file management is regularly reviewed with relevant staff 
Responses from staff to statistical information are sought and the information reviewed and reported 
Advice, information and knowledge is provided promptly to relevant personnel 
Problem files are monitored closely with relevant staff and any disputes and complications handled in a timely and professional manner and according to ethical guidelines 
More complex issues identified within a client file are analysed and considered 
The appropriate process required for handling each matter is identified and explained to the client, or referred to an appropriate specialist 
If appropriate and necessary, risk management and insurance planning issues and taxation and retirement planning requirements are recognised and dealt with 

Forms

Assessment Cover Sheet

FNSPRT503A - Allocate, assess and supervise work within the personal trustee sector
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

FNSPRT503A - Allocate, assess and supervise work within the personal trustee sector

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: