Assessor Resource

FNSSMS501A
Invest self-managed superannuation funds assets

Assessment tool

Version 1.0
Issue Date: May 2024


This unit applies to advisers supporting trustees, trustee employees, investment service providers and investment consultants. Importantly, this unit does not involve financial dealing or specific financial product advising.

This unit describes the performance outcomes, skills and knowledge required to assist trustees with the investment of self-managed superannuation fund assets. It encompasses supporting trustees in devising investment objectives, devising investment strategies, selecting investment services providers, ensuring regulatory limitations are adhered to, complying with investment reporting requirements, monitoring investment services providers activities and monitoring cash flow.

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:

devise investment objectives to meet client needs and strategies to support their objectives

access appropriate investment service providers

interpret and apply investment legislative and deed requirements

monitor service provider activities.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the 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 organisation financial records

access to organisational policies and procedures.

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

evaluating samples of work

accessing and validating third party reports

setting and reviewing workplace business simulations or scenarios.

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

communication skills to:

liaise with others, share information, using questioning and active listening as required

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

perform basic calculations related to self-managed superannuation funds

access and update account records electronically

use internet information

data analysis and interpretation skills

literacy skills to read and interpret documentation from a variety of sources and record and consolidate related information

interpersonal skills to relate effectively within a team environment

organisational skills, including the ability to plan and sequence work

Required knowledge

the range of potential services providers

cash flow and liquidity requirements

techniques for establishing investment objectives that meet legislative requirements

investment reporting and legislative requirements

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.

Legislative investment requirements may include:

arm's length test

Australian Prudential Regulation Authority (APRA) - changes of asset allocation

Australian Taxation Office (ATO) requirements

in-house asset test

limitations of derivatives

prohibiting of acquisition of assets from members/relations

prohibiting of borrowing

prohibiting of loans

prudent person test

small fund arrangements

sole purpose test.

Strategic variables may include:

current and future liabilities

diversification of investments

liquidity

risk and return

time horizons.

Service providers may include:

asset providers

consulting actuarial firms

custodians

investment managers.

Liquidity requirements may include:

administration costs

benefit payments (transfers out)

consultants' fees

government levies and charges

insurance costs

taxation.

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
Investment objectives are established to meet the financial requirements of the client 
Investment objectives are recorded in accordance with legislative investment requirements 
Portfolio benchmarks are developed for the investment strategy 
Investment strategy is developed in accordance with legislative and organisational requirements 
Products are selected so that defined financial objectives can be achieved 
Asset allocation/mix is determined so that investment objectives will be met 
Appropriate strategic variables are determined 
A range of performance criteria for service providers is established 
A preferred list of service providers is established 
Service providers are reviewed against established performance criteria to ensure the correct selection 
Suitable service providers are appointed that meet the established performance criteria 
Fund assets are invested in accordance with legislation requirements/trust deed requirements. 
Member communication and disclosure requirements are provided in accordance with legislative requirements 
Reports produced by investment managers are received by trustees 
Specialist advice is sought as identified and necessary (such as financial planners) 
Assets are allocated to investments (or investment dealers) in accordance with trustee's decisions 
Investment reports are analysed 
Fund results are reviewed against documented fund objectives and strategies 
Reallocation of assets is ensured according to results achieved/ or strategy direction 
Liquidity requirements of the fund are managed taking into consideration current and future liabilities 

Forms

Assessment Cover Sheet

FNSSMS501A - Invest self-managed superannuation funds assets
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

FNSSMS501A - Invest self-managed superannuation funds assets

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: