Required skills

highly developed communication skills to

determine and confirm complex client requirements using questioning and active listening as required

liaise with others share information listen and understand

use language and concepts appropriate to cultural differences

welldeveloped research and analysis skills for

accessing and managing comprehensive and complex information

interpreting complex documentation

forming a holistic perspective of complex situations and identify implications

numeracy skills to accurately analyse record and store data in accordance with organisational requirements

superior literacy skills for analysingcomplex information and products to ensure appropriateness to client needs currency and accuracy

IT skills for accessing and using appropriate software such as spreadsheets and databases and using internet information

selfmanagement skills for complying with ethical legal and procedural requirements

learning skills to maintain knowledge of changes to compliance legislation and requirements

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

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

critical reasoning and judgement skills for forming recommendations in operational situations

Required knowledge

investment and savings vehicles financial markets asset classes and investment characteristics

investment risk factors and relationship to return expectations

principles of effective negotiation

products available in the financial services industry

relevant industry codes of practice

requirements related to the disclosure of capacity

the characteristics of the financial planning industry including the terms of the Acts and regulations affecting the industry

the impact of relevant economic taxation and social security policy on the clients financial planning needs

the impact of relevant estate planning considerations on the clients financial planning needs

the processes of effective communication

the role of the financial planning adviser and the financial planning practice

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

develop detailed financial plans designed to maximise the clients outcomes and reach client objectives which incorporate elements that have arisen from research

develop plans which address complex needs and issues and describe key assumptions on which the plan is based

analyse strategic options and make justified recommendations

test andor make appropriate checks on the proposed plan for its integrity and compliance

apply indepth knowledge of the financial planning industry industry regulations and codes of practice financial products financial markets and investment characteristics and the roles of other associated financial advisers

assess impacts of taxation social security economic and other government policies on client investment and financial requirements

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

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 or role plays

verbal or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business simulationsscenarios

evaluating samples of work

accessing and validating third party reports

Guidance information for assessment

Appropriate strategic options and solutions may include:

Risk assessment may include:

Products include, but are not limited to:

Legislation and regulatory guidelines may include:

Ethical and regulatory requirements may include: