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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Identify client’s financial needs and expectations
   • Identify and document client’s expectations, requirements, priorities and objectives
   • Identify financial planning process, roles, licensees, principals, services and capacity of organisation to meet client needs
   • Detail fees and charges to authorised representative and confirm understanding
   • Identify and report client’s relationship with other financial services to authorised representative
   • Identify client special needs and take required action, making referral to specialists where required
   • Explain procedures for internal and external complaints handling and resolution to authorised representative
2. Establish client’s financial situation
   • Obtain and assess information on client’s financial situation
   • Document findings from assessment of client’s financial situation
   • Obtain and check with authorised representative relevant facts and information and manage confidentially according to organisational policies and procedures, legislative requirements and industry codes of practice
   • Develop summary analysis of client’s financial position
3. Identify and gather information on client taxation and estate issues
   • Identify taxation and estate issues affecting client’s financial planning needs, and discuss implications with authorised representative
   • Establish and document client’s expectations, requirements, priorities and objectives for identified issues
   • Develop and document summary analysis of client’s taxation and estate financial position according to legislative requirements and organisational policies and procedures
4. Establish final client position and risks
   • Combine information and generate comprehensive view of client’s financial position
   • Identify interdependencies and implications of situation, and obtain further information where required
   • Develop initial summary of client’s financial position and discuss client expectations, priorities, and requirements
   • Review summary with authorised representative against comprehensive position
   • Discuss risk issues and tolerances with required stakeholders and assess unusual risks and requirements
   • Communicate risks and consequent impact on financial planning services to authorised representative according to organisational policies and procedures and relevant legislation

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

determine client requirements and expectations for financial planning for at least three different clients.

In the course of the above, the candidate must:

comply with relevant industry codes of practice, legislation and regulations, and organisational policies and procedures

offer thorough and ongoing assistance with enquiries and requests for service

communicate features and benefits of available products and services.

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Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative requirements relating to financial planning

organisational policies, procedures and requirements relating to financial planning, including:

client privacy and confidentiality

establishing client’s investment needs and preferences

complaints handling processes and procedures

business principles and law relating to financial planning

economic climate and outlook and impact on financial planning

local and international financial market and investment information included in financial plans

key features of client’s financial situation impacting on financial planning, including:

personal, family and business matters

family financial histories

key features of family structures and property structures and associated legal implications

taxation and property structures and their financial implications

estate planning issues

indications and implications of risk and fraud relating to client’s financial position

financial risk and reward principles

financial products:

features and benefits

service terms and conditions

sales and marketing techniques relevant to the financial services industry.

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