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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. Analyse financial services and assets
   • Determine the purpose of the financial services offered by the trustee organisation
   • Examine the characteristics of the financial services offered by the trustee organisation
   • Examine the characteristics of the assets managed by the trustee organisation
2. Identify and apply regulatory requirements
   • Identify financial services provided by the trustee organisation that are subject to regulatory requirements
   • Research and apply relevant regulatory requirements to financial services offered and assets managed by the trustee organisation
3. Maintain knowledge of financial services and assets
   • Review financial services on a regular basis and apply amendments or additions to those offered by the trustee organisation
   • Review administration of assets on a regular basis and apply amendments or additions to those managed by the trustee organisation
   • Access and use systems for maintaining up-to-date knowledge about relevant financial services and assets

Performance Evidence

Evidence of the ability to:

list and describe financial services offered and assets managed by trustee organisation

research and apply current regulatory requirements in relation to financial services offered and assets managed by trustee organisation for clients

access and use systems and sources of information to maintain knowledge on financial services offered and assets managed by trustee organisation.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

describe the different traditional trustee financial services offered by a trustee organisation including:

estate planning

writing wills

acting as executor of deceased estates

establishing and administering personal trusts

preparing and administering powers of attorney

acting as guardian or financial manager, usually under court or tribunal order, to protect vulnerable beneficiaries

administering charitable trusts and foundations

describe the different assets managed or used by a trustee organisation including:

superannuation

real estate

common funds

direct shares

managed investment schemes

bonds

life insurance

cash investments

explain elements of the key regulatory requirements of a trustee organisation that offers financial services and manages assets including:

Corporations Act 2001

state based trustee acts

public trustee acts

prudent person principle including diversification, investment risks including losing capital or income, capital maintenance, capital depreciation, capital appreciation, estimated income return, liquidity and marketability of the proposed investment and aggregate value of estate in trust

outline key sources of information on financial services offered and assets managed by the trustee organisation including:

product disclosure statements

Australian Taxation Office (ATO)

Australian Securities and Investments Commission (ASIC)

Financial Ombudsman Service (FOS)

industry bodies.

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