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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. Establish relationship with client
  2. Identify client's objectives, needs and financial situation
  3. Analyse client's objective, needs, financial situation and risk profile
  4. Develop appropriate strategies and solutions
  5. Present appropriate strategies and solutions to the client
  6. Negotiate financial plan/policy/transaction with client
  7. Coordinate implementation of agreed plan/policy/ transaction
  8. Complete and maintain necessary documentation
  9. Provide ongoing service where requested by client

Required Skills

Required skills

highly developed communication skills to

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

use language and concepts appropriate to cultural differences

welldeveloped literacy skills to

read and interpret documentation from a variety of sources and recordand consolidate related information

assess the currency and accuracy of documents held including application forms customer advice records customer information brochures etc

numeracy and IT skills for

identifying and using statistical models

accessing and using appropriate software such as word processors spreadsheets and databases

using internet information

organisational skills including the ability to plan and sequence work

needs analysis skills

analytical skills

presentation skills

welldeveloped customer negotiation skills

Required knowledge

Generic knowledge requirements

economic environment the characteristics and impact of economic and business cycles including interest rates exchange rates inflation and government monetary and fiscal policies

operation of financial markets the roles played by intermediaries and issuers structure and interrelationships within the financial markets and interrelationship between industry sectors

financial products including the concept of a financial product general definition specific inclusions and exclusions types of financial investment products types of financial risk products

taxation issues in relation to the products and markets in which they operate

advisory functions the role of the representativeadviser participants in the advisory services market range of services provided profile and financial information of the client appropriateness of a risk assessment

legal environment and disclosure and compliance the role of the representativeadviser relevant legal principles eg Corporations Act FSRA Trade Practices Act the relationship between ethics and regulatory requirements eg good faith utmost good faith full disclosure of remunerationfees and any other conflicts of interest which may influence the advisers recommendation

relevant industry codes of practice and conduct

complaints resolution procedures internal and external

regulators guidelines including the requirements of ASIC policy relevant product areas

Specialist knowledge requirements

operation and management of selfmanaged superannuation funds

characteristics and structure of a superannuation product

roles played by intermediaries and issuers

types of superannuation products

fee structureadministration and management costs

types of contributions

annuitiespensions allocated pensions and income stream products

associated risks

structure of superannuation plans management and administration of superannuation products

preservation rules

investment strategies within superannuation funds

restrictions on investment strategies

Taxation

impact on investment earnings

employer and employee contributions

benefit payments and expenses

tax deductions

capital gains tax treatment

rollovers

reasonable benefit limits

superannuation surcharge

social security pension eligibility

retirement planning

death benefits

franking credits

Legal environment disclosure and compliance

the role of the representativeadviser

relevant legal principles

Corporations Act

ASIC Act

Privacy Act

the relationship between ethics and regulatory requirements eg good faith utmost good faith full disclosure of remunerationfees and any other conflicts of interest which may influence the adviser

relevant industry codes of conduct

compliant resolution procedures external and if relevant internal

Evidence Required

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

utilise a range of communication and interpersonal skills to gather clients personal financial and business retailed details to identify clients objectives needs and financial situation

analyse clients objectives needs financial situation and risk profile using knowledge of ASIC generic and specialist knowledge requirements relevant to the products being offered

develop and present appropriate strategies and solutions and negotiate and execute financial planpolicytransaction

complete statutory and transactional documents

present ongoing service where requested by client

NB for insurance products competence in this unit is subject to the staff members approvalauthority to accept the transfer of risk

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 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


Range Statement

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.

Clients may include:

member or beneficiary

prospective member

trustee or member of self-managed superannuation fund.

Adviser may include:

accountant

all natural persons who provide financial product advice to retail clients

employee or owner

financial planner

lawyer

licensee or any representative.

Client needs may include:

business needs

debt position

expectations of access to product

expectations of income from this product

expectations of lifecycle and length of product

family income

security.

Risk profile might include:

access restrictions on product

borrowing risk/gearing

economic

market and sector risks (economic cycle, fixed interest, property, stock market)

risk factors and return expectations

specific product risk

volatility of income and capital.

Client expectations may include:

personal involvement:

active

passive

risk profile:

conservative

speculator

moderate

their beliefs about performance

expectations of fluctuations in income or capital

being a long-term or short-term investor

need for security.

Information gathered might include:

details of liabilities and potential liabilities of the customer

details of the customers' needs and objectives for income, security, liquidity, and the time period the customer is planning for

individual investment preferences and aversion or tolerance to risk

other customer details such as employment security, likely events and their impact on the customer, age and other products they have.

Documentation may include:

computer and manual applications

disclaimers

disclosures

product application forms

written advice.