Required skills

problemsolving skills to

compare and evaluate financial information

identify and evaluate investment options available and match these to own needs

literacy and numeracy skills to access read and interpret literature from financial institutions

communication skills to negotiate the best investment options with a financial adviser

technology skills to access financial information online

Required knowledge

contractual obligations to assess projected future income for inclusion in personal financial plan

criteria for selecting financial advisors and appropriate investment options

relevant legislation such as taxation and superannuation to enable legally compliant personal financial planning

benefits of financial planning to enable effective management of personal finances

sources of information on personal financial planning

key financial services and providers to access support for financial planning

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 following is essential

develops knowledge of financial services available confirms accuracy and currency of information and assesses own personal financial needs in order to develop a personal financial plan that meets financial objectives of financial security

seeks professional financial advice to evaluate and select financial options

Context of and specific resources for assessment

Assessment must ensure development of a personal financial plan which is of sufficient breadth to demonstrate competency and consistency of performance

Assessment must also ensure access to

financial information on investment superannuation and insurance

financial advisors

criteria for selecting investment options and financial advisors

sample financial plans

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge The following examples are appropriate for this unit

observation of dealing with contingencies such as addressing changes in financial situation

oral or written questioning to assess knowledge of financial services available

portfolio containing evidence of financial information collected analysed and evaluated in relation to own needs and evidence of financial plan developed

Holistic assessment with other units relevant to the industry sector workplace and job role is recommended

Benefits may include:

Personal financial planning may include:

Providers may include:

Services may include:

Forms of insurance may include:

Forms of superannuation may include:

Appropriate personnel may include:

Criteria may include: