Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSASICZ503 Mapping and Delivery Guide
Provide advice in financial planning

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSASICZ503 - Provide advice in financial planning
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to analyse client needs and provide advice ethically and professionally in financial planning, in compliance with industry regulations and codes of practice. It addresses the training requirements of current Australian Securities and Investments Commission (ASIC) and Australian financial services (AFS) licensing at Tier 1 level.It applies to individuals who use well-developed interpersonal skills and excellent communication and self-management skills to perform a specialist advisory role in financial planning.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or ASIC for specific guidance on requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial services and products advice field of work and include access to:

common office equipment, technology, software and consumables

financial services product information.

Assessors must satisfy NVR/AQTF assessor requirements.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Establish relationship with client
  • Establish client’s knowledge about financial products and services by using range of communication and interpersonal skills
  • Respond to enquiries about financial planning products and services by explaining range of products and services available and their relevant fee and charging methodology
  • 1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct
  • Inform client about procedures for handling complaints and circumstances in which they should be engaged
       
Element: Identify client’s objectives, needs and financial situation
  • Use range of communication and interpersonal skills to gather client’s personal, financial and business details
  • Ask about client’s short-term, medium-term and long-term objectives and goals relating to product
  • Identify product risk profile of client
  • Obtain understanding of client’s attitudes and expectations of cash flow and relevant taxation obligations
       
Element: Analyse client’s objectives, needs, financial situation and risk profile
  • Undertake assessment of client needs, using all information gathered and taking into account client’s product expectations and specific needs
  • Consult client throughout analysis and seek further clarification where necessary
  • Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required
  • Conduct product risk profile assessment and obtain agreement from client about assessment
  • Apply ASIC generic and specialist knowledge in analysing client needs and risk profile
       
Element: Develop appropriate strategies and solutions
  • Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs
  • Undertake relevant research, analysis and product modelling as required
  • Draft and present appropriate solution (plan, policy or transaction) to client
       
Element: Present appropriate strategies and solutions to client
  • Demonstrate appropriate product knowledge when presenting product or service
  • Explain and discuss proposed transaction with client in clear and unambiguous way
  • Reinforce all relevant details, terms and conditions of product and service with client
  • Disclose all impacts and possible risks of solution in clear and concise manner
  • Provide written supporting documentation and guide client through key aspects of documentation
       
Element: Negotiate financial plan, policy and/or transaction with client
  • Clarify and discuss any concerns and/or issues client has regarding proposed plan, policy and/or transaction
  • Seek confirmation that client understands proposed plan, policy and/or transaction
       
Element: Coordinate implementation of agreed plan, policy and/or transaction
  • Obtain client’s formal agreement to proposed plan, policy and/or transaction
  • Clearly explain and confirm associated fee and cost structures and confirm client understands these details
  • Clearly explain and confirm timeframes for execution and processing, and confirm client understands these details
       
Element: Complete and maintain necessary documentation
  • Ensure all statutory, transactional and proposal documents are completed and signed off by client
  • Ensure that copies of signed agreement and other relevant documentation are exchanged
       
Element: Provide ongoing service where requested by client
  • Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client
  • Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details
  • Provide ongoing service as required
       
Element: Identify client’s objectives, needs and financial situation
  • Use range of communication and interpersonal skills to gather client’s personal, financial and business details
  • Ask about client’s short-term, medium-term and long-term objectives and goals relating to product
  • Identify product risk profile of client
  • Obtain understanding of client’s attitudes and expectations of cash flow and relevant taxation obligations
       
Element: Analyse client’s objectives, needs, financial situation and risk profile
  • Undertake assessment of client needs, using all information gathered and taking into account client’s product expectations and specific needs
  • Consult client throughout analysis and seek further clarification where necessary
  • Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required
  • Conduct product risk profile assessment and obtain agreement from client about assessment
  • Apply ASIC generic and specialist knowledge in analysing client needs and risk profile
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Establish relationship with client

1.1 Establish client’s knowledge about financial products and services by using range of communication and interpersonal skills

1.2 Respond to enquiries about financial planning products and services by explaining range of products and services available and their relevant fee and charging methodology

1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct

1.4 Inform client about procedures for handling complaints and circumstances in which they should be engaged

2. Identify client’s objectives, needs and financial situation

2.1 Use range of communication and interpersonal skills to gather client’s personal, financial and business details

2.2 Ask about client’s short-term, medium-term and long-term objectives and goals relating to product

2.3 Identify product risk profile of client

2.4 Obtain understanding of client’s attitudes and expectations of cash flow and relevant taxation obligations

3. Analyse client’s objectives, needs, financial situation and risk profile

3.1 Undertake assessment of client needs, using all information gathered and taking into account client’s product expectations and specific needs

3.2 Consult client throughout analysis and seek further clarification where necessary

3.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required

3.4 Conduct product risk profile assessment and obtain agreement from client about assessment

3.5 Apply ASIC generic and specialist knowledge in analysing client needs and risk profile

4. Develop appropriate strategies and solutions

4.1 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs

4.2 Undertake relevant research, analysis and product modelling as required

4.3 Draft and present appropriate solution (plan, policy or transaction) to client

5. Present appropriate strategies and solutions to client

5.1 Demonstrate appropriate product knowledge when presenting product or service

5.2 Explain and discuss proposed transaction with client in clear and unambiguous way

5.3 Reinforce all relevant details, terms and conditions of product and service with client

5.4 Disclose all impacts and possible risks of solution in clear and concise manner

5.5 Provide written supporting documentation and guide client through key aspects of documentation

6. Negotiate financial plan, policy and/or transaction with client

6.1 Clarify and discuss any concerns and/or issues client has regarding proposed plan, policy and/or transaction

6.2 Seek confirmation that client understands proposed plan, policy and/or transaction

7. Coordinate implementation of agreed plan, policy and/or transaction

7.1 Obtain client’s formal agreement to proposed plan, policy and/or transaction

7.2 Clearly explain and confirm associated fee and cost structures and confirm client understands these details

7.3 Clearly explain and confirm timeframes for execution and processing, and confirm client understands these details

8. Complete and maintain necessary documentation

8.1 Ensure all statutory, transactional and proposal documents are completed and signed off by client

8.2 Ensure that copies of signed agreement and other relevant documentation are exchanged

9. Provide ongoing service where requested by client

9.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client

9.2 Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details

9.3 Provide ongoing service as required

Evidence of the ability to:

interpret and comply with industry regulations and codes of practice

analyse client’s needs, financial situation and risk profile, and prepare appropriate strategies or solutions relating to financial planning

provide accurate and ethical advice on financial planning products and services

implement the plan, policy or transaction once agreed by the client and complete documentation accurately.

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

To complete the unit requirements safely and effectively, the individual must satisfy generic and specialist knowledge requirements relevant to the products and activities in which advice is given.

Generic knowledge

analyse and provide an overview of the economic environment including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

analyse and provide a detailed explanation of the operation of financial markets including:

roles played by intermediaries and issuers

structure and interrelationships within the financial markets

interrelationship between industry sectors

outline financial products, including:

concept of a financial product – general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products.

Specialist knowledge

outline theories of investment, portfolio management and management of investment and risk including:

range of financial products

types of investment products including cash, fixed interest, property, equities and managed investments

types of financial risk products including risk insurance and derivatives

investment concepts

investment strategies

identification of types of risk

client risk profile

provide an analysis of advisory functions covering:

role of financial planner

participants in the advisory services market

range of services provided

financial planning process

profile and financial information of the client

appropriateness of a risk assessment

discuss the legal environment including disclosure and compliance covering:

role of the representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Privacy Amendment (Private Sector) Act, Financial Services Reform Act (FSRA) and Competition and Consumer Act

relationship between ethics and regulatory requirements including good faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser's recommendation

relevant industry standards and codes of conduct

regulators’ guidelines including ASIC Regulatory Guide (RG)146 requirements

complaints resolution procedures (external and internal)

provide an overview of the Australian taxation and social security systems covering:

relevant taxation laws and regulations

effects of taxation on particular financial products

effects of taxation on financial strategies of individuals and entities

explain theories of estate planning including allowable investments, enduring and non-enduring powers of attorney, and share purchase agreements

outline management and investment strategies relevant to estate planning

explain taxation laws and regulations relevant to estate planning.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Establish relationship with client

1.1 Establish client’s knowledge about financial products and services by using range of communication and interpersonal skills

1.2 Respond to enquiries about financial planning products and services by explaining range of products and services available and their relevant fee and charging methodology

1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct

1.4 Inform client about procedures for handling complaints and circumstances in which they should be engaged

2. Identify client’s objectives, needs and financial situation

2.1 Use range of communication and interpersonal skills to gather client’s personal, financial and business details

2.2 Ask about client’s short-term, medium-term and long-term objectives and goals relating to product

2.3 Identify product risk profile of client

2.4 Obtain understanding of client’s attitudes and expectations of cash flow and relevant taxation obligations

3. Analyse client’s objectives, needs, financial situation and risk profile

3.1 Undertake assessment of client needs, using all information gathered and taking into account client’s product expectations and specific needs

3.2 Consult client throughout analysis and seek further clarification where necessary

3.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required

3.4 Conduct product risk profile assessment and obtain agreement from client about assessment

3.5 Apply ASIC generic and specialist knowledge in analysing client needs and risk profile

4. Develop appropriate strategies and solutions

4.1 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs

4.2 Undertake relevant research, analysis and product modelling as required

4.3 Draft and present appropriate solution (plan, policy or transaction) to client

5. Present appropriate strategies and solutions to client

5.1 Demonstrate appropriate product knowledge when presenting product or service

5.2 Explain and discuss proposed transaction with client in clear and unambiguous way

5.3 Reinforce all relevant details, terms and conditions of product and service with client

5.4 Disclose all impacts and possible risks of solution in clear and concise manner

5.5 Provide written supporting documentation and guide client through key aspects of documentation

6. Negotiate financial plan, policy and/or transaction with client

6.1 Clarify and discuss any concerns and/or issues client has regarding proposed plan, policy and/or transaction

6.2 Seek confirmation that client understands proposed plan, policy and/or transaction

7. Coordinate implementation of agreed plan, policy and/or transaction

7.1 Obtain client’s formal agreement to proposed plan, policy and/or transaction

7.2 Clearly explain and confirm associated fee and cost structures and confirm client understands these details

7.3 Clearly explain and confirm timeframes for execution and processing, and confirm client understands these details

8. Complete and maintain necessary documentation

8.1 Ensure all statutory, transactional and proposal documents are completed and signed off by client

8.2 Ensure that copies of signed agreement and other relevant documentation are exchanged

9. Provide ongoing service where requested by client

9.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client

9.2 Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details

9.3 Provide ongoing service as required

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Establish client’s knowledge about financial products and services by using range of communication and interpersonal skills 
Respond to enquiries about financial planning products and services by explaining range of products and services available and their relevant fee and charging methodology 
1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct 
Inform client about procedures for handling complaints and circumstances in which they should be engaged 
Use range of communication and interpersonal skills to gather client’s personal, financial and business details 
Ask about client’s short-term, medium-term and long-term objectives and goals relating to product 
Identify product risk profile of client 
Obtain understanding of client’s attitudes and expectations of cash flow and relevant taxation obligations 
Undertake assessment of client needs, using all information gathered and taking into account client’s product expectations and specific needs 
Consult client throughout analysis and seek further clarification where necessary 
Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required 
Conduct product risk profile assessment and obtain agreement from client about assessment 
Apply ASIC generic and specialist knowledge in analysing client needs and risk profile 
Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs 
Undertake relevant research, analysis and product modelling as required 
Draft and present appropriate solution (plan, policy or transaction) to client 
Demonstrate appropriate product knowledge when presenting product or service 
Explain and discuss proposed transaction with client in clear and unambiguous way 
Reinforce all relevant details, terms and conditions of product and service with client 
Disclose all impacts and possible risks of solution in clear and concise manner 
Provide written supporting documentation and guide client through key aspects of documentation 
Clarify and discuss any concerns and/or issues client has regarding proposed plan, policy and/or transaction 
Seek confirmation that client understands proposed plan, policy and/or transaction 
Obtain client’s formal agreement to proposed plan, policy and/or transaction 
Clearly explain and confirm associated fee and cost structures and confirm client understands these details 
Clearly explain and confirm timeframes for execution and processing, and confirm client understands these details 
Ensure all statutory, transactional and proposal documents are completed and signed off by client 
Ensure that copies of signed agreement and other relevant documentation are exchanged 
Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client 
Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details 
Provide ongoing service as required 
Use range of communication and interpersonal skills to gather client’s personal, financial and business details 
Ask about client’s short-term, medium-term and long-term objectives and goals relating to product 
Identify product risk profile of client 
Obtain understanding of client’s attitudes and expectations of cash flow and relevant taxation obligations 
Undertake assessment of client needs, using all information gathered and taking into account client’s product expectations and specific needs 
Consult client throughout analysis and seek further clarification where necessary 
Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required 
Conduct product risk profile assessment and obtain agreement from client about assessment 
Apply ASIC generic and specialist knowledge in analysing client needs and risk profile 

Forms

Assessment Cover Sheet

FNSASICZ503 - Provide advice in financial planning
Assessment task 1: [title]

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I declare that the assessment tasks submitted for this unit are my own work.

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Result: Competent Not yet competent

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Assessment Record Sheet

FNSASICZ503 - Provide advice in financial planning

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Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

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Overall assessment result: Competent Not yet competent

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