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

FNSFPL502 Mapping and Delivery Guide
Conduct financial planning analysis and research

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFPL502 - Conduct financial planning analysis and research
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to undertake financial planning analysis and research. It encompasses evaluating a client’s current situation, identifying issues and researching requirements and parameters for extracting and analysing information, and summarising research information.It applies to individuals who, within their level of authority, apply specialised knowledge, systematic approaches and analytical techniques to research and prepare information customised for clients and/or situations. 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 the relevant regulator 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 planning field of work and include access to:

office equipment, technology, software and consumables.

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: Evaluate client’s current situation and identify issues
  • Analyse integrity of information provided by client
  • Identify, quantify and test client objectives for viability
  • Establish basis for strategy development in line with confirmed objectives
       
Element: Identify research requirements and parameters
  • Establish aims and objectives of research including strategy, product and performance parameters against client requirements and expectations, with all issues identified
  • Identify and access wide range of relevant internal and external information resources required for research
  • Establish timeframes and prioritise requests for information to ensure milestones are met
       
Element: Extract and analyse information according to research requirements and parameters
  • Establish data extraction criteria that are relevant to intended use and client requirements
  • Identify trends to provide meaningful information on performance of possible strategies, products and markets
  • Identify taxation and other government legislation that needs to be considered in choice of financial planning strategies
  • Conduct risk assessment of strategies and products identified through research
  • Analyse financial products within appropriate timeframes to ensure currency of decision making
  • Prioritise information according to client requirements and expectations
  • Identify issues that require specialist research or advice and obtain appropriate advice
       
Element: Summarise research information
  • Collate and check information on financial strategies and products against research specification
  • Prepare and check written performance, trend and risk analyses against research specification
  • Document any qualifications or issues for further research
       
Element: Evaluate client’s current situation and identify issues
  • Analyse integrity of information provided by client
  • Identify, quantify and test client objectives for viability
  • Establish basis for strategy development in line with confirmed objectives
       


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. Evaluate client’s current situation and identify issues

1.1 Analyse integrity of information provided by client

1.2 Identify, quantify and test client objectives for viability

1.3 Establish basis for strategy development in line with confirmed objectives

2. Identify research requirements and parameters

2.1 Establish aims and objectives of research including strategy, product and performance parameters against client requirements and expectations, with all issues identified

2.2 Identify and access wide range of relevant internal and external information resources required for research

2.3 Establish timeframes and prioritise requests for information to ensure milestones are met

3. Extract and analyse information according to research requirements and parameters

3.1 Establish data extraction criteria that are relevant to intended use and client requirements

3.2 Identify trends to provide meaningful information on performance of possible strategies, products and markets

3.3 Identify taxation and other government legislation that needs to be considered in choice of financial planning strategies

3.4 Conduct risk assessment of strategies and products identified through research

3.5 Analyse financial products within appropriate timeframes to ensure currency of decision making

3.6 Prioritise information according to client requirements and expectations

3.7 Identify issues that require specialist research or advice and obtain appropriate advice

4. Summarise research information

4.1 Collate and check information on financial strategies and products against research specification

4.2 Prepare and check written performance, trend and risk analyses against research specification

4.3 Document any qualifications or issues for further research

Evidence of the ability to:

conduct financial planning research that demonstrates:

evaluation of client’s current situation and identification of issues

identification of research requirements and parameters

extraction and analysis of information

use of a wide range of available information sources

compliance with relevant legislative and regulatory requirements, relevant industry codes of practice and organisational operating guidelines

accurately summarise research information and test its integrity

prioritise findings, validated against client requirements, and document research for financial plans.

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:

identify and describe a wide range of financial products and services

discuss the risks and implications associated with use of financial products and services

explain financial products and services and the associated benefits from a financial planning perspective

identify financial industry information sources and outline research techniques for accessing this information

compare and contrast financial planning strategies

describe the key features of:

organisational policy and procedures relating to research

relevant legislation and regulations governing trusts and companies

relevant industry code of practice requirements

describe the key features of taxation and social security systems and regulations, and their effect on specified financial products

outline the key aspects of theories of investment, portfolio management and management of investment and risk.

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. Evaluate client’s current situation and identify issues

1.1 Analyse integrity of information provided by client

1.2 Identify, quantify and test client objectives for viability

1.3 Establish basis for strategy development in line with confirmed objectives

2. Identify research requirements and parameters

2.1 Establish aims and objectives of research including strategy, product and performance parameters against client requirements and expectations, with all issues identified

2.2 Identify and access wide range of relevant internal and external information resources required for research

2.3 Establish timeframes and prioritise requests for information to ensure milestones are met

3. Extract and analyse information according to research requirements and parameters

3.1 Establish data extraction criteria that are relevant to intended use and client requirements

3.2 Identify trends to provide meaningful information on performance of possible strategies, products and markets

3.3 Identify taxation and other government legislation that needs to be considered in choice of financial planning strategies

3.4 Conduct risk assessment of strategies and products identified through research

3.5 Analyse financial products within appropriate timeframes to ensure currency of decision making

3.6 Prioritise information according to client requirements and expectations

3.7 Identify issues that require specialist research or advice and obtain appropriate advice

4. Summarise research information

4.1 Collate and check information on financial strategies and products against research specification

4.2 Prepare and check written performance, trend and risk analyses against research specification

4.3 Document any qualifications or issues for further research

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
Analyse integrity of information provided by client 
Identify, quantify and test client objectives for viability 
Establish basis for strategy development in line with confirmed objectives 
Establish aims and objectives of research including strategy, product and performance parameters against client requirements and expectations, with all issues identified 
Identify and access wide range of relevant internal and external information resources required for research 
Establish timeframes and prioritise requests for information to ensure milestones are met 
Establish data extraction criteria that are relevant to intended use and client requirements 
Identify trends to provide meaningful information on performance of possible strategies, products and markets 
Identify taxation and other government legislation that needs to be considered in choice of financial planning strategies 
Conduct risk assessment of strategies and products identified through research 
Analyse financial products within appropriate timeframes to ensure currency of decision making 
Prioritise information according to client requirements and expectations 
Identify issues that require specialist research or advice and obtain appropriate advice 
Collate and check information on financial strategies and products against research specification 
Prepare and check written performance, trend and risk analyses against research specification 
Document any qualifications or issues for further research 
Analyse integrity of information provided by client 
Identify, quantify and test client objectives for viability 
Establish basis for strategy development in line with confirmed objectives 

Forms

Assessment Cover Sheet

FNSFPL502 - Conduct financial planning analysis and research
Assessment task 1: [title]

Student name:

Student ID:

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

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSFPL502 - Conduct financial planning analysis and research

Student name:

Student ID:

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

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: