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

FNSFPL506 Mapping and Delivery Guide
Determine client financial requirements and expectations

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFPL506 - Determine client financial requirements and expectations
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to determine the financial requirements and expectations of clients. It encompasses informing clients of the financial planning process and service, obtaining relevant information on their existing financial situations and expectations with respect to the financial planning service offered by the representative, and preparing and updating necessary documentation.It applies to individuals who manage relationships with clients and colleagues and use specialised knowledge and systematic approaches to determine a customised service.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: Inform client of financial planning process and services
  • Explain to client financial planning process and role, and any limits of authority of representative
  • Explain to client organisation’s licensees, principals, services and capacity, including any relationship to other financial services
  • Explain fees and charges to client and confirm client’s understanding of these before proceeding with delivery of service
  • Identify clients with special needs and take appropriate action or make referral
  • Explain procedures for internal and external complaints handling and resolution to client
       
Element: Obtain relevant information on client’s existing financial situation
  • Obtain and confirm facts and information relevant to client’s particular service request
  • Identify client expectations, requirements and objectives, and encourage client to disclose relevant information to determine client’s personal financial situation and any special needs
  • Obtain relevant information on investments and assets held by client, and client’s current income, expenditure and liabilities situation
  • Develop summary analysis of client’s financial position based on extent of client disclosure and requirements
  • Accurately and consistently identify risk and fraud indicators, and check all information for consistency and potential conflict
       
Element: Determine client expectations and requirements with respect to financial planning service offered by representative
  • Encourage client to express and clarify expectations from financial planning process, and identify and promptly and appropriately respond to any concerns
  • Establish client’s income and investment needs, preferences and priorities
  • Explore risk issues and tolerance comprehensively and ethically with client
  • Determine that service being sought is within capability and authority of authorised representative
  • Refer to another internal representative if service required by client is beyond scope of representative
  • Seek specialist advice where necessary or refer client to appropriate personnel or organisation where required services are not available or cannot be provided by the practice
       
Element: Prepare and update necessary documentation where required
  • Document and check with client all relevant client facts, information and financial and personal histories, and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice
  • Create or update client records when necessary
  • File client documentation, information and histories in format and location that is readily accessible
       
Element: Obtain relevant information on client’s existing financial situation
  • Obtain and confirm facts and information relevant to client’s particular service request
  • Identify client expectations, requirements and objectives, and encourage client to disclose relevant information to determine client’s personal financial situation and any special needs
  • Obtain relevant information on investments and assets held by client, and client’s current income, expenditure and liabilities situation
  • Develop summary analysis of client’s financial position based on extent of client disclosure and requirements
  • Accurately and consistently identify risk and fraud indicators, and check all information for consistency and potential conflict
       


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. Inform client of financial planning process and services

1.1 Explain to client financial planning process and role, and any limits of authority of representative

1.2 Explain to client organisation’s licensees, principals, services and capacity, including any relationship to other financial services

1.3 Explain fees and charges to client and confirm client’s understanding of these before proceeding with delivery of service

1.4 Identify clients with special needs and take appropriate action or make referral

1.5 Explain procedures for internal and external complaints handling and resolution to client

2. Obtain relevant information on client’s existing financial situation

2.1 Obtain and confirm facts and information relevant to client’s particular service request

2.2 Identify client expectations, requirements and objectives, and encourage client to disclose relevant information to determine client’s personal financial situation and any special needs

2.3 Obtain relevant information on investments and assets held by client, and client’s current income, expenditure and liabilities situation

2.4 Develop summary analysis of client’s financial position based on extent of client disclosure and requirements

2.5 Accurately and consistently identify risk and fraud indicators, and check all information for consistency and potential conflict

3. Determine client expectations and requirements with respect to financial planning service offered by representative

3.1 Encourage client to express and clarify expectations from financial planning process, and identify and promptly and appropriately respond to any concerns

3.2 Establish client’s income and investment needs, preferences and priorities

3.3 Explore risk issues and tolerance comprehensively and ethically with client

3.4 Determine that service being sought is within capability and authority of authorised representative

3.5 Refer to another internal representative if service required by client is beyond scope of representative

3.6 Seek specialist advice where necessary or refer client to appropriate personnel or organisation where required services are not available or cannot be provided by the practice

4. Prepare and update necessary documentation where required

4.1 Document and check with client all relevant client facts, information and financial and personal histories, and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice

4.2 Create or update client records when necessary

4.3 File client documentation, information and histories in format and location that is readily accessible

Evidence of the ability to:

clearly inform clients of the financial planning process and services

obtain all relevant information on clients’ existing financial situation

determine client expectations and requirements with respect to the financial planning service offered by the representative

comply with relevant legislation and regulations, and organisational operating policy and procedures

accurately record information and make summary analysis.

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:

discuss appropriate financial industry sales and marketing techniques

explain the protocols to be complied with in dealing with clients with special needs

outline the key issues relating to:

the current economic climate and outlook

local and international financial markets and investments

explain financial product service terms and conditions

explain indicative fees and charges

explain the interactions between different providers of the financial planning service and their accountabilities

describe authorities and assistance able to be offered by other advisers and organisations

discern between and describe what different providers can and cannot do within the financial planning service required by the client

outline the steps in a referral process to other advisers or organisations

describe the key stages in internal and external complaint handling processes

outline the steps and processes involved in the preparation of financial plans

describe the key features of relevant organisational policy, procedures and requirements

identify risk and fraud indicators.

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. Inform client of financial planning process and services

1.1 Explain to client financial planning process and role, and any limits of authority of representative

1.2 Explain to client organisation’s licensees, principals, services and capacity, including any relationship to other financial services

1.3 Explain fees and charges to client and confirm client’s understanding of these before proceeding with delivery of service

1.4 Identify clients with special needs and take appropriate action or make referral

1.5 Explain procedures for internal and external complaints handling and resolution to client

2. Obtain relevant information on client’s existing financial situation

2.1 Obtain and confirm facts and information relevant to client’s particular service request

2.2 Identify client expectations, requirements and objectives, and encourage client to disclose relevant information to determine client’s personal financial situation and any special needs

2.3 Obtain relevant information on investments and assets held by client, and client’s current income, expenditure and liabilities situation

2.4 Develop summary analysis of client’s financial position based on extent of client disclosure and requirements

2.5 Accurately and consistently identify risk and fraud indicators, and check all information for consistency and potential conflict

3. Determine client expectations and requirements with respect to financial planning service offered by representative

3.1 Encourage client to express and clarify expectations from financial planning process, and identify and promptly and appropriately respond to any concerns

3.2 Establish client’s income and investment needs, preferences and priorities

3.3 Explore risk issues and tolerance comprehensively and ethically with client

3.4 Determine that service being sought is within capability and authority of authorised representative

3.5 Refer to another internal representative if service required by client is beyond scope of representative

3.6 Seek specialist advice where necessary or refer client to appropriate personnel or organisation where required services are not available or cannot be provided by the practice

4. Prepare and update necessary documentation where required

4.1 Document and check with client all relevant client facts, information and financial and personal histories, and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice

4.2 Create or update client records when necessary

4.3 File client documentation, information and histories in format and location that is readily accessible

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
Explain to client financial planning process and role, and any limits of authority of representative 
Explain to client organisation’s licensees, principals, services and capacity, including any relationship to other financial services 
Explain fees and charges to client and confirm client’s understanding of these before proceeding with delivery of service 
Identify clients with special needs and take appropriate action or make referral 
Explain procedures for internal and external complaints handling and resolution to client 
Obtain and confirm facts and information relevant to client’s particular service request 
Identify client expectations, requirements and objectives, and encourage client to disclose relevant information to determine client’s personal financial situation and any special needs 
Obtain relevant information on investments and assets held by client, and client’s current income, expenditure and liabilities situation 
Develop summary analysis of client’s financial position based on extent of client disclosure and requirements 
Accurately and consistently identify risk and fraud indicators, and check all information for consistency and potential conflict 
Encourage client to express and clarify expectations from financial planning process, and identify and promptly and appropriately respond to any concerns 
Establish client’s income and investment needs, preferences and priorities 
Explore risk issues and tolerance comprehensively and ethically with client 
Determine that service being sought is within capability and authority of authorised representative 
Refer to another internal representative if service required by client is beyond scope of representative 
Seek specialist advice where necessary or refer client to appropriate personnel or organisation where required services are not available or cannot be provided by the practice 
Document and check with client all relevant client facts, information and financial and personal histories, and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice 
Create or update client records when necessary 
File client documentation, information and histories in format and location that is readily accessible 
Obtain and confirm facts and information relevant to client’s particular service request 
Identify client expectations, requirements and objectives, and encourage client to disclose relevant information to determine client’s personal financial situation and any special needs 
Obtain relevant information on investments and assets held by client, and client’s current income, expenditure and liabilities situation 
Develop summary analysis of client’s financial position based on extent of client disclosure and requirements 
Accurately and consistently identify risk and fraud indicators, and check all information for consistency and potential conflict 

Forms

Assessment Cover Sheet

FNSFPL506 - Determine client financial requirements and expectations
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

FNSFPL506 - Determine client financial requirements and expectations

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: