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

FNSFPL507 Mapping and Delivery Guide
Provide financial planning advice

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFPL507 - Provide financial planning advice
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to provide financial advice to clients when presenting preliminary, amended or final financial plans depending on the level of client contact appropriate for the representative.It applies to individuals who use specialised knowledge and strong communication, negotiation and interpersonal skills to build rapport and conduct business.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: Create rapport with client
  • Ensure disclosure of capacity to client is consistent with codes of practice and legislative requirements, and that organisational requirements and client concerns, if any, are identified and responded to appropriately
  • Explain services to client when appropriate, including in writing, in clear and unambiguous way, avoiding jargon and in language appropriate to level of financial understanding of client
  • Assist client to make informed choices using relevant documentation
  • Address client’s needs and objectives consistent with client’s budgetary situation
       
Element: Discuss financial plan with client
  • Clearly explain scope and limitations of plan and/or advice to client, together with provision of appropriate warnings
  • Explain strategies and recommendations in financial plan and discuss with client in clear and unambiguous way
  • Prepare, explain and discuss financial plan documentation with client when appropriate
  • Disclose impact of key aspects of recommendations in clear and concise manner to client
  • Guide client through key aspects of strategies proposed when appropriate and demonstrate product knowledge appropriate for service or advice offered
  • Explain assumptions used in formulating plan and degree to which variations in assumptions may impact on client’s expected outcomes
  • Explain requirements to put recommended plan into effect to client and identify and note any areas in plan that may require further advice
  • Provide copies of research and other relevant documentation to client if requested and seek confirmation that client understands all recommendations presented
  • Obtain agreement in principle to proceed from client
  • Clearly define and communicate appropriate level of after sales service to be provided to client
       
Element: Negotiate effectively
  • Assist clients when necessary to make appropriate decisions regarding solutions to their needs and objectives within scope of plan, and present alternatives to recommendations when requested
  • Observe limits imposed by regulatory requirements or organisational guidelines
  • Exercise restraint and composure when dealing with any conflict situations involving clients
  • Maintain communication channels when dealing with any complaints and follow internal or external complaint handling procedures
       
Element: Complete and maintain necessary documentation
  • Adjust financial plan according to changes agreed to by client
  • Complete proposals and other documents and arrange sign off when plan is agreed between client and authorised representative
  • Clearly identify implementation actions required by client and obtain written agreement to actions
  • Create or update client records with any contract variations completed if required
  • Provide confirmation, including relevant documentation and contract variation, to client and implement final plan
  • Record client advice in accordance with organisational guidelines and/or financial plan documentation requirements
  • Obtain client signatures on instructing and/or purchasing documents where required
       


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. Create rapport with client

1.1 Ensure disclosure of capacity to client is consistent with codes of practice and legislative requirements, and that organisational requirements and client concerns, if any, are identified and responded to appropriately

1.2 Explain services to client when appropriate, including in writing, in clear and unambiguous way, avoiding jargon and in language appropriate to level of financial understanding of client

1.3 Assist client to make informed choices using relevant documentation

1.4 Address client’s needs and objectives consistent with client’s budgetary situation

2. Discuss financial plan with client

2.1 Clearly explain scope and limitations of plan and/or advice to client, together with provision of appropriate warnings

2.2 Explain strategies and recommendations in financial plan and discuss with client in clear and unambiguous way

2.3 Prepare, explain and discuss financial plan documentation with client when appropriate

2.4 Disclose impact of key aspects of recommendations in clear and concise manner to client

2.5 Guide client through key aspects of strategies proposed when appropriate and demonstrate product knowledge appropriate for service or advice offered

2.6 Explain assumptions used in formulating plan and degree to which variations in assumptions may impact on client’s expected outcomes

2.7 Explain requirements to put recommended plan into effect to client and identify and note any areas in plan that may require further advice

2.8 Provide copies of research and other relevant documentation to client if requested and seek confirmation that client understands all recommendations presented

2.9 Obtain agreement in principle to proceed from client

2.10 Clearly define and communicate appropriate level of after sales service to be provided to client

3. Negotiate effectively

3.1 Assist clients when necessary to make appropriate decisions regarding solutions to their needs and objectives within scope of plan, and present alternatives to recommendations when requested

3.2 Observe limits imposed by regulatory requirements or organisational guidelines

3.3 Exercise restraint and composure when dealing with any conflict situations involving clients

3.4 Maintain communication channels when dealing with any complaints and follow internal or external complaint handling procedures

4. Complete and maintain necessary documentation

4.1 Adjust financial plan according to changes agreed to by client

4.2 Complete proposals and other documents and arrange sign off when plan is agreed between client and authorised representative

4.3 Clearly identify implementation actions required by client and obtain written agreement to actions

4.4 Create or update client records with any contract variations completed if required

4.5 Provide confirmation, including relevant documentation and contract variation, to client and implement final plan

4.6 Record client advice in accordance with organisational guidelines and/or financial plan documentation requirements

4.7 Obtain client signatures on instructing and/or purchasing documents where required

Evidence of the ability to:

create rapport with the client and discuss financial plans

provide financial advice to clients when presenting preliminary, amended or final financial plans that:

complies with industry regulations and codes of practice

assesses the impacts of taxation, social security, economic and other government policy on client investment and financial requirements within the range of products known to the adviser

complete and maintain all necessary documentation.

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:

review the generic products available in the financial services industry

identify issues and discuss the possible impacts of the following on the client's financial planning needs:

relevant economic, taxation and social security policy

estate planning

explain investment and savings vehicles, financial markets, asset classes and investment characteristics

explain the key features of financial markets, the range of financial products as set out in organisational guidelines, and the investment characteristics

analyse investment risk factors and the relationship to return expectations

describe the key features of:

relevant codes of practice and industry financial plan documentation requirements

requirements related to the disclosure of capacity

discuss the role of the financial planning adviser and the financial planning practice

outline the key requirements of legislation and regulations affecting the financial services industry

describe the internal and external issue resolution processes available to clients in the event of a dispute.

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. Create rapport with client

1.1 Ensure disclosure of capacity to client is consistent with codes of practice and legislative requirements, and that organisational requirements and client concerns, if any, are identified and responded to appropriately

1.2 Explain services to client when appropriate, including in writing, in clear and unambiguous way, avoiding jargon and in language appropriate to level of financial understanding of client

1.3 Assist client to make informed choices using relevant documentation

1.4 Address client’s needs and objectives consistent with client’s budgetary situation

2. Discuss financial plan with client

2.1 Clearly explain scope and limitations of plan and/or advice to client, together with provision of appropriate warnings

2.2 Explain strategies and recommendations in financial plan and discuss with client in clear and unambiguous way

2.3 Prepare, explain and discuss financial plan documentation with client when appropriate

2.4 Disclose impact of key aspects of recommendations in clear and concise manner to client

2.5 Guide client through key aspects of strategies proposed when appropriate and demonstrate product knowledge appropriate for service or advice offered

2.6 Explain assumptions used in formulating plan and degree to which variations in assumptions may impact on client’s expected outcomes

2.7 Explain requirements to put recommended plan into effect to client and identify and note any areas in plan that may require further advice

2.8 Provide copies of research and other relevant documentation to client if requested and seek confirmation that client understands all recommendations presented

2.9 Obtain agreement in principle to proceed from client

2.10 Clearly define and communicate appropriate level of after sales service to be provided to client

3. Negotiate effectively

3.1 Assist clients when necessary to make appropriate decisions regarding solutions to their needs and objectives within scope of plan, and present alternatives to recommendations when requested

3.2 Observe limits imposed by regulatory requirements or organisational guidelines

3.3 Exercise restraint and composure when dealing with any conflict situations involving clients

3.4 Maintain communication channels when dealing with any complaints and follow internal or external complaint handling procedures

4. Complete and maintain necessary documentation

4.1 Adjust financial plan according to changes agreed to by client

4.2 Complete proposals and other documents and arrange sign off when plan is agreed between client and authorised representative

4.3 Clearly identify implementation actions required by client and obtain written agreement to actions

4.4 Create or update client records with any contract variations completed if required

4.5 Provide confirmation, including relevant documentation and contract variation, to client and implement final plan

4.6 Record client advice in accordance with organisational guidelines and/or financial plan documentation requirements

4.7 Obtain client signatures on instructing and/or purchasing documents where 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
Ensure disclosure of capacity to client is consistent with codes of practice and legislative requirements, and that organisational requirements and client concerns, if any, are identified and responded to appropriately 
Explain services to client when appropriate, including in writing, in clear and unambiguous way, avoiding jargon and in language appropriate to level of financial understanding of client 
Assist client to make informed choices using relevant documentation 
Address client’s needs and objectives consistent with client’s budgetary situation 
Clearly explain scope and limitations of plan and/or advice to client, together with provision of appropriate warnings 
Explain strategies and recommendations in financial plan and discuss with client in clear and unambiguous way 
Prepare, explain and discuss financial plan documentation with client when appropriate 
Disclose impact of key aspects of recommendations in clear and concise manner to client 
Guide client through key aspects of strategies proposed when appropriate and demonstrate product knowledge appropriate for service or advice offered 
Explain assumptions used in formulating plan and degree to which variations in assumptions may impact on client’s expected outcomes 
Explain requirements to put recommended plan into effect to client and identify and note any areas in plan that may require further advice 
Provide copies of research and other relevant documentation to client if requested and seek confirmation that client understands all recommendations presented 
Obtain agreement in principle to proceed from client 
Clearly define and communicate appropriate level of after sales service to be provided to client 
Assist clients when necessary to make appropriate decisions regarding solutions to their needs and objectives within scope of plan, and present alternatives to recommendations when requested 
Observe limits imposed by regulatory requirements or organisational guidelines 
Exercise restraint and composure when dealing with any conflict situations involving clients 
Maintain communication channels when dealing with any complaints and follow internal or external complaint handling procedures 
Adjust financial plan according to changes agreed to by client 
Complete proposals and other documents and arrange sign off when plan is agreed between client and authorised representative 
Clearly identify implementation actions required by client and obtain written agreement to actions 
Create or update client records with any contract variations completed if required 
Provide confirmation, including relevant documentation and contract variation, to client and implement final plan 
Record client advice in accordance with organisational guidelines and/or financial plan documentation requirements 
Obtain client signatures on instructing and/or purchasing documents where required 

Forms

Assessment Cover Sheet

FNSFPL507 - Provide financial planning advice
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

FNSFPL507 - Provide financial planning advice

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: