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

FNSFPL602 Mapping and Delivery Guide
Determine client requirements and expectations for clients with complex needs

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFPL602 - Determine client requirements and expectations for clients with complex needs
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to determine a client’s financial planning requirements and expectations when the client’s situation and/or objectives are complex and require high level questioning skills and in-depth financial knowledge.It applies to experienced individuals who manage relationships, apply systematic approaches and use highly specialised knowledge to problem solve and develop customised solutions.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: Discuss financial planning process, services and options with client
  • Explain financial planning process, licensees and principals, services and capacity of organisation and representative to client to establish relationship
  • Explain fees and charges to client and assess client’s understanding before proceeding with delivery of service
  • Explain relationship of other financial services to client and take appropriate action or make referral for identified clients with special needs
  • Explain procedures for internal and external complaints handling and resolution to client
  • Encourage client to ask questions, and respond accurately and appropriately
       
Element: Establish client’s personal and family financial situation
  • Determine client’s personal and family financial situation
  • Establish client’s expectations, requirements, priorities and objectives for client’s personal and family finances
  • Obtain and check with client relevant facts and information including financial, personal and family histories, and document and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice
  • Develop summary analysis of client’s personal and family financial position based on extent of client disclosure
       
Element: Establish client’s business financial situation
  • Establish and document client’s business financial situation, expectations, requirements, priorities and objectives for client’s business finances
  • Develop summary analysis of client’s business financial position based on extent of client disclosure
       
Element: Identify and gather information on any complex taxation and/or estate issues client may have
  • Identify taxation and/or estate issues and discuss with client
  • Establish and document client’s expectations, requirements, priorities and objectives for issues identified
  • Develop summary analysis of client’s taxation and estate financial position based on extent of client disclosure
       
Element: Establish holistic picture of client’s requirements and expectations
  • Combine information gathered to generate comprehensive view of client’s financial situation
  • Identify interdependencies and implications, and discuss with client by further questioning and gathering information as required
  • Develop initial summary of client’s financial position, discuss client expectations, priorities and requirements, and review against comprehensive position
       
Element: Identify risks or unusual requirements
  • Comprehensively and ethically explore risk issues and tolerance with client and assess any unusual risks and/or requirements for viability
  • Assess risks to client and/or practice for their impact on financial planning services according to company policy and guidelines, and relevant legislation
       
Element: Establish client’s personal and family financial situation
  • Determine client’s personal and family financial situation
  • Establish client’s expectations, requirements, priorities and objectives for client’s personal and family finances
  • Obtain and check with client relevant facts and information including financial, personal and family histories, and document and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice
  • Develop summary analysis of client’s personal and family financial position based on extent of client disclosure
       
Element: Establish client’s business financial situation
  • Establish and document client’s business financial situation, expectations, requirements, priorities and objectives for client’s business finances
  • Develop summary analysis of client’s business financial position based on extent of client disclosure
       
Element: Establish holistic picture of client’s requirements and expectations
  • Combine information gathered to generate comprehensive view of client’s financial situation
  • Identify interdependencies and implications, and discuss with client by further questioning and gathering information as required
  • Develop initial summary of client’s financial position, discuss client expectations, priorities and requirements, and review against comprehensive position
       


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. Discuss financial planning process, services and options with client

1.1 Explain financial planning process, licensees and principals, services and capacity of organisation and representative to client to establish relationship

1.2 Explain fees and charges to client and assess client’s understanding before proceeding with delivery of service

1.3 Explain relationship of other financial services to client and take appropriate action or make referral for identified clients with special needs

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

1.5 Encourage client to ask questions, and respond accurately and appropriately

2. Establish client’s personal and family financial situation

2.1 Determine client’s personal and family financial situation

2.2 Establish client’s expectations, requirements, priorities and objectives for client’s personal and family finances

2.3 Obtain and check with client relevant facts and information including financial, personal and family histories, and document and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice

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

3. Establish client’s business financial situation

3.1 Establish and document client’s business financial situation, expectations, requirements, priorities and objectives for client’s business finances

3.2 Develop summary analysis of client’s business financial position based on extent of client disclosure

4. Identify and gather information on any complex taxation and/or estate issues client may have

4.1 Identify taxation and/or estate issues and discuss with client

4.2 Establish and document client’s expectations, requirements, priorities and objectives for issues identified

4.3 Develop summary analysis of client’s taxation and estate financial position based on extent of client disclosure

5. Establish holistic picture of client’s requirements and expectations

5.1 Combine information gathered to generate comprehensive view of client’s financial situation

5.2 Identify interdependencies and implications, and discuss with client by further questioning and gathering information as required

5.3 Develop initial summary of client’s financial position, discuss client expectations, priorities and requirements, and review against comprehensive position

6. Identify risks or unusual requirements

6.1 Comprehensively and ethically explore risk issues and tolerance with client and assess any unusual risks and/or requirements for viability

6.2 Assess risks to client and/or practice for their impact on financial planning services according to company policy and guidelines, and relevant legislation

Evidence of the ability to:

determine a client’s complex financial planning requirements and expectations by:

discussing the financial planning process, services and options with clients to establish their personal, family and business financial situation

identifying client strengths and liabilities in their financial management and sourcing information on complex taxation and/or estate issues they may have

establishing a holistic picture of client requirements and expectations to identify risks or unusual requirements, and assess risk and fraud indicators

complying with relevant industry codes of practice, legislation and regulations, and organisational policy and procedures

build rapport with clients by offering thorough and ongoing assistance with all enquiries and requests for service

communicate the features and benefits of products and services available.

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 categorise available information and research sources

outline the key features of business principles and law

analyse and discuss the key issues relating to:

economic climate and outlook

local and international financial markets and investments

describe the key features and discuss issues relevant to:

family structures and legal implications

financial products, features and benefits, and service terms and conditions

organisational policy, procedures and requirements

property structures and legal implications

privacy and confidentiality

describe a range of complex client financial needs or situations, and their implications

compare and contrast sales and marketing techniques appropriate to the financial services industry

explain the key features of the financial industry and related legislation, and the financial implications affecting family and business structures

explain taxation and property structures and their financial implications

identify the indications and discuss the implications of risk and fraud

describe the purpose of and key steps within the complaints handling process.

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. Discuss financial planning process, services and options with client

1.1 Explain financial planning process, licensees and principals, services and capacity of organisation and representative to client to establish relationship

1.2 Explain fees and charges to client and assess client’s understanding before proceeding with delivery of service

1.3 Explain relationship of other financial services to client and take appropriate action or make referral for identified clients with special needs

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

1.5 Encourage client to ask questions, and respond accurately and appropriately

2. Establish client’s personal and family financial situation

2.1 Determine client’s personal and family financial situation

2.2 Establish client’s expectations, requirements, priorities and objectives for client’s personal and family finances

2.3 Obtain and check with client relevant facts and information including financial, personal and family histories, and document and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice

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

3. Establish client’s business financial situation

3.1 Establish and document client’s business financial situation, expectations, requirements, priorities and objectives for client’s business finances

3.2 Develop summary analysis of client’s business financial position based on extent of client disclosure

4. Identify and gather information on any complex taxation and/or estate issues client may have

4.1 Identify taxation and/or estate issues and discuss with client

4.2 Establish and document client’s expectations, requirements, priorities and objectives for issues identified

4.3 Develop summary analysis of client’s taxation and estate financial position based on extent of client disclosure

5. Establish holistic picture of client’s requirements and expectations

5.1 Combine information gathered to generate comprehensive view of client’s financial situation

5.2 Identify interdependencies and implications, and discuss with client by further questioning and gathering information as required

5.3 Develop initial summary of client’s financial position, discuss client expectations, priorities and requirements, and review against comprehensive position

6. Identify risks or unusual requirements

6.1 Comprehensively and ethically explore risk issues and tolerance with client and assess any unusual risks and/or requirements for viability

6.2 Assess risks to client and/or practice for their impact on financial planning services according to company policy and guidelines, and relevant legislation

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 financial planning process, licensees and principals, services and capacity of organisation and representative to client to establish relationship 
Explain fees and charges to client and assess client’s understanding before proceeding with delivery of service 
Explain relationship of other financial services to client and take appropriate action or make referral for identified clients with special needs 
Explain procedures for internal and external complaints handling and resolution to client 
Encourage client to ask questions, and respond accurately and appropriately 
Determine client’s personal and family financial situation 
Establish client’s expectations, requirements, priorities and objectives for client’s personal and family finances 
Obtain and check with client relevant facts and information including financial, personal and family histories, and document and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice 
Develop summary analysis of client’s personal and family financial position based on extent of client disclosure 
Establish and document client’s business financial situation, expectations, requirements, priorities and objectives for client’s business finances 
Develop summary analysis of client’s business financial position based on extent of client disclosure 
Identify taxation and/or estate issues and discuss with client 
Establish and document client’s expectations, requirements, priorities and objectives for issues identified 
Develop summary analysis of client’s taxation and estate financial position based on extent of client disclosure 
Combine information gathered to generate comprehensive view of client’s financial situation 
Identify interdependencies and implications, and discuss with client by further questioning and gathering information as required 
Develop initial summary of client’s financial position, discuss client expectations, priorities and requirements, and review against comprehensive position 
Comprehensively and ethically explore risk issues and tolerance with client and assess any unusual risks and/or requirements for viability 
Assess risks to client and/or practice for their impact on financial planning services according to company policy and guidelines, and relevant legislation 
Determine client’s personal and family financial situation 
Establish client’s expectations, requirements, priorities and objectives for client’s personal and family finances 
Obtain and check with client relevant facts and information including financial, personal and family histories, and document and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice 
Develop summary analysis of client’s personal and family financial position based on extent of client disclosure 
Establish and document client’s business financial situation, expectations, requirements, priorities and objectives for client’s business finances 
Develop summary analysis of client’s business financial position based on extent of client disclosure 
Combine information gathered to generate comprehensive view of client’s financial situation 
Identify interdependencies and implications, and discuss with client by further questioning and gathering information as required 
Develop initial summary of client’s financial position, discuss client expectations, priorities and requirements, and review against comprehensive position 

Forms

Assessment Cover Sheet

FNSFPL602 - Determine client requirements and expectations for clients with complex needs
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Assessment Record Sheet

FNSFPL602 - Determine client requirements and expectations for clients with complex needs

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

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Overall assessment result: Competent Not yet competent

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