FNSFPL401
Extract and analyse information on specified financial strategies and products


Application

This unit describes the skills and knowledge required to research information on specified financial products and strategies for use in the financial planning process. It encompasses interpreting research requirements, researching financial products and strategies, summarising research information and contributing to financial plan recommendations.

It applies to individuals who, within their level of responsibility, independently and accurately research and analyse information using systematic approaches to contribute recommendations.

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.


Elements and Performance Criteria

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Interpret research requirements

1.1 Review and quantify client information and objectives, and establish research topics

1.2 Check specifications of products and/or services to be researched with senior financial planner

1.3 Establish and accurately interpret aims and objectives of research, and measure against client requirements and expectations

1.4 Establish timeframes and prioritise requests to ensure available information is useable and justifiable

2. Research financial products and strategies to set guidelines

2.1 Ensure data extraction criteria are relevant to intended use and client requirements

2.2 Identify trends to provide meaningful information on strategies and product performance

2.3 Identify potential risk factors associated with researched strategies and products

2.4 Analyse financial products and strategies within appropriate timeframes to ensure currency of decision making

2.5 Identify issues that require specialist and/or independent research or advice

3. Summarise research information and contribute to recommendations

3.1 Collate, prioritise and check information on financial strategies and products against research specification

3.2 Analyse research for completeness and assess for relevant implications of information

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

3.4 Define and record any qualifications or issues for further research

3.5 Provide recommendations to financial planning process according to organisational procedures and guidelines

Evidence of Performance

Evidence of the of the ability to:

interpret research requirements and research financial products and strategies to set guidelines

summarise research information and contribute to recommendations.

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


Evidence of Knowledge

To complete the unit requirements safely and effectively, the individual must:

describe the key features of:

organisational policy, objectives and guidelines

financial industry code of practice requirements

relevant legislation and regulations

analyse and explain risks associated with specific financial products and services

outline the effect of taxation and social security systems and regulations on specified financial products

describe the role of independent analysts and the value of their recommendation

summarise the key needs of clients and referral processes to specialist personnel

describe the key theories of investment, portfolio management and management of investment and risk.


Assessment Conditions

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

the internet.

Assessors must satisfy NVR/AQTF assessor requirements.


Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill

Performance Criteria

Description

Reading

1.1-1.3, 2.2, 2.3, 2.4, 3.1, 3.2

Interprets and analyses information from a range of sources

Writing

1.1-1.3, 3.3-3.5

Accurately records information and prepares reports using required format, terminology and conventions specific to the requirements, audience and purpose

Oral Communication

1.2

Uses appropriate language, terminology and concepts when participating in verbal exchanges

Uses active listening and questioning techniques to convey and clarify information

Numeracy

1.1, 1.3, 1.4, 2.2, 2.4, 3.1, 3.3

Uses mathematical equations to perform calculations, determine trends, estimate time and compare financial information

Interprets and analyses numerical data from a range of sources

Navigate the world of work

3.1, 3.2, 3.5

Takes personal responsibility for ensuring that documentation and processes comply with policies and procedures

Maintains knowledge of compliance legislation and requirements necessary for own role

Interact with others

1.2

Selects and uses appropriate communication conventions and protocols to liaise with clients and colleagues

Get the work done

1.1-1.4, 2.1-2.5, 3.1-3.5

Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes

Systematically gathers and analyses all relevant information and evaluates options to decide on recommendations

Uses digital technologies and systems to locate information, enter data and present information


Sectors

Financial planning