Application
This unit has application to job roles such as senior financial planners, senior para-planners and senior technical staff. |
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
1. Evaluate the client's current situation and identify the issues | 1.1. An analysis of the integrity of information provided by the client is undertaken 1.2. The client objectives and expectations are identified and quantified by the authorised representative and tested for viability 1.3. The basis for strategy development is established |
2. Identify research requirements and parameters | 2.1. Aims and objectives of research including strategy and product and performance parameters are established against client requirements and expectations 2.2. Intended use of the research information is clearly established 2.3. A wide range of internal and external information resources are identified 2.4. Information requirements not met by regular sources are identified and strategies developed to access them legitimately 2.5. Timeframes are established and requests for information prioritised to ensure timelines are met |
3. Extract and analyse information according to research requirements and parameters | 3.1. Data extraction criteria are established that are relevant to intended use and client requirements and do not unduly limit the scope of research 3.2. Trends are identified to provide meaningful information on performance of possible strategies, products and markets 3.3. Comprehensive risk assessment is made of products identified through the research 3.4. Strategies and financial products are analysed within appropriate timeframes to ensure currency of decision making 3.5. Obtained information is prioritised according to client requirements and expectations 3.6. Issues that require specialist research or advice are identified and appropriate advice sourced and obtained |
4. Summarise and present results of research | 4.1. Information on financial products is collated and checked against research specification 4.2. Written performance, trend and risk analyses are prepared and checked against research specification 4.3. Any qualifications or issues for further research are described and documented 4.4. Research findings are presented to the financial planner |
Required Skills
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Required skills |
well-developed communication skills to: determine and confirm client and work requirements, using questioning and active listening as required liaise with others, share information, listen and understand use language and concepts appropriate to cultural differences highly developed research skills such for: accessing and managing comprehensive and complex information interpreting complex documentation well-developed numeracy and IT skills such as: using advanced analytical techniques accessing and using software such as spreadsheets and databases using internet information self-management skills for complying with ethical, legal and procedural requirements learning skills to maintain knowledge of changes to compliance legislation and requirements organisational and time management skills to sequence tasks, meet timelines and arrange meetings problem solving skills to identify any issues that have the potential to impact on the planning process or outcome and to develop options to resolve these issues when they arise judgement skills to form recommendations in complex situations strategy skills to form different strategies and options |
Required knowledge |
a wide range of financial products and services and their uses in portfolios a wide range of relevant financial product information sources and research techniques financial industry related Acts and regulations industry trends and latest research findings relevant legislative and code of practice requirements relevant organisational policies, objectives and guidelines risks and implications associated with financial products and services specialist level knowledge of theories of investment, portfolio management and management of investment and risk taxation and social security systems and regulations and their effect on the specified financial products |
Evidence Required
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. | |
Overview of assessment | |
Critical aspects for assessment and evidence required to demonstrate competency in this unit | Evidence of the ability to: test and assess the integrity of information and specify and justify research objectives and strategy use knowledge of a wide range of available information sources to develop research strategies and obtain information not readily available assess the impact of trends on product performance to interpret and assess available products and services and how they can be combined in a comprehensive portfolio assess risks and benefits associated with using a range of products and services within a portfolio conduct and document research for financial plans, summarise and prioritise findings and evaluate outcomes against client requirements to form recommendations comply with company policies and guidelines, industry codes of practice and relevant legislation. |
Context of and specific resources for assessment | Assessment must ensure: competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment access to and the use of a range of common office equipment, technology, software and consumables. |
Method of assessment | A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit: evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency verbal or written questioning on underpinning knowledge and skills which may include formal examinations setting and reviewing workplace projects and business simulations/scenarios evaluating samples of work accessing and validating third party reports. |
Guidance information for assessment |
Range Statement
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. | |
Information may include factors such as: | economic situation environmental considerations industry codes of practice internal comparisons market situation political situation regulatory environment social environment. |
Client objectives and expectations may include: | comprehensive financial planning integrated advice product specific advice and/or service portfolio advice for complex situations. |
Timeframes may be affected by: | changes in client's circumstances competitors legislative and regulatory requirements market cycles marketing strategy procedures revision product release dates. |
Appropriate advice may come from: | accountants consultants expert staff external financial planners investment analysts lawyers management peers. |
Sectors
Unit sector | Financial planning |
Employability Skills
This unit contains employability skills. |
Licensing Information
Not applicable.