This unit applies to job roles in the personal trustee industry.

ELEMENT

PERFORMANCE CRITERIA

1. Determine client needs and build rapport

1.1. The needs and expectations of the client and relevant details of their estate are discussed and confirmed with the client

1.2. The nature and purpose of trusts and relevant information, taxation and legislative requirements, consequences and requirements are explained to the client

1.3. Benefits and considerations are identified and explained accurately to the client including the types of investments that can be utilised when investing trust assets

1.4. The role and responsibilities of a trustee are explained clearly and accurately in a language appropriate to the client

2. Reconcile client concerns and gain confirmation

2.1. Client concerns regarding the advice and recommendation are discussed and clarified and confirmation on how to proceed is determined

2.2. Associated fee and cost structures are clearly explained to client and their formal agreement is gained

2.3. Process and timeframes for execution are clearly explained and confirmation of understanding gained from client

3. Prepare and document trust deed

3.1. A Trust deed is prepared according to client and statutory requirements and the structure checked for legal implications and any complications

3.2. Settlement deed is executed and initial assets are received

3.3. Record keeping and safe storage of the trust deed is undertaken according to organisational and legislative requirements

3.4. Relevant details and information in relation to the beneficiaries are gathered and confirmed

4. Provide ongoing service

4.1. Type of reporting service is agreed upon with client

4.2. Needs of beneficiaries for both income and capital are identified and an investment strategy is prepared where appropriate

4.3. Beneficiaries' profiles are established and relevant records obtained

4.4. Ongoing service and management of the trust is provided and reviewed as required

Required skills

highly developed communication skills to:

determine and confirm client trust requirements, using questioning and active listening as required

provide customer service and deal sensitively with clients

resolve disputes and conflicts

liaise with others such as specialist advisers, share information, listen and understand

use language and concepts appropriate to cultural differences

well-developed research and analysis skills for accessing, interpreting and managing complex information

IT skills for accessing and using appropriate systems and databases and using internet information

highly developed numeracy skills to prepare and interpret complex financial statements and perform complex financial calculations

well-developed literacy skills to:

read and interpret documentation from a variety of sources

prepare documentation

record, consolidate and file information

problem solving skills to identify any issues that have the potential to impact on the trust process or outcome and to develop options to resolve these issues when they arise

excellent interpersonal skills to establish rapport with clients and to liaise with other specialists and team members

organisational and time management skills to sequence tasks, meet timelines and arrange meetings

Required knowledge

relevant Commonwealth, State and Territory legislation and regulations, including:

wills

taxation

trusteeships

application of interstate and overseas legislation and regulations where appropriate

relevant social services and benefits, and qualification requirements, including:

age

disability

unemployment provisions

organisational policies and procedures required in the full range of tasks covered

products and services offered by the organisation, and fees attached

roles, responsibilities and powers of senior personal trust officer including:

management and supervision responsibilities

organisational expectations

limitation of personal authority

application of the professional code of conduct in the personal trustee industry, including:

ethical practices

integrity

professionalism

confidentiality

how and when to contact key organisational personnel with expertise in specialised areas relating to the personal trustee industry

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:

Identify appropriate products that pertain to the public trustee industry and meet the needs of clients by identifying benefits, risks, taxation requirements and other issues

use high level interpersonal skills to deal appropriately with sensitive issues

accurately prepare trust and related financial documents.

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

access to relevant trust legislation, organisational documents and information.

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

setting and reviewing simulations or scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

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.

Relevant information, taxation and legislative requirements may include:

corporate versus personal trustees

Commonwealth, State and Territory legislation and regulation relating to:

wills

taxation

trusteeships

beneficiaries

charging of fees.

Benefits and considerations may include:

payments from a superannuation fund

pension benefits.

Role and responsibilities of a trustee may involve:

distributing capital

distributing income

investing trust assets.

Relevant details in relation to beneficiaries may include:

articles of association

beneficiaries with special needs or particular problems

beneficiaries':

names

location

relationship to client

company records

personal details

taxation returns

trust deed.

Unit sector

Personal trustee

This unit contains employability skills.