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Evidence Guide: FNSASICQ503 - Provide advice in first home saver market linked accounts

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSASICQ503 - Provide advice in first home saver market linked accounts

What evidence can you provide to prove your understanding of each of the following citeria?

Establish relationship with client and identify client’s objectives, needs and financial situation

  1. Establish client’s knowledge about financial products and services
  2. Respond to enquiries about first home saver market linked products and services by explaining range of products and services available and their relevant fee and charging methodology
  3. 1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct, including procedures for complaints handling and circumstances in which they should be engaged
  4. Ask client about objectives and goals and obtain personal, financial and business details to identify client needs
  5. Establish product risk profile of client, including expectations of cash flow and relevant taxation obligations
Establish client’s knowledge about financial products and services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Respond to enquiries about first home saver market linked products and services by explaining range of products and services available and their relevant fee and charging methodology

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct, including procedures for complaints handling and circumstances in which they should be engaged

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ask client about objectives and goals and obtain personal, financial and business details to identify client needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish product risk profile of client, including expectations of cash flow and relevant taxation obligations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions

  1. Undertake assessment of client needs using all information gathered, taking into account client’s product expectations and specific needs
  2. Consult client throughout analysis for further clarification where necessary
  3. Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required
  4. Assess and confirm product risk profile of client, demonstrating ASIC identified generic and specialist knowledge relevant to products being offered
  5. Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs
  6. Conduct relevant research, analysis and product modelling and draft appropriate solution, plan, policy or transaction for presentation to client
Undertake assessment of client needs using all information gathered, taking into account client’s product expectations and specific needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consult client throughout analysis for further clarification where necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess and confirm product risk profile of client, demonstrating ASIC identified generic and specialist knowledge relevant to products being offered

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct relevant research, analysis and product modelling and draft appropriate solution, plan, policy or transaction for presentation to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction

  1. Apply appropriate knowledge for service or product offered when presenting product
  2. Clearly and unambiguously explain proposed transaction to client
  3. Reinforce all relevant details, terms and conditions of product and/or service
  4. Disclose impacts and possible risks of solution in clear and concise manner
  5. Provide supporting written documentation and guide client through key aspects of documentation
  6. Discuss and clarify any concerns or issues client has regarding proposed plan, policy or transaction
  7. Confirm that client understands proposed plan, policy or transaction
Apply appropriate knowledge for service or product offered when presenting product

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clearly and unambiguously explain proposed transaction to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reinforce all relevant details, terms and conditions of product and/or service

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Disclose impacts and possible risks of solution in clear and concise manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide supporting written documentation and guide client through key aspects of documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss and clarify any concerns or issues client has regarding proposed plan, policy or transaction

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm that client understands proposed plan, policy or transaction

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Agree to plan, policy or transaction and complete documentation

  1. Obtain client’s formal agreement to proposed plan, policy or transaction
  2. Clearly explain and confirm that client understands all associated fees, cost structures and timeframes for execution and processing
  3. Ensure that proposal and all other statutory and transactional documents are completed and signed off by client
  4. Exchange copies of signed agreement and other appropriate documentation
Obtain client’s formal agreement to proposed plan, policy or transaction

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clearly explain and confirm that client understands all associated fees, cost structures and timeframes for execution and processing

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure that proposal and all other statutory and transactional documents are completed and signed off by client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Exchange copies of signed agreement and other appropriate documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide ongoing service where requested by client

  1. Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client
  2. Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details
  3. Provide ongoing service as required
Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide ongoing service as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish relationship with client and identify client’s objectives, needs and financial situation

  1. Establish client’s knowledge about financial products and services
  2. Respond to enquiries about first home saver market linked products and services by explaining range of products and services available and their relevant fee and charging methodology
  3. Inform client about role of adviser and licensee or principal responsible for adviser's conduct, including procedures for complaints handling and circumstances in which they should be engaged
  4. Ask client about objectives and goals and obtain personal, financial and business details to identify client needs
  5. Establish product risk profile of client, including expectations of cash flow and relevant taxation obligations
Establish client’s knowledge about financial products and services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Respond to enquiries about first home saver market linked products and services by explaining range of products and services available and their relevant fee and charging methodology

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Inform client about role of adviser and licensee or principal responsible for adviser's conduct, including procedures for complaints handling and circumstances in which they should be engaged

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ask client about objectives and goals and obtain personal, financial and business details to identify client needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish product risk profile of client, including expectations of cash flow and relevant taxation obligations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions

  1. Undertake assessment of client needs using all information gathered, taking into account client’s product expectations and specific needs
  2. Consult client throughout analysis for further clarification where necessary
  3. Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required
  4. Assess and confirm product risk profile of client, demonstrating ASIC identified generic and specialist knowledge relevant to products being offered
  5. Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs
  6. Conduct relevant research, analysis and product modelling and draft appropriate solution, plan, policy or transaction for presentation to client
Undertake assessment of client needs using all information gathered, taking into account client’s product expectations and specific needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consult client throughout analysis for further clarification where necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess and confirm product risk profile of client, demonstrating ASIC identified generic and specialist knowledge relevant to products being offered

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct relevant research, analysis and product modelling and draft appropriate solution, plan, policy or transaction for presentation to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Establish relationship with client and identify client’s objectives, needs and financial situation

1.1 Establish client’s knowledge about financial products and services

1.2 Respond to enquiries about first home saver market linked products and services by explaining range of products and services available and their relevant fee and charging methodology

1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct, including procedures for complaints handling and circumstances in which they should be engaged

1.4 Ask client about objectives and goals and obtain personal, financial and business details to identify client needs

1.5 Establish product risk profile of client, including expectations of cash flow and relevant taxation obligations

2. Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions

2.1 Undertake assessment of client needs using all information gathered, taking into account client’s product expectations and specific needs

2.2 Consult client throughout analysis for further clarification where necessary

2.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required

2.4 Assess and confirm product risk profile of client, demonstrating ASIC identified generic and specialist knowledge relevant to products being offered

2.5 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs

2.6 Conduct relevant research, analysis and product modelling and draft appropriate solution, plan, policy or transaction for presentation to client

3. Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction

3.1 Apply appropriate knowledge for service or product offered when presenting product

3.2 Clearly and unambiguously explain proposed transaction to client

3.3 Reinforce all relevant details, terms and conditions of product and/or service

3.4 Disclose impacts and possible risks of solution in clear and concise manner

3.5 Provide supporting written documentation and guide client through key aspects of documentation

3.6 Discuss and clarify any concerns or issues client has regarding proposed plan, policy or transaction

3.7 Confirm that client understands proposed plan, policy or transaction

4. Agree to plan, policy or transaction and complete documentation

4.1 Obtain client’s formal agreement to proposed plan, policy or transaction

4.2 Clearly explain and confirm that client understands all associated fees, cost structures and timeframes for execution and processing

4.3 Ensure that proposal and all other statutory and transactional documents are completed and signed off by client

4.4 Exchange copies of signed agreement and other appropriate documentation

5. Provide ongoing service where requested by client

5.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client

5.2 Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details

5.3 Provide ongoing service as required

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Establish relationship with client and identify client’s objectives, needs and financial situation

1.1 Establish client’s knowledge about financial products and services

1.2 Respond to enquiries about first home saver market linked products and services by explaining range of products and services available and their relevant fee and charging methodology

1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct, including procedures for complaints handling and circumstances in which they should be engaged

1.4 Ask client about objectives and goals and obtain personal, financial and business details to identify client needs

1.5 Establish product risk profile of client, including expectations of cash flow and relevant taxation obligations

2. Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions

2.1 Undertake assessment of client needs using all information gathered, taking into account client’s product expectations and specific needs

2.2 Consult client throughout analysis for further clarification where necessary

2.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required

2.4 Assess and confirm product risk profile of client, demonstrating ASIC identified generic and specialist knowledge relevant to products being offered

2.5 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs

2.6 Conduct relevant research, analysis and product modelling and draft appropriate solution, plan, policy or transaction for presentation to client

3. Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction

3.1 Apply appropriate knowledge for service or product offered when presenting product

3.2 Clearly and unambiguously explain proposed transaction to client

3.3 Reinforce all relevant details, terms and conditions of product and/or service

3.4 Disclose impacts and possible risks of solution in clear and concise manner

3.5 Provide supporting written documentation and guide client through key aspects of documentation

3.6 Discuss and clarify any concerns or issues client has regarding proposed plan, policy or transaction

3.7 Confirm that client understands proposed plan, policy or transaction

4. Agree to plan, policy or transaction and complete documentation

4.1 Obtain client’s formal agreement to proposed plan, policy or transaction

4.2 Clearly explain and confirm that client understands all associated fees, cost structures and timeframes for execution and processing

4.3 Ensure that proposal and all other statutory and transactional documents are completed and signed off by client

4.4 Exchange copies of signed agreement and other appropriate documentation

5. Provide ongoing service where requested by client

5.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client

5.2 Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details

5.3 Provide ongoing service as required

Evidence of the ability to:

interpret and comply with industry regulations and codes of practice

analyse client needs and advise client ethically and accurately about first home saver market linked account products and services

assess the impacts of taxation on client’s financial requirements for specific products offered.


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 satisfy generic and specialist knowledge requirements relevant to the products and activities in which advice is given.

Generic knowledge

analyse and provide an overview of the economic environment including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

analyse and provide a detailed explanation of the operation of financial markets including:

roles played by intermediaries and issuers

structure and interrelationships within the financial markets

interrelationship between industry sectors

outline financial products including:

concept of a financial product – general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products.

Specialist knowledge

explain the types, characteristics and associated risks of first home saver account products

describe types of alternative products including managed investments, life insurance and deposit products

outline product characteristics including:

eligibility requirements

withdrawal conditions

government contributions

cooling-off period

interest paid including institution, and fees and charges

non-cash payments (direct debit, external funds transfer (EFT), auto transfer

specific inclusions and exclusions

discuss the operation of first home saver market institutions

outline taxation issues in relation to first home saver market linked financial products and markets in which they operate

discuss the legal environment including disclosure and compliance covering:

role of the representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Privacy Amendment (Private Sector) Act, Financial Services Reform Act (FSRA) and Competition and Consumer Act

relationship between ethics and regulatory requirements including good faith, faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser's recommendation

relevant industry standards and codes of conduct

regulators’ guidelines including ASIC Regulatory Guide (RG)146 requirements

complaints resolution procedures (external and internal).