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Evidence Guide: FNSFPL401A - Extract and analyse information on specified financial strategies and products

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

 

FNSFPL401A - Extract and analyse information on specified financial strategies and products

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

Interpret research requirements

  1. Client information and objectives are reviewed and quantified and research topics are established
  2. Specifications of products and/or services to be researched are checked with a senior financial planner
  3. Aims and objectives of the research are clearly established and understood and measured against client requirements and expectations
  4. Timeframes are established and requests prioritised to ensure available information is useable and justifiable
Client information and objectives are reviewed and quantified and research topics are established

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Specifications of products and/or services to be researched are checked with a senior financial planner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Aims and objectives of the research are clearly established and understood and measured against client requirements and expectations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Timeframes are established and requests prioritised to ensure available information is useable and justifiable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research financial products and strategies to set guidelines

  1. Data extraction criteria are relevant to intended use and client requirements
  2. Trends are identified to provide meaningful information on strategies and product performance
  3. Risk identification is made for researched strategies and products
  4. Financial products and strategies are analysed within appropriate timeframes to ensure currency of decision making
  5. Issues that require specialist and/or independent research or advice are identified
Data extraction criteria are relevant to intended use and client requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Trends are identified to provide meaningful information on strategies and product performance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Risk identification is made for researched strategies and products

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Financial products and strategies are analysed within appropriate timeframes to ensure currency of decision making

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Issues that require specialist and/or independent research or advice are identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Summarise research information and contribute to recommendations

  1. Information on financial strategies and products is collated, prioritised and checked against research specification
  2. Research is analysed for completeness and assessed for relevant implications of the information
  3. Written performance, trend and risk analyses are prepared and checked against research specification
  4. Any qualifications or issues for further research are defined and recorded
  5. Recommendations are contributed to the financial planning process according to organisation procedures and guidelines
Information on financial strategies and products is collated, prioritised and checked against research specification

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research is analysed for completeness and assessed for relevant implications of the information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Written performance, trend and risk analyses are prepared and checked against research specification

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Any qualifications or issues for further research are defined and recorded

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Recommendations are contributed to the financial planning process according to organisation procedures and guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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:

apply knowledge of relevant legislation and industry codes of conduct

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

summarise research information and contribute to recommendations.

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

internet access.

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

Required Skills and Knowledge

Required skills

communication skills to:

determine and confirm 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

literacy skills for analysing information and products

research skills such as:

accessing and managing information

interpreting documentation

coordinating tasks

numeracy and IT skills including:

using financial product information and making related calculations

using internet information

recording, gathering and consolidating financial information skills

learning skills to maintain knowledge of changes to compliance legislation and requirements

judgement skills to form recommendations for operational situations

Required knowledge

organisation policies, objectives and guidelines

financial industry legislative and code of practice requirements

relevant acts and regulations

risks associated with specific financial products and services

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

the role of independent analysts and the value of their recommendation

theories of investment, portfolio management and management of investment and risk

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.

Timeframe considerations may include:

competitors

legislative and regulatory requirements

market cycles

marketing strategy

procedures revision

release dates.

Information may include factors such as:

codes of practice

economic data

environmental considerations

internal comparisons

market situation

political situation

regulatory environment

social environment.

Research may be:

external

internal.