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Evidence Guide: FNSFPL502 - Conduct financial planning analysis and research

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

 

FNSFPL502 - Conduct financial planning analysis and research

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

Evaluate client’s current situation and identify issues

  1. Analyse integrity of information provided by client
  2. Identify, quantify and test client objectives for viability
  3. Establish basis for strategy development in line with confirmed objectives
Analyse integrity of information provided by client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify, quantify and test client objectives for viability

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish basis for strategy development in line with confirmed objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify research requirements and parameters

  1. Establish aims and objectives of research including strategy, product and performance parameters against client requirements and expectations, with all issues identified
  2. Identify and access wide range of relevant internal and external information resources required for research
  3. Establish timeframes and prioritise requests for information to ensure milestones are met
Establish aims and objectives of research including strategy, product and performance parameters against client requirements and expectations, with all issues identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and access wide range of relevant internal and external information resources required for research

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish timeframes and prioritise requests for information to ensure milestones are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Extract and analyse information according to research requirements and parameters

  1. Establish data extraction criteria that are relevant to intended use and client requirements
  2. Identify trends to provide meaningful information on performance of possible strategies, products and markets
  3. Identify taxation and other government legislation that needs to be considered in choice of financial planning strategies
  4. Conduct risk assessment of strategies and products identified through research
  5. Analyse financial products within appropriate timeframes to ensure currency of decision making
  6. Prioritise information according to client requirements and expectations
  7. Identify issues that require specialist research or advice and obtain appropriate advice
Establish data extraction criteria that are relevant to intended use and client requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify trends to provide meaningful information on performance of possible strategies, products and markets

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify taxation and other government legislation that needs to be considered in choice of financial planning strategies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct risk assessment of strategies and products identified through research

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prioritise information according to client requirements and expectations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify issues that require specialist research or advice and obtain appropriate advice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Summarise research information

  1. Collate and check information on financial strategies and products against research specification
  2. Prepare and check written performance, trend and risk analyses against research specification
  3. Document any qualifications or issues for further research
Collate and check information on financial strategies and products against research specification

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document any qualifications or issues for further research

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate client’s current situation and identify issues

  1. Analyse integrity of information provided by client
  2. Identify, quantify and test client objectives for viability
  3. Establish basis for strategy development in line with confirmed objectives
Analyse integrity of information provided by client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify, quantify and test client objectives for viability

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish basis for strategy development in line with confirmed objectives

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. Evaluate client’s current situation and identify issues

1.1 Analyse integrity of information provided by client

1.2 Identify, quantify and test client objectives for viability

1.3 Establish basis for strategy development in line with confirmed objectives

2. Identify research requirements and parameters

2.1 Establish aims and objectives of research including strategy, product and performance parameters against client requirements and expectations, with all issues identified

2.2 Identify and access wide range of relevant internal and external information resources required for research

2.3 Establish timeframes and prioritise requests for information to ensure milestones are met

3. Extract and analyse information according to research requirements and parameters

3.1 Establish data extraction criteria that are relevant to intended use and client requirements

3.2 Identify trends to provide meaningful information on performance of possible strategies, products and markets

3.3 Identify taxation and other government legislation that needs to be considered in choice of financial planning strategies

3.4 Conduct risk assessment of strategies and products identified through research

3.5 Analyse financial products within appropriate timeframes to ensure currency of decision making

3.6 Prioritise information according to client requirements and expectations

3.7 Identify issues that require specialist research or advice and obtain appropriate advice

4. Summarise research information

4.1 Collate and check information on financial strategies and products against research specification

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

4.3 Document any qualifications or issues for further research

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. Evaluate client’s current situation and identify issues

1.1 Analyse integrity of information provided by client

1.2 Identify, quantify and test client objectives for viability

1.3 Establish basis for strategy development in line with confirmed objectives

2. Identify research requirements and parameters

2.1 Establish aims and objectives of research including strategy, product and performance parameters against client requirements and expectations, with all issues identified

2.2 Identify and access wide range of relevant internal and external information resources required for research

2.3 Establish timeframes and prioritise requests for information to ensure milestones are met

3. Extract and analyse information according to research requirements and parameters

3.1 Establish data extraction criteria that are relevant to intended use and client requirements

3.2 Identify trends to provide meaningful information on performance of possible strategies, products and markets

3.3 Identify taxation and other government legislation that needs to be considered in choice of financial planning strategies

3.4 Conduct risk assessment of strategies and products identified through research

3.5 Analyse financial products within appropriate timeframes to ensure currency of decision making

3.6 Prioritise information according to client requirements and expectations

3.7 Identify issues that require specialist research or advice and obtain appropriate advice

4. Summarise research information

4.1 Collate and check information on financial strategies and products against research specification

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

4.3 Document any qualifications or issues for further research

Evidence of the ability to:

conduct financial planning research that demonstrates:

evaluation of client’s current situation and identification of issues

identification of research requirements and parameters

extraction and analysis of information

use of a wide range of available information sources

compliance with relevant legislative and regulatory requirements, relevant industry codes of practice and organisational operating guidelines

accurately summarise research information and test its integrity

prioritise findings, validated against client requirements, and document research for financial plans.

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:

identify and describe a wide range of financial products and services

discuss the risks and implications associated with use of financial products and services

explain financial products and services and the associated benefits from a financial planning perspective

identify financial industry information sources and outline research techniques for accessing this information

compare and contrast financial planning strategies

describe the key features of:

organisational policy and procedures relating to research

relevant legislation and regulations governing trusts and companies

relevant industry code of practice requirements

describe the key features of taxation and social security systems and regulations, and their effect on specified financial products

outline the key aspects of theories of investment, portfolio management and management of investment and risk.