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Evidence Guide: FNSFPL506 - Determine client financial requirements and expectations

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

 

FNSFPL506 - Determine client financial requirements and expectations

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

Inform client of financial planning process and services

  1. Explain to client financial planning process and role, and any limits of authority of representative
  2. Explain to client organisation’s licensees, principals, services and capacity, including any relationship to other financial services
  3. Explain fees and charges to client and confirm client’s understanding of these before proceeding with delivery of service
  4. Identify clients with special needs and take appropriate action or make referral
  5. Explain procedures for internal and external complaints handling and resolution to client
Explain to client financial planning process and role, and any limits of authority of representative

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain to client organisation’s licensees, principals, services and capacity, including any relationship to other financial services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain fees and charges to client and confirm client’s understanding of these before proceeding with delivery of service

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify clients with special needs and take appropriate action or make referral

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain procedures for internal and external complaints handling and resolution to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain relevant information on client’s existing financial situation

  1. Obtain and confirm facts and information relevant to client’s particular service request
  2. Identify client expectations, requirements and objectives, and encourage client to disclose relevant information to determine client’s personal financial situation and any special needs
  3. Obtain relevant information on investments and assets held by client, and client’s current income, expenditure and liabilities situation
  4. Develop summary analysis of client’s financial position based on extent of client disclosure and requirements
  5. Accurately and consistently identify risk and fraud indicators, and check all information for consistency and potential conflict
Obtain and confirm facts and information relevant to client’s particular service request

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify client expectations, requirements and objectives, and encourage client to disclose relevant information to determine client’s personal financial situation and any special needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain relevant information on investments and assets held by client, and client’s current income, expenditure and liabilities situation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop summary analysis of client’s financial position based on extent of client disclosure and requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Accurately and consistently identify risk and fraud indicators, and check all information for consistency and potential conflict

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine client expectations and requirements with respect to financial planning service offered by representative

  1. Encourage client to express and clarify expectations from financial planning process, and identify and promptly and appropriately respond to any concerns
  2. Establish client’s income and investment needs, preferences and priorities
  3. Explore risk issues and tolerance comprehensively and ethically with client
  4. Determine that service being sought is within capability and authority of authorised representative
  5. Refer to another internal representative if service required by client is beyond scope of representative
  6. Seek specialist advice where necessary or refer client to appropriate personnel or organisation where required services are not available or cannot be provided by the practice
Encourage client to express and clarify expectations from financial planning process, and identify and promptly and appropriately respond to any concerns

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish client’s income and investment needs, preferences and priorities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explore risk issues and tolerance comprehensively and ethically with client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine that service being sought is within capability and authority of authorised representative

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Refer to another internal representative if service required by client is beyond scope of representative

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek specialist advice where necessary or refer client to appropriate personnel or organisation where required services are not available or cannot be provided by the practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and update necessary documentation where required

  1. Document and check with client all relevant client facts, information and financial and personal histories, and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice
  2. Create or update client records when necessary
  3. File client documentation, information and histories in format and location that is readily accessible
Document and check with client all relevant client facts, information and financial and personal histories, and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Create or update client records when necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

File client documentation, information and histories in format and location that is readily accessible

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain relevant information on client’s existing financial situation

  1. Obtain and confirm facts and information relevant to client’s particular service request
  2. Identify client expectations, requirements and objectives, and encourage client to disclose relevant information to determine client’s personal financial situation and any special needs
  3. Obtain relevant information on investments and assets held by client, and client’s current income, expenditure and liabilities situation
  4. Develop summary analysis of client’s financial position based on extent of client disclosure and requirements
  5. Accurately and consistently identify risk and fraud indicators, and check all information for consistency and potential conflict
Obtain and confirm facts and information relevant to client’s particular service request

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify client expectations, requirements and objectives, and encourage client to disclose relevant information to determine client’s personal financial situation and any special needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain relevant information on investments and assets held by client, and client’s current income, expenditure and liabilities situation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop summary analysis of client’s financial position based on extent of client disclosure and requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Accurately and consistently identify risk and fraud indicators, and check all information for consistency and potential conflict

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. Inform client of financial planning process and services

1.1 Explain to client financial planning process and role, and any limits of authority of representative

1.2 Explain to client organisation’s licensees, principals, services and capacity, including any relationship to other financial services

1.3 Explain fees and charges to client and confirm client’s understanding of these before proceeding with delivery of service

1.4 Identify clients with special needs and take appropriate action or make referral

1.5 Explain procedures for internal and external complaints handling and resolution to client

2. Obtain relevant information on client’s existing financial situation

2.1 Obtain and confirm facts and information relevant to client’s particular service request

2.2 Identify client expectations, requirements and objectives, and encourage client to disclose relevant information to determine client’s personal financial situation and any special needs

2.3 Obtain relevant information on investments and assets held by client, and client’s current income, expenditure and liabilities situation

2.4 Develop summary analysis of client’s financial position based on extent of client disclosure and requirements

2.5 Accurately and consistently identify risk and fraud indicators, and check all information for consistency and potential conflict

3. Determine client expectations and requirements with respect to financial planning service offered by representative

3.1 Encourage client to express and clarify expectations from financial planning process, and identify and promptly and appropriately respond to any concerns

3.2 Establish client’s income and investment needs, preferences and priorities

3.3 Explore risk issues and tolerance comprehensively and ethically with client

3.4 Determine that service being sought is within capability and authority of authorised representative

3.5 Refer to another internal representative if service required by client is beyond scope of representative

3.6 Seek specialist advice where necessary or refer client to appropriate personnel or organisation where required services are not available or cannot be provided by the practice

4. Prepare and update necessary documentation where required

4.1 Document and check with client all relevant client facts, information and financial and personal histories, and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice

4.2 Create or update client records when necessary

4.3 File client documentation, information and histories in format and location that is readily accessible

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. Inform client of financial planning process and services

1.1 Explain to client financial planning process and role, and any limits of authority of representative

1.2 Explain to client organisation’s licensees, principals, services and capacity, including any relationship to other financial services

1.3 Explain fees and charges to client and confirm client’s understanding of these before proceeding with delivery of service

1.4 Identify clients with special needs and take appropriate action or make referral

1.5 Explain procedures for internal and external complaints handling and resolution to client

2. Obtain relevant information on client’s existing financial situation

2.1 Obtain and confirm facts and information relevant to client’s particular service request

2.2 Identify client expectations, requirements and objectives, and encourage client to disclose relevant information to determine client’s personal financial situation and any special needs

2.3 Obtain relevant information on investments and assets held by client, and client’s current income, expenditure and liabilities situation

2.4 Develop summary analysis of client’s financial position based on extent of client disclosure and requirements

2.5 Accurately and consistently identify risk and fraud indicators, and check all information for consistency and potential conflict

3. Determine client expectations and requirements with respect to financial planning service offered by representative

3.1 Encourage client to express and clarify expectations from financial planning process, and identify and promptly and appropriately respond to any concerns

3.2 Establish client’s income and investment needs, preferences and priorities

3.3 Explore risk issues and tolerance comprehensively and ethically with client

3.4 Determine that service being sought is within capability and authority of authorised representative

3.5 Refer to another internal representative if service required by client is beyond scope of representative

3.6 Seek specialist advice where necessary or refer client to appropriate personnel or organisation where required services are not available or cannot be provided by the practice

4. Prepare and update necessary documentation where required

4.1 Document and check with client all relevant client facts, information and financial and personal histories, and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice

4.2 Create or update client records when necessary

4.3 File client documentation, information and histories in format and location that is readily accessible

Evidence of the ability to:

clearly inform clients of the financial planning process and services

obtain all relevant information on clients’ existing financial situation

determine client expectations and requirements with respect to the financial planning service offered by the representative

comply with relevant legislation and regulations, and organisational operating policy and procedures

accurately record information and make summary analysis.

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:

discuss appropriate financial industry sales and marketing techniques

explain the protocols to be complied with in dealing with clients with special needs

outline the key issues relating to:

the current economic climate and outlook

local and international financial markets and investments

explain financial product service terms and conditions

explain indicative fees and charges

explain the interactions between different providers of the financial planning service and their accountabilities

describe authorities and assistance able to be offered by other advisers and organisations

discern between and describe what different providers can and cannot do within the financial planning service required by the client

outline the steps in a referral process to other advisers or organisations

describe the key stages in internal and external complaint handling processes

outline the steps and processes involved in the preparation of financial plans

describe the key features of relevant organisational policy, procedures and requirements

identify risk and fraud indicators.