Determine client requirements and expectations Evidence Guide

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Evidence Guide: FNSFPL506A - Determine client 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

FNSFPL506A - Determine client requirements and expectations

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

Inform client of the financial planning process and services

Financial planning process and role and any limits of authority of the representative are explained to the client
The licensees and principals of the organisation and services and capacity of the organisation, including any relationship to other financial services are explained to the client
Fees and charges are explained to the client and the client's understanding of these confirmed before proceeding with delivery of service
Clients with special needs are identified and appropriate action taken or referral made
Procedures for internal and external complaints handling and resolution are explained to the client

Financial planning process and role and any limits of authority of the representative are explained to the client

Completed
Date:

Teacher:

Evidence:

The licensees and principals of the organisation and services and capacity of the organisation, including any relationship to other financial services are explained to the client

Completed
Date:

Teacher:

Evidence:

Fees and charges are explained to the client and the client's understanding of these confirmed before proceeding with delivery of service

Completed
Date:

Teacher:

Evidence:

Clients with special needs are identified and appropriate action taken or referral made

Completed
Date:

Teacher:

Evidence:

Procedures for internal and external complaints handling and resolution are explained to the client

Completed
Date:

Teacher:

Evidence:

Obtain relevant information on client's existing financial situation

Facts and information relevant to the client's particular service request are obtained and confirmed
Client's expectations, requirements and objectives are identified with clients encouraged to disclose relevant information to determine their personal/financial situation and any special needs
Relevant information on investments and assets held by the client and their current income, expenditure and liabilities situation are obtained
A summary analysis of client's financial position is developed based on extent of client disclosure and requirements
Risk and fraud indicators are identified accurately and consistently and all information is checked for consistency and potential conflict

Facts and information relevant to the client's particular service request are obtained and confirmed

Completed
Date:

Teacher:

Evidence:

Client's expectations, requirements and objectives are identified with clients encouraged to disclose relevant information to determine their personal/financial situation and any special needs

Completed
Date:

Teacher:

Evidence:

Relevant information on investments and assets held by the client and their current income, expenditure and liabilities situation are obtained

Completed
Date:

Teacher:

Evidence:

A summary analysis of client's financial position is developed based on extent of client disclosure and requirements

Completed
Date:

Teacher:

Evidence:

Risk and fraud indicators are identified accurately and consistently and all information is checked for consistency and potential conflict

Completed
Date:

Teacher:

Evidence:

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

Client is encouraged to express and clarify their expectations from the financial planning process with any concerns identified and responded to promptly and appropriately
Client's income and investment needs, preferences and priorities are established
Risk issues and tolerance are explored comprehensively and ethically with the client
A determination is made that the service being sought is within the capability and authority of the authorised representative
A referral to another internal representative is made if service required by client is beyond scope of the representative
Specialist advice is sought where necessary or client is referred to appropriate personnel or organisation where required services are not available or cannot be provided by the practice

Client is encouraged to express and clarify their expectations from the financial planning process with any concerns identified and responded to promptly and appropriately

Completed
Date:

Teacher:

Evidence:

Client's income and investment needs, preferences and priorities are established

Completed
Date:

Teacher:

Evidence:

Risk issues and tolerance are explored comprehensively and ethically with the client

Completed
Date:

Teacher:

Evidence:

A determination is made that the service being sought is within the capability and authority of the authorised representative

Completed
Date:

Teacher:

Evidence:

A referral to another internal representative is made if service required by client is beyond scope of the representative

Completed
Date:

Teacher:

Evidence:

Specialist advice is sought where necessary or client is referred 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

All relevant client facts, information and financial/personal histories are documented, checked with the client and managed confidentially in accordance with company policy and guidelines and relevant legislation and industry codes of practice
Client records are created or updated when necessary
Client documentation, information and histories are filed in a format and location that is readily accessible

All relevant client facts, information and financial/personal histories are documented, checked with the client and managed confidentially in accordance with company policy and guidelines and relevant legislation and industry codes of practice

Completed
Date:

Teacher:

Evidence:

Client records are created or updated when necessary

Completed
Date:

Teacher:

Evidence:

Client documentation, information and histories are filed in a format and location that is readily accessible

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: comply with relevant legislation and regulations and organisational operating polices and guidelines clearly inform clients of the financial planning process and services and obtain all relevant information on clients' existing financial situation determine client expectations and requirements with respect to financial planning service offered by the representative identify risk and fraud indicators accurately record information and make summary analysis recognise authorities and assistance able to be offered by other advisers and organisations and determine where a referral to another adviser or organisation is appropriate.
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.
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

well-developed communication skills to:

determine and confirm client and 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

highly developed research skills such as:

accessing and managing information

interpreting documentation

numeracy skills to accurately analyse, record and store data in accordance with organisational requirements

well-developed literacy skills for analysing information and products to ensure appropriateness to client needs, currency and accuracy

IT skills for accessing and using appropriate software such as spreadsheets and databases and using internet information

self-management skills for complying with ethical, legal and procedural requirements

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

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

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

Required knowledge

appropriate financial industry sales and marketing techniques

current economic climate and outlook

financial product service terms and conditions

internal and external complaint handling processes

local and international financial markets and investments

organisational policy, procedures and requirements

processes involved in the preparation of financial plans

relevant financial business principles and law

relevant legislation and codes of practice

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.
Clients may include:	agents companies and organisations intermediaries members of the public trustees.
Clients with special needs may include:	people from different cultural backgrounds clients who may have a difficulty in understanding the financial planning advice such as: people who are deficient in English very young or older age groups people with a disability
Client's expectations and requirements may include:	financial planning for a relatively small amount or for a simple financial strategy a limited or preset range of products need-specific advice and or service product-specific advice and or service.
Relevant information may include:	age contingent liabilities and assets (e.g. guarantor) current level of liquidity current portfolio (including family holdings, any Capital Gains Tax (CGT) related details such as stocks acquired prior to 20/09/1985) employer details extent to which the client is geared family structure, dependants and expectations funds available for investment health home ownership insurance and superannuation arrangements relevant deceased estates investment experience level of debt marginal tax rates occupation past, present and future employment prospects personal income previous financial history such as: bankruptcy refusal of credit required flexibility other information as identified in a 'fact find' document.
Company policy and guidelines may include:	advertising and marketing guidelines clerical procedures codes of practice complaints and dispute resolution procedures IT and administrative systems policies and procedures in relation to client service product or service development requirements.
Relevant legislation and codes of practice may include:	Australian Securities and Investments Commission (ASIC) Act, policy and guidelines Consumer Affairs Act Consumer Credit Code contract law Corporations Act industry codes of practice Insurance Act Life Insurance Act Privacy Act social security regulations State and Territory legislation Taxation Acts Trade Practices Act trust law.
Documentation may include:	agreements bills brochures contracts or policy statements in-house publications legal/government/professional/other documents meeting notes memos official/general/other correspondence product recommendations prospectuses quotations receipts records of telephone conversations reference to all evidence or information considered reports: research statistical ad hoc transaction other written advice written reasons for adopting/incorporating certain information in preference to other information.

NTISthis.com

Evidence Guide: FNSFPL506A - Determine client requirements and expectations

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

FNSFPL506A - Determine client requirements and expectations

Inform client of the financial planning process and services

Obtain relevant information on client's existing financial situation

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

Prepare and update necessary documentation where required

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

Instructions to Assessors

Teacher: ___________________________ Date: _