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Evidence Guide: FNSFPL602 - Determine client requirements and expectations for clients with complex needs

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

 

FNSFPL602 - Determine client requirements and expectations for clients with complex needs

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

Discuss financial planning process, services and options with client

  1. Explain financial planning process, licensees and principals, services and capacity of organisation and representative to client to establish relationship
  2. Explain fees and charges to client and assess client’s understanding before proceeding with delivery of service
  3. Explain relationship of other financial services to client and take appropriate action or make referral for identified clients with special needs
  4. Explain procedures for internal and external complaints handling and resolution to client
  5. Encourage client to ask questions, and respond accurately and appropriately
Explain financial planning process, licensees and principals, services and capacity of organisation and representative to client to establish relationship

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain relationship of other financial services to client and take appropriate action or make referral for identified clients with special needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Encourage client to ask questions, and respond accurately and appropriately

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish client’s personal and family financial situation

  1. Determine client’s personal and family financial situation
  2. Establish client’s expectations, requirements, priorities and objectives for client’s personal and family finances
  3. Obtain and check with client relevant facts and information including financial, personal and family histories, and document and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice
  4. Develop summary analysis of client’s personal and family financial position based on extent of client disclosure
Determine client’s personal and family financial situation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish client’s expectations, requirements, priorities and objectives for client’s personal and family finances

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain and check with client relevant facts and information including financial, personal and family histories, and document and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish client’s business financial situation

  1. Establish and document client’s business financial situation, expectations, requirements, priorities and objectives for client’s business finances
  2. Develop summary analysis of client’s business financial position based on extent of client disclosure
Establish and document client’s business financial situation, expectations, requirements, priorities and objectives for client’s business finances

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and gather information on any complex taxation and/or estate issues client may have

  1. Identify taxation and/or estate issues and discuss with client
  2. Establish and document client’s expectations, requirements, priorities and objectives for issues identified
  3. Develop summary analysis of client’s taxation and estate financial position based on extent of client disclosure
Identify taxation and/or estate issues and discuss with client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and document client’s expectations, requirements, priorities and objectives for issues identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish holistic picture of client’s requirements and expectations

  1. Combine information gathered to generate comprehensive view of client’s financial situation
  2. Identify interdependencies and implications, and discuss with client by further questioning and gathering information as required
  3. Develop initial summary of client’s financial position, discuss client expectations, priorities and requirements, and review against comprehensive position
Combine information gathered to generate comprehensive view of client’s financial situation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify interdependencies and implications, and discuss with client by further questioning and gathering information as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop initial summary of client’s financial position, discuss client expectations, priorities and requirements, and review against comprehensive position

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify risks or unusual requirements

  1. Comprehensively and ethically explore risk issues and tolerance with client and assess any unusual risks and/or requirements for viability
  2. Assess risks to client and/or practice for their impact on financial planning services according to company policy and guidelines, and relevant legislation
Comprehensively and ethically explore risk issues and tolerance with client and assess any unusual risks and/or requirements for viability

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess risks to client and/or practice for their impact on financial planning services according to company policy and guidelines, and relevant legislation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish client’s personal and family financial situation

  1. Determine client’s personal and family financial situation
  2. Establish client’s expectations, requirements, priorities and objectives for client’s personal and family finances
  3. Obtain and check with client relevant facts and information including financial, personal and family histories, and document and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice
  4. Develop summary analysis of client’s personal and family financial position based on extent of client disclosure
Determine client’s personal and family financial situation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish client’s expectations, requirements, priorities and objectives for client’s personal and family finances

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain and check with client relevant facts and information including financial, personal and family histories, and document and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish client’s business financial situation

  1. Establish and document client’s business financial situation, expectations, requirements, priorities and objectives for client’s business finances
  2. Develop summary analysis of client’s business financial position based on extent of client disclosure
Establish and document client’s business financial situation, expectations, requirements, priorities and objectives for client’s business finances

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish holistic picture of client’s requirements and expectations

  1. Combine information gathered to generate comprehensive view of client’s financial situation
  2. Identify interdependencies and implications, and discuss with client by further questioning and gathering information as required
  3. Develop initial summary of client’s financial position, discuss client expectations, priorities and requirements, and review against comprehensive position
Combine information gathered to generate comprehensive view of client’s financial situation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify interdependencies and implications, and discuss with client by further questioning and gathering information as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop initial summary of client’s financial position, discuss client expectations, priorities and requirements, and review against comprehensive position

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. Discuss financial planning process, services and options with client

1.1 Explain financial planning process, licensees and principals, services and capacity of organisation and representative to client to establish relationship

1.2 Explain fees and charges to client and assess client’s understanding before proceeding with delivery of service

1.3 Explain relationship of other financial services to client and take appropriate action or make referral for identified clients with special needs

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

1.5 Encourage client to ask questions, and respond accurately and appropriately

2. Establish client’s personal and family financial situation

2.1 Determine client’s personal and family financial situation

2.2 Establish client’s expectations, requirements, priorities and objectives for client’s personal and family finances

2.3 Obtain and check with client relevant facts and information including financial, personal and family histories, and document and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice

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

3. Establish client’s business financial situation

3.1 Establish and document client’s business financial situation, expectations, requirements, priorities and objectives for client’s business finances

3.2 Develop summary analysis of client’s business financial position based on extent of client disclosure

4. Identify and gather information on any complex taxation and/or estate issues client may have

4.1 Identify taxation and/or estate issues and discuss with client

4.2 Establish and document client’s expectations, requirements, priorities and objectives for issues identified

4.3 Develop summary analysis of client’s taxation and estate financial position based on extent of client disclosure

5. Establish holistic picture of client’s requirements and expectations

5.1 Combine information gathered to generate comprehensive view of client’s financial situation

5.2 Identify interdependencies and implications, and discuss with client by further questioning and gathering information as required

5.3 Develop initial summary of client’s financial position, discuss client expectations, priorities and requirements, and review against comprehensive position

6. Identify risks or unusual requirements

6.1 Comprehensively and ethically explore risk issues and tolerance with client and assess any unusual risks and/or requirements for viability

6.2 Assess risks to client and/or practice for their impact on financial planning services according to company policy and guidelines, and relevant legislation

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. Discuss financial planning process, services and options with client

1.1 Explain financial planning process, licensees and principals, services and capacity of organisation and representative to client to establish relationship

1.2 Explain fees and charges to client and assess client’s understanding before proceeding with delivery of service

1.3 Explain relationship of other financial services to client and take appropriate action or make referral for identified clients with special needs

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

1.5 Encourage client to ask questions, and respond accurately and appropriately

2. Establish client’s personal and family financial situation

2.1 Determine client’s personal and family financial situation

2.2 Establish client’s expectations, requirements, priorities and objectives for client’s personal and family finances

2.3 Obtain and check with client relevant facts and information including financial, personal and family histories, and document and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice

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

3. Establish client’s business financial situation

3.1 Establish and document client’s business financial situation, expectations, requirements, priorities and objectives for client’s business finances

3.2 Develop summary analysis of client’s business financial position based on extent of client disclosure

4. Identify and gather information on any complex taxation and/or estate issues client may have

4.1 Identify taxation and/or estate issues and discuss with client

4.2 Establish and document client’s expectations, requirements, priorities and objectives for issues identified

4.3 Develop summary analysis of client’s taxation and estate financial position based on extent of client disclosure

5. Establish holistic picture of client’s requirements and expectations

5.1 Combine information gathered to generate comprehensive view of client’s financial situation

5.2 Identify interdependencies and implications, and discuss with client by further questioning and gathering information as required

5.3 Develop initial summary of client’s financial position, discuss client expectations, priorities and requirements, and review against comprehensive position

6. Identify risks or unusual requirements

6.1 Comprehensively and ethically explore risk issues and tolerance with client and assess any unusual risks and/or requirements for viability

6.2 Assess risks to client and/or practice for their impact on financial planning services according to company policy and guidelines, and relevant legislation

Evidence of the ability to:

determine a client’s complex financial planning requirements and expectations by:

discussing the financial planning process, services and options with clients to establish their personal, family and business financial situation

identifying client strengths and liabilities in their financial management and sourcing information on complex taxation and/or estate issues they may have

establishing a holistic picture of client requirements and expectations to identify risks or unusual requirements, and assess risk and fraud indicators

complying with relevant industry codes of practice, legislation and regulations, and organisational policy and procedures

build rapport with clients by offering thorough and ongoing assistance with all enquiries and requests for service

communicate the features and benefits of products and services available.

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 categorise available information and research sources

outline the key features of business principles and law

analyse and discuss the key issues relating to:

economic climate and outlook

local and international financial markets and investments

describe the key features and discuss issues relevant to:

family structures and legal implications

financial products, features and benefits, and service terms and conditions

organisational policy, procedures and requirements

property structures and legal implications

privacy and confidentiality

describe a range of complex client financial needs or situations, and their implications

compare and contrast sales and marketing techniques appropriate to the financial services industry

explain the key features of the financial industry and related legislation, and the financial implications affecting family and business structures

explain taxation and property structures and their financial implications

identify the indications and discuss the implications of risk and fraud

describe the purpose of and key steps within the complaints handling process.