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

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Evidence Guide: FNSFPL602A - 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

FNSFPL602A - 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 the financial planning process, services and options with the client

Financial planning process, the licensees and principals, services and capacity of the organisation and the representative are explained to the client to establish the relationship
Fees and charges are explained to the client and an assessment made of the client's understanding of the fees and charges before proceeding with delivery of service
Relationship to other financial services is explained to the client and 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
The client is encouraged to ask questions that are responded to accurately and appropriately

Financial planning process, the licensees and principals, services and capacity of the organisation and the representative are explained to the client to establish the relationship

Completed
Date:

Teacher:

Evidence:

Fees and charges are explained to the client and an assessment made of the client's understanding of the fees and charges before proceeding with delivery of service

Completed
Date:

Teacher:

Evidence:

Relationship to other financial services is explained to the client and 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:

The client is encouraged to ask questions that are responded to accurately and appropriately

Completed
Date:

Teacher:

Evidence:

Establish the client's personal and family financial situation

The client's personal and family financial situation is determined
The client's expectations, requirements, priorities and objectives for their personal and family finances are established
Relevant facts and information including financial, personal and family histories are obtained, checked with the client, documented and managed confidentially in accordance with company policy and guidelines and relevant legislation and industry codes of practice
Summary analysis of client's personal and family financial position is developed based on extent of client disclosure

The client's personal and family financial situation is determined

Completed
Date:

Teacher:

Evidence:

The client's expectations, requirements, priorities and objectives for their personal and family finances are established

Completed
Date:

Teacher:

Evidence:

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

Completed
Date:

Teacher:

Evidence:

Summary analysis of client's personal and family financial position is developed based on extent of client disclosure

Completed
Date:

Teacher:

Evidence:

Establish the client's business financial situation

The client's business financial situation, expectations, requirements, priorities and objectives for their business finances are established and documented
Summary analysis of client's business financial position is developed based on extent of client disclosure

The client's business financial situation, expectations, requirements, priorities and objectives for their business finances are established and documented

Completed
Date:

Teacher:

Evidence:

Summary analysis of client's business financial position is developed based on extent of client disclosure

Completed
Date:

Teacher:

Evidence:

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

Taxation and or estate issues are identified and discussed with the client
The client's expectations, requirements, priorities and objectives for issues identified are established and documented
Summary analysis of client's taxation and estate financial position is developed based on extent of client disclosure

Taxation and or estate issues are identified and discussed with the client

Completed
Date:

Teacher:

Evidence:

The client's expectations, requirements, priorities and objectives for issues identified are established and documented

Completed
Date:

Teacher:

Evidence:

Summary analysis of client's taxation and estate financial position is developed based on extent of client disclosure

Completed
Date:

Teacher:

Evidence:

Establish a holistic picture of the client's requirements and expectations

Information gathered is combined to generate a comprehensive view of the client's financial situation
Interdependencies and implications are identified and discussed with the client with further questioning and information gathering as required
An initial summary of the client's financial position is developed and their expectations, priorities and requirements discussed with them and reviewed against the comprehensive position

Information gathered is combined to generate a comprehensive view of the client's financial situation

Completed
Date:

Teacher:

Evidence:

Interdependencies and implications are identified and discussed with the client with further questioning and information gathering as required

Completed
Date:

Teacher:

Evidence:

An initial summary of the client's financial position is developed and their expectations, priorities and requirements discussed with them and reviewed against the comprehensive position

Completed
Date:

Teacher:

Evidence:

Identify risks or unusual requirements

Risk issues and tolerance are explored comprehensively and ethically with the client with any unusual risks and or requirements assessed for viability
Risks to the client and or practice are assessed for their impact on financial planning services according to company policy and guidelines and relevant legislation

Risk issues and tolerance are explored comprehensively and ethically with the client with any unusual risks and or requirements assessed for viability

Completed
Date:

Teacher:

Evidence:

Risks to the client and or practice are assessed for their impact on financial planning services according to company policy and guidelines and relevant legislation

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 industry codes of practice, legislation and regulations and organisational policies and procedures discuss the financial planning process, services and options with clients and establish their personal, family and business financial situation identify client strengths and liabilities in their financial management and information on any complex taxation and or estate issues they may have establish a holistic picture of the clients' requirements and expectations to identify risks or unusual requirements and assess risk and fraud indicators empathise and build rapport with clients by offering thorough and ongoing assistance with all enquiries and requests for service maintain and use knowledge of, and communicate the features and benefits of products and services available maintain and use thorough knowledge of legislation and financial implications affecting family and business structures maintain and use thorough knowledge of taxation and property structures and financial implications.
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 observing processes and procedures in workplaces or role plays 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

Highly developed communication skills to:

determine and confirm complex client requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

well-developed research and analysis skills for:

accessing and managing comprehensive and complex information

interpreting complex documentation

coordinating multiple tasks

forming a holistic perspective of complex situations and identify implications

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

superior literacy skills for analysingcomplex 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

highly developedproblem 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

critical reasoning skills

Required knowledge

available information and research sources

business principles and law

complaints handling processes

economic climate and outlook

family structures and legal implications

financial product, features and benefits, service terms and conditions

indications and implications of risk and fraud

organisational policy, procedures and requirements

property structures and legal implications

relevant financial industry and related legislation and codes of practice

sales and marketing techniques appropriate to the financial services industry

sound knowledge of local and international financial markets and investments

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:	clients who are deficient in English clients with a variety of products and services clients with complex estate planning situations clients with unbalanced financial situations people with a disability the needs of people from different cultural backgrounds very young or older age groups.
Family financial situation may include:	dependants financial arrangements involving siblings, parents or others marital and/or primary relationship status relationship history involving financial implications other personal financial arrangements.
Relevant facts and information may include:	age Capital Gains Tax (CGT) impact contingent liabilities and assets acting as a guarantor current level of liquidity current portfolio including: family holdings family structure and dependents funds available for investment home ownership insurance and superannuation arrangements interest in deceased estates employer details experience with investment in stock markets extent to which the client is geared level of debt marginal tax rates occupation past, present and future employment prospects personal income previous financial history such as: bankruptcy refusal of credit related details such as stocks acquired prior to 20/09/1985.
Documentation may include:	advice agreements bills brochures contracts or policy statements in-house publications legal, government, professional or other documents meeting notes memos official, general and other correspondence program recommendations prospectuses quotations receipts records of telephone conversations reference to all evidence and information considered reports research statistical ad hoc transaction other written reasons for adopting or incorporating certain information in preference to other information.
Confidentiality includes:	any requirements under legislation such as Consumer Affairs Act Consumer Credit Code industry codes of practice Privacy Act standards set out in company policies and procedures.
Company policy and guidelines may include:	advertising and marketing 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.
Relevant legislation and industry codes of practice may include:	Australian Securities and Investments Commission (ASIC) Act, policy and guidelines analysis skills to form a holistic perspective of complex situations and identify implications 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.
Business financial situation may include:	assets and liabilities business interests and structures history of bankruptcy.
Client expectations and requirements may include:	comprehensive financial planning portfolio advice product specific advice and/or service.

NTISthis.com

Evidence Guide: FNSFPL602A - Determine client requirements and expectations for clients with complex needs

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

FNSFPL602A - Determine client requirements and expectations for clients with complex needs

Discuss the financial planning process, services and options with the client

Establish the client's personal and family financial situation

Establish the client's business financial situation

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

Establish a holistic picture of the client's requirements and expectations

Identify risks or unusual requirements

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

Instructions to Assessors

Teacher: ___________________________ Date: _