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
What evidence can you provide to prove your understanding of each of the following citeria?
Establish plan objectives and scope
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Review and compare research results with client requirements and expectations, and analyse current client situation to determine opportunities and constraints Completed |
Evidence:
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Review special features of client situation such as high asset, income or expenditure requirements, complex taxation and/or legal issues, or complex estate planning issues Completed |
Evidence:
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Identify desired financial resource and market parameters and develop plan objectives for asset growth, income, risk, estate planning and any other objectives developed in consultation with client Completed |
Evidence:
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Identify taxation or estate objectives and discuss with client Completed |
Evidence:
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Develop strategic assumptions
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Develop and test client related and economic key assumptions Completed |
Evidence:
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Develop and test legislative, regulatory and taxation assumptions Completed |
Evidence:
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Seek clarification from client or other financial services professionals as required and document strategic assumptions for client review Completed |
Evidence:
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Develop innovative or complex financial strategy
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Develop initial options based on strategic assumptions and client specifications Completed |
Evidence:
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Analyse, model and prioritise strategic options and reject inappropriate strategic options Completed |
Evidence:
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Develop supporting arguments for each strategic option and include in draft overall strategy Completed |
Evidence:
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Integrate strategy, where required, into taxation, legal, estate or insurance and asset strategies being developed for client by other professional advisers for financial plan to achieve maximum synergy and benefit for client Completed |
Evidence:
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Review strategy for best practice compliance and risk management Completed |
Evidence:
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Include fee and charge analysis for strategy options Completed |
Evidence:
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Maintain best practice ethical behaviour, including full disclosure of any potential conflicts of interest and areas where advice should be sought from other professionals Completed |
Evidence:
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Review and settle draft strategy and options with client
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Select strategic options for review with client and suitable mode of presentation Completed |
Evidence:
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Fully review each strategic option with client, including positives, negatives and risks for each option Completed |
Evidence:
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Ensure that implication of each option, including regulatory and legal implications for client’s situation, needs and goals, is explained to client and understood Completed |
Evidence:
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Ensure that client understands where additional professional advice is needed Completed |
Evidence:
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Establish broad agreement on strategies with client and resolve any concerns and issues raised by client Completed |
Evidence:
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Develop preliminary financial plan for client
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Conduct full investigation of products and options, including non-standard and/or innovative products, and select products and options to meet agreed strategy Completed |
Evidence:
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Identify complex or innovative products and develop or obtain explanatory material Completed |
Evidence:
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Incorporate requirements for cash flow, liquidity, capital preservation or estate planning Completed |
Evidence:
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Develop recommendations for financial asset allocation structure including, where required, provision for equities, trusts, partnerships, allocated pensions and superannuation Completed |
Evidence:
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Develop recommendations for changes to income and taxation arrangements, taxation consequences and estate planning issues relating to client strategy, and provide referral advice to accountants or lawyers as appropriate Completed |
Evidence:
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Develop recommendations on risk management strategies and products, and incorporate into plan Completed |
Evidence:
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Incorporate description of anticipated fees and charges into plan Completed |
Evidence:
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Incorporate information on internal and external complaints resolution procedures into preliminary plan Completed |
Evidence:
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Document preliminary financial plan according to organisational guidelines and procedures Completed |
Evidence:
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Ensure compliance of financial plan with regulatory and organisational requirements
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Check preliminary financial plan to ensure that role of representative or adviser is properly documented Completed |
Evidence:
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Check preliminary financial plan to ensure compliance with relevant Acts, legislation and regulatory guidelines Completed |
Evidence:
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Assess preliminary financial plan for its ability to successfully achieve stated objectives Completed |
Evidence:
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Check preliminary financial plan to ensure that it complies with ethical and regulatory requirements Completed |
Evidence:
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Produce client financial plan
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Produce financial plan in accordance with organisational presentation requirements Completed |
Evidence:
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Attach supporting organisation and product explanatory documentation, and regulatory and complaints information where required Completed |
Evidence:
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