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Evidence Guide: FNSFPL612 - Determine client requirements and expectations in financial planning

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

 

FNSFPL612 - Determine client requirements and expectations in financial planning

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

Identify client’s financial needs and expectations

  1. Identify and document client’s expectations, requirements, priorities and objectives
  2. Identify financial planning process, roles, licensees, principals, services and capacity of organisation to meet client needs
  3. Detail fees and charges to authorised representative and confirm understanding
  4. Identify and report client’s relationship with other financial services to authorised representative
  5. Identify client special needs and take required action, making referral to specialists where required
  6. Explain procedures for internal and external complaints handling and resolution to authorised representative
Identify and document client’s expectations, requirements, priorities and objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify financial planning process, roles, licensees, principals, services and capacity of organisation to meet client needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Detail fees and charges to authorised representative and confirm understanding

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and report client’s relationship with other financial services to authorised representative

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify client special needs and take required action, making referral to specialists where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain procedures for internal and external complaints handling and resolution to authorised representative

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish client’s financial situation

  1. Obtain and assess information on client’s financial situation
  2. Document findings from assessment of client’s financial situation
  3. Obtain and check with authorised representative relevant facts and information and manage confidentially according to organisational policies and procedures, legislative requirements and industry codes of practice
  4. Develop summary analysis of client’s financial position
Obtain and assess information on client’s financial situation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document findings from assessment of client’s financial situation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain and check with authorised representative relevant facts and information and manage confidentially according to organisational policies and procedures, legislative requirements and industry codes of practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop summary analysis of client’s financial position

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and gather information on client taxation and estate issues

  1. Identify taxation and estate issues affecting client’s financial planning needs, and discuss implications with authorised representative
  2. Establish and document client’s expectations, requirements, priorities and objectives for identified issues
  3. Develop and document summary analysis of client’s taxation and estate financial position according to legislative requirements and organisational policies and procedures
Identify taxation and estate issues affecting client’s financial planning needs, and discuss implications with authorised representative

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop and document summary analysis of client’s taxation and estate financial position according to legislative requirements and organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish final client position and risks

  1. Combine information and generate comprehensive view of client’s financial position
  2. Identify interdependencies and implications of situation, and obtain further information where required
  3. Develop initial summary of client’s financial position and discuss client expectations, priorities, and requirements
  4. Review summary with authorised representative against comprehensive position
  5. Discuss risk issues and tolerances with required stakeholders and assess unusual risks and requirements
  6. Communicate risks and consequent impact on financial planning services to authorised representative according to organisational policies and procedures and relevant legislation
Combine information and generate comprehensive view of client’s financial position

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify interdependencies and implications of situation, and obtain further information where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review summary with authorised representative against comprehensive position

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss risk issues and tolerances with required stakeholders and assess unusual risks and requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate risks and consequent impact on financial planning services to authorised representative according to organisational policies and procedures and relevant legislation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Required Skills and Knowledge

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

determine client requirements and expectations for financial planning for at least three different clients.

In the course of the above, the candidate must:

comply with relevant industry codes of practice, legislation and regulations, and organisational policies and procedures

offer thorough and ongoing assistance with enquiries and requests for service

communicate features and benefits of available products and services.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative requirements relating to financial planning

organisational policies, procedures and requirements relating to financial planning, including:

client privacy and confidentiality

establishing client’s investment needs and preferences

complaints handling processes and procedures

business principles and law relating to financial planning

economic climate and outlook and impact on financial planning

local and international financial market and investment information included in financial plans

key features of client’s financial situation impacting on financial planning, including:

personal, family and business matters

family financial histories

key features of family structures and property structures and associated legal implications

taxation and property structures and their financial implications

estate planning issues

indications and implications of risk and fraud relating to client’s financial position

financial risk and reward principles

financial products:

features and benefits

service terms and conditions

sales and marketing techniques relevant to the financial services industry.