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Evidence Guide: FNSPRT406 - Administer powers of attorney or financial administration orders

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

 

FNSPRT406 - Administer powers of attorney or financial administration orders

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

Establish requirements of administrative document

  1. Examine legal administrative document to establish parameters of role and in accordance with previous instructions
  2. Confirm instructions contained within document and identify any other relevant advisers
  3. Identify and develop strategies for appropriate action to be taken for special needs and potential conflicts during interactions with client
  4. Determine appropriate actions to undertake instructions provided in documentation
Examine legal administrative document to establish parameters of role and in accordance with previous instructions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm instructions contained within document and identify any other relevant advisers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and develop strategies for appropriate action to be taken for special needs and potential conflicts during interactions with client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine appropriate actions to undertake instructions provided in documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify client’s assets and liabilities

  1. Promptly determine client’s assets and ensure all relevant information and documents are obtained and checked
  2. Take steps to ensure that any real property is adequately insured and physically secured, if required
  3. Seek confirmation of liabilities and obtain accurate valuation of assets weighed against liabilities
  4. Prepare statement of assets and liabilities
Promptly determine client’s assets and ensure all relevant information and documents are obtained and checked

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Take steps to ensure that any real property is adequately insured and physically secured, if required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek confirmation of liabilities and obtain accurate valuation of assets weighed against liabilities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare statement of assets and liabilities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage administration requirements

  1. 3.1 Identify client's financial needs for both income and capital, and prepare financial plan and investment strategy, with assistance of financial advisers where required
  2. Ensure that regular and periodic payments are established
  3. Establish taxation file with Australian Taxation Office (ATO) or liaise with client’s accountant where relevant
  4. Establish and maintain ongoing communication channels with client and/or relevant advisers
  5. 3.5 Prepare regular statements of accounts and tax returns or liaise with client's accountant where relevant
3.1 Identify client's financial needs for both income and capital, and prepare financial plan and investment strategy, with assistance of financial advisers where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure that regular and periodic payments are established

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish taxation file with Australian Taxation Office (ATO) or liaise with client’s accountant where relevant

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and maintain ongoing communication channels with client and/or relevant advisers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

3.5 Prepare regular statements of accounts and tax returns or liaise with client's accountant where relevant

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Continuously evaluate and review strategies

  1. Establish and implement ongoing review of financial plan
  2. Review assets and investment strategy periodically and make appropriate changes
  3. Provide ongoing management of client’s assets using procedures in accordance with relevant legislative and organisational requirements, and ensuring that client is treated in ethical and sensitive manner
Establish and implement ongoing review of financial plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review assets and investment strategy periodically and make appropriate changes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide ongoing management of client’s assets using procedures in accordance with relevant legislative and organisational requirements, and ensuring that client is treated in ethical and sensitive manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify client’s assets and liabilities

  1. Identify client’s assets and ensure all relevant information and documents are obtained and checked
  2. Arrange for any real property to be adequately insured and physically secured if required
  3. Indentify client's liabilities and obtain accurate valuation of assets weighed against liabilities
  4. Prepare and make a record of a statement of assets and liabilities according to organisational requirements
Identify client’s assets and ensure all relevant information and documents are obtained and checked

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Arrange for any real property to be adequately insured and physically secured if required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Indentify client's liabilities and obtain accurate valuation of assets weighed against liabilities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and make a record of a statement of assets and liabilities according to organisational requirements

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. Establish requirements of administrative document

1.1 Examine, previous instructions, legal, administrative and other supporting documents to establish parameters of role

1.2 Confirm instructions contained within documentation and identify any other relevant advisers or stakeholders

1.3 Identify and develop strategies for appropriate action to be taken for special needs and potential conflicts during interactions with client

2. Identify client’s assets and liabilities

2.1 Identify client’s assets and ensure all relevant information and documents are obtained and checked

2.2 Arrange for any real property to be adequately insured and physically secured if required

2.3 Indentify client's liabilities and obtain accurate valuation of assets weighed against liabilities

2.4 Prepare and make a record of a statement of assets and liabilities according to organisational requirements

3. Manage administration requirements

3.1 Determine appropriate actions to undertake documented instructions whilst maintaining client's best interest

3.2 Identify client's financial needs for both income and capital and prepare financial plan and investment strategy with assistance of financial advisers where required

3.3 Ensure that regular and periodic payments are established

3.4 Establish taxation file with Australian Taxation Office (ATO) and prepare regular statements of accounts and tax returns or liaise with client’s accountant where relevant

3.5 Establish and maintain ongoing communication channels with client and other relevant advisers or stakeholders

4. Continuously evaluate and review strategies

4.1 Establish and implement ongoing review of financial plan

4.2 Review assets and investment strategy periodically and make appropriate changes

4.3 Provide ongoing management of client’s assets using procedures in accordance with relevant legislative and organisational requirements ensuring that the client's interest is protected

4.4 Confirm that there is certifiable evidence on any request to handover the appointment

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. Establish requirements of administrative document

1.1 Examine, previous instructions, legal, administrative and other supporting documents to establish parameters of role

1.2 Confirm instructions contained within documentation and identify any other relevant advisers or stakeholders

1.3 Identify and develop strategies for appropriate action to be taken for special needs and potential conflicts during interactions with client

2. Identify client’s assets and liabilities

2.1 Identify client’s assets and ensure all relevant information and documents are obtained and checked

2.2 Arrange for any real property to be adequately insured and physically secured if required

2.3 Indentify client's liabilities and obtain accurate valuation of assets weighed against liabilities

2.4 Prepare and make a record of a statement of assets and liabilities according to organisational requirements

3. Manage administration requirements

3.1 Determine appropriate actions to undertake documented instructions whilst maintaining client's best interest

3.2 Identify client's financial needs for both income and capital and prepare financial plan and investment strategy with assistance of financial advisers where required

3.3 Ensure that regular and periodic payments are established

3.4 Establish taxation file with Australian Taxation Office (ATO) and prepare regular statements of accounts and tax returns or liaise with client’s accountant where relevant

3.5 Establish and maintain ongoing communication channels with client and other relevant advisers or stakeholders

4. Continuously evaluate and review strategies

4.1 Establish and implement ongoing review of financial plan

4.2 Review assets and investment strategy periodically and make appropriate changes

4.3 Provide ongoing management of client’s assets using procedures in accordance with relevant legislative and organisational requirements ensuring that the client's interest is protected

4.4 Confirm that there is certifiable evidence on any request to handover the appointment

Evidence of the ability to:

produce organisational and legislative documents relevant to carrying out instructions of an attorneyship or financial administration order

prepare and interpret financial statements

apply conflict resolution skills to manage client expectations and any special needs

determine appropriate actions to administer the instructions in the client's best interest within parameters of role

review the appropriateness of the financial plan in meeting client's needs.

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:

describe tasks associated with carrying out instructions contained within attorneyship or financial administration orders

explain the factors that must be considered when establishing the client's income and capital needs

describe the different types of potential conflicts and special needs that may arise when interacting with clients including effects on behaviour of different intellectual capacities and mental and physical disabilities

explain the key requirements of relevant legislation and regulations including:

taxation and tax obligations as they relate to the administration of the appointment as attorney or financial administrator

financial services legislation relating to powers of attorney, guardianship and administration

explain products and services offered by personal trustee organisations and fees and charges that apply

describe organisational policies and procedures required when administering powers of attorney or financial administration orders

outline the role, responsibilities and authority of the personal trust officer including:

organisational expectations

limitation of personal authority in giving investment advice

summarise the professional code of conduct, where applicable, in the personal trustee sector

identify the role of, and how and when to contact, internal or external specialists relating to the personal trustee sector.