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Evidence Guide: FNSPRT506 - Develop understanding of traditional trustee services

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

 

FNSPRT506 - Develop understanding of traditional trustee services

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

Identify the regulatory requirements and key principles of traditional trustee services

  1. Identify relevant federal, state and territory based legislation for traditional trustee services offered by the trustee organisation
  2. Identify the roles and requirements of relevant regulators and the ombudsman
  3. Analyse the role of a substitute decision-maker and discretionary decision-making
  4. Identify and consider relevant common law principles
Identify relevant federal, state and territory based legislation for traditional trustee services offered by the trustee organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify the roles and requirements of relevant regulators and the ombudsman

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse the role of a substitute decision-maker and discretionary decision-making

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and consider relevant common law principles

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine the provision of traditional trustee services

  1. Analyse the various functions performed within traditional trustee services
  2. Identify and explain fee charging, statutory caps and disclosure for various clients
  3. Analyse and interpret the contents of governing and founding instruments
  4. Evaluate and discuss investment outcomes appropriate to client circumstances and term
  5. Use client relationship management and asset management systems when delivering traditional trustee services
Analyse the various functions performed within traditional trustee services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and explain fee charging, statutory caps and disclosure for various clients

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse and interpret the contents of governing and founding instruments

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate and discuss investment outcomes appropriate to client circumstances and term

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Use client relationship management and asset management systems when delivering traditional trustee services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Meet ongoing obligations of providing traditional trustee services

  1. Facilitate use of other appropriate services and resources by providing referrals to other specialists where necessary
  2. Apply conditions of the prudent person principle
  3. Identify and maintain ongoing taxation obligations
  4. Identify and implement asset protection strategies
  5. Maintain accurate accounts and records
Facilitate use of other appropriate services and resources by providing referrals to other specialists where necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Apply conditions of the prudent person principle

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and maintain ongoing taxation obligations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and implement asset protection strategies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain accurate accounts and records

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. Identify the regulatory requirements and key principles of traditional trustee services

1.1 Identify relevant federal, state and territory based legislation for traditional trustee services offered by the trustee organisation

1.2 Identify the roles and requirements of relevant regulators and the ombudsman

1.3 Analyse the role of a substitute decision-maker and discretionary decision-making

1.4 Identify and consider relevant common law principles

2. Determine the provision of traditional trustee services

2.1 Analyse the various functions performed within traditional trustee services

2.2 Identify and explain fee charging, statutory caps and disclosure for various clients

2.3 Analyse and interpret the contents of governing and founding instruments

2.4 Evaluate and discuss investment outcomes appropriate to client circumstances and term

2.5 Use client relationship management and asset management systems when delivering traditional trustee services

3. Meet ongoing obligations of providing traditional trustee services

3.1 Facilitate use of other appropriate services and resources by providing referrals to other specialists where necessary

3.2 Apply conditions of the prudent person principle

3.3 Identify and maintain ongoing taxation obligations

3.4 Identify and implement asset protection strategies

3.5 Maintain accurate accounts and records

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. Identify the regulatory requirements and key principles of traditional trustee services

1.1 Identify relevant federal, state and territory based legislation for traditional trustee services offered by the trustee organisation

1.2 Identify the roles and requirements of relevant regulators and the ombudsman

1.3 Analyse the role of a substitute decision-maker and discretionary decision-making

1.4 Identify and consider relevant common law principles

2. Determine the provision of traditional trustee services

2.1 Analyse the various functions performed within traditional trustee services

2.2 Identify and explain fee charging, statutory caps and disclosure for various clients

2.3 Analyse and interpret the contents of governing and founding instruments

2.4 Evaluate and discuss investment outcomes appropriate to client circumstances and term

2.5 Use client relationship management and asset management systems when delivering traditional trustee services

3. Meet ongoing obligations of providing traditional trustee services

3.1 Facilitate use of other appropriate services and resources by providing referrals to other specialists where necessary

3.2 Apply conditions of the prudent person principle

3.3 Identify and maintain ongoing taxation obligations

3.4 Identify and implement asset protection strategies

3.5 Maintain accurate accounts and records

Evidence of the ability to:

explain the regulatory and key principle requirements of providing traditional trustee services

explain the range of traditional trustee services to a client in a suitable manner

maintain knowledge and application of the ongoing obligations of providing traditional trustee services.

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:

explain elements of the key regulatory requirements of traditional trustee services a trustee organisation provides including:

trustee acts for each state and territory

licensing regime that authorises the provision of advice

prudent person principle such as diversification, investment risks including losing capital or income, capital maintenance, capital depreciation, capital appreciation, estimated income return, liquidity and marketability of the proposed investment and aggregate value of estate in trust

describe client circumstances relevant to determining investment outcomes including:

required rate of return

stability of income

mental capacity

phase of life

concerns of capital protection

describe traditional trustee services including:

estate planning

writing wills

acting as executor of deceased estates

establishing and administering personal trusts

preparing and administering powers of attorney

acting as guardian or financial manager, usually under court or tribunal order, to protect vulnerable beneficiaries

administering charitable trusts and foundations

explain the different governing and founding instruments including:

will

power of attorney

trust deed

court order.