Provide advice in financial planning

Formats and tools

Unit Description
Reconstruct the unit from the xml and display it as an HTML page.
Assessment Tool
an assessor resource that builds a framework for writing an assessment tool
Assessment Template
generate a spreadsheet for marking this unit in a classroom environment. Put student names in the top row and check them off as they demonstrate competenece for each of the unit's elements and performance criteria.
Assessment Matrix
a slightly different format than the assessment template. A spreadsheet with unit names, elements and performance criteria in separate columns. Put assessment names in column headings to track which performance criteria each one covers. Good for ensuring that you've covered every one of the performance criteria with your assessment instrument (all assessement tools together).
Wiki Markup
mark up the unit in a wiki markup codes, ready to copy and paste into a wiki page. The output will work in most wikis but is designed to work particularly well as a Wikiversity learning project.
Evidence Guide
create an evidence guide for workplace assessment and RPL applicants
Competency Mapping Template
Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners. A template for developing assessments for a unit, which will help you to create valid, fair and reliable assessments for the unit, ready to give to trainers and students
Observation Checklist
create an observation checklist for workplace assessment and RPL applicants. This is similar to the evidence guide above, but a little shorter and friendlier on your printer. You will also need to create a seperate Assessor Marking Guide for guidelines on gathering evidence and a list of key points for each activity observed using the unit's range statement, required skills and evidence required (see the unit's html page for details)

Self Assessment Survey
A form for students to assess thier current skill levels against each of the unit's performance criteria. Cut and paste into a web document or print and distribute in hard copy.
Moodle Outcomes
Create a csv file of the unit's performance criteria to import into a moodle course as outcomes, ready to associate with each of your assignments. Here's a quick 'how to' for importing these into moodle 2.x
Registered Training Organisations
Trying to find someone to train or assess you? This link lists all the RTOs that are currently registered to deliver FNSASICZ503, 'Provide advice in financial planning'.
Google Links
links to google searches, with filtering in place to maximise the usefulness of the returned results
Books
Reference books for 'Provide advice in financial planning' on fishpond.com.au. This online store has a huge range of books, pretty reasonable prices, free delivery in Australia *and* they give a small commission to ntisthis.com for every purchase, so go nuts :)


Elements and Performance Criteria

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Establish relationship with client

1.1 Establish client’s knowledge about financial products and services by using range of communication and interpersonal skills

1.2 Respond to enquiries about financial planning products and services by explaining range of products and services available and their relevant fee and charging methodology

1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct

1.4 Inform client about procedures for handling complaints and circumstances in which they should be engaged

2. Identify client’s objectives, needs and financial situation

2.1 Use range of communication and interpersonal skills to gather client’s personal, financial and business details

2.2 Ask about client’s short-term, medium-term and long-term objectives and goals relating to product

2.3 Identify product risk profile of client

2.4 Obtain understanding of client’s attitudes and expectations of cash flow and relevant taxation obligations

3. Analyse client’s objectives, needs, financial situation and risk profile

3.1 Undertake assessment of client needs, using all information gathered and taking into account client’s product expectations and specific needs

3.2 Consult client throughout analysis and seek further clarification where necessary

3.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required

3.4 Conduct product risk profile assessment and obtain agreement from client about assessment

3.5 Apply ASIC generic and specialist knowledge in analysing client needs and risk profile

4. Develop appropriate strategies and solutions

4.1 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs

4.2 Undertake relevant research, analysis and product modelling as required

4.3 Draft and present appropriate solution (plan, policy or transaction) to client

5. Present appropriate strategies and solutions to client

5.1 Demonstrate appropriate product knowledge when presenting product or service

5.2 Explain and discuss proposed transaction with client in clear and unambiguous way

5.3 Reinforce all relevant details, terms and conditions of product and service with client

5.4 Disclose all impacts and possible risks of solution in clear and concise manner

5.5 Provide written supporting documentation and guide client through key aspects of documentation

6. Negotiate financial plan, policy and/or transaction with client

6.1 Clarify and discuss any concerns and/or issues client has regarding proposed plan, policy and/or transaction

6.2 Seek confirmation that client understands proposed plan, policy and/or transaction

7. Coordinate implementation of agreed plan, policy and/or transaction

7.1 Obtain client’s formal agreement to proposed plan, policy and/or transaction

7.2 Clearly explain and confirm associated fee and cost structures and confirm client understands these details

7.3 Clearly explain and confirm timeframes for execution and processing, and confirm client understands these details

8. Complete and maintain necessary documentation

8.1 Ensure all statutory, transactional and proposal documents are completed and signed off by client

8.2 Ensure that copies of signed agreement and other relevant documentation are exchanged

9. Provide ongoing service where requested by client

9.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client

9.2 Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details

9.3 Provide ongoing service as required


Qualifications and Skillsets

FNSASICZ503 appears in the following qualifications:

  • FNS50610 - Diploma of Financial Planning
  • FNS50611 - Diploma of Financial Planning
  • FNS60415 - Advanced Diploma of Financial Planning
  • FNS50615 - Diploma of Financial Planning