Provide technical and professional guidance

This unit describes the performance outcomes, skills and knowledge required to provide technical and professional guidance in a financial planning practice. It encompasses mentoring staff in the practice, providing technical information to staff and peers and acting as a practice reference for any special areas of expertise.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).


The unit has application to job roles such as senior financial planners, senior para-planners and senior technical staff.

Elements and Performance Criteria



1. Provide technical guidance to other staff in the practice

1.1. Technical guidance and advice, appropriate to skill level and need, is provided to other financial planners, trainee financial planners and para-planners to assist in the development of financial plans

1.2. Technical advice and assistance is provided to administrative and processing staff when required

1.3. Specialists with appropriate advanced technical competency are used as a point of reference when required

1.4. Potential problems are recognised before they develop and precautionary steps are taken to prevent them

1.5. Ethical behaviour requirements are modelled and communicated to staff and peers

2. Provide technical and professional information to staff and peers

2.1. Information obtained by representatives that is relevant to staff and peers is circulated for development purposes

2.2. Opportunities are provided to staff for feedback and queries on circulated information

3. Act as practice reference for any special areas of expertise

3.1. Staff briefings or training sessions in representative's area of expertise are established

3.2. Skill development exercises for individual staff are developed and delivered as required

3.3. Market, product, legislative and regulatory changes in special areas of expertise are monitored for development purposes

3.4. Practice information and skill requirements in special areas of expertise are monitored and addressed

Required Skills

Required skills

highly developed communication skills to:

determine and confirm staff development requirements

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research skills such as:

accessing and managing information

interpreting documentation

coordinating tasks

IT skills for accessing and using appropriate software such as spreadsheets and databases and using internet information

self-management skills for complying with ethical, legal and procedural requirements

well-developed learning skills to maintain knowledge of changes to compliance legislation

interpersonal skills to liaise with other planning team members

well-developed coaching and presentation skills

Required knowledge

corporations and consumer legislation

current industry trends, sources of information and industry activities

financial forecasting techniques

government financial and superannuation policies

methods of presenting financial data

professional development activities available

relevant financial legislation

relevant interdisciplinary contacts and industry expertise

social security legislative updates

sources of information on financial products and markets (e.g. banks, financial advisers)

State and Territory charges and taxes

Evidence Required

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

maintain in-depth knowledge of the financial planning industry, industry regulations and codes of practice and provide technical and professional guidance to others within the organisation

interpret financial product, financial markets and investment characteristics

assess impacts of taxation, superannuation, social security, economic and other government policies on client investment and financial requirements

apply knowledge of sales and marketing media and methodologies

maintain industry contacts and manage own professional development activities

act as a practice reference for special areas.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills which may include formal examinations

setting and reviewing workplace projects and business simulations/scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Ethical behaviour includes but is not limited to:

arrangements for vulnerable or special needs clients

avoiding conflicts of interest

compliance with client instructions

compliance with industry codes of practice

compliance with legislative and regulatory requirements

disclosure of all fees, charges, commissions, special interests and relationships relevant to a client's financial plan.

Products include but are not limited to:

cash deposits


direct investments



insurance products

managed investments


Relevant legislative and regulatory requirements may include:

Australian Securities and Investments Commission (ASIC) Act, policy and guidelines

Consumer Affairs Act

Consumer Credit Code

contract law

Corporations Act

industry codes of practice

Insurance Act

Life Insurance Act

Privacy Act

social security regulations

State and Territory legislation

Taxation Acts

Trade Practices Act

trust law

other legislation or regulation which impacts on financial planning.


Unit sector

Financial planning

Employability Skills

This unit contains employability skills.

Licensing Information

Not applicable.