Grow the practice

This unit describes the performance outcomes, skills and knowledge required to promote and grow a financial practice. It requires the application of marketing skills and the use of market intelligence to develop and implement practice promotion and growth plans.This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.


This unit may apply to job roles involving developing growth strategies for any financial practice.

Elements and Performance Criteria



1. Develop marketing plan for the practice

1.1. The practice vision statement objectives are developed or reviewed

1.2. Target markets are identified or refined based on research and experience

1.3. Market research data are obtained and a competitor analysis developed

1.4. The practice market position is developed or reviewed based on the research findings and analysis

2. Develop practice promotion plans

2.1. Practice brand is developed and the benefits of the practice, practice products and services are identified

2.2. Appropriate promotion tools are selected or developed as required

3. Develop practice growth plans

3.1. Plans to add new clients and increase yield per existing client are developed

3.2. Proposed plans are ranked according to agreed criteria and an action plan to implement the top ranked plans is developed and agreed

3.3. Practice work practices are reviewed to ensure they support growth plans

4. Implement and monitor plan

4.1. Implementation plan is developed in consultation with all relevant stakeholders

4.2. Indicators of success of the plan are agreed and implementation is monitored against agreed indicators

4.3. Implementation is adjusted as required to meet objectives

Required Skills

Required skills

well-developed communication skills to:

determine and confirm practice development requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

negotiate outcomes with professional colleagues

use language and concepts appropriate to cultural differences

research skills for:

accessing and managing information

interpreting documentation

coordinating tasks

well-developed numeracy and IT skills for:

identifying and using financial modelling

accessing and using appropriate software such as word processors, spreadsheets and databases and using internet information

highly developed literacy skills to read and interpret documentation from a variety of sources and recording, gathering and consolidating financial information

well-developed problem solving skills to identify any issues that have the potential to impact on the practiceor growth plan and to develop options to resolve these issues when they arise

teamwork skills for working and consulting with others when developing plans for the business

planning skills to develop effective plans and implementation strategies

Required knowledge

financial industry products and marketing mix

relevant marketing principles for professional practices

business research techniques

sources of relevant financial organisation data

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:

identify the key market data for the practice to maintain and use knowledge of a wide range of available information sources

acquire information not readily available within a practice and analyse data to determine areas of improvement for practice

negotiate required improvements to ensure implementation

evaluate systems against practice requirements and form recommendations and/or make recommendations.

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

access to relevant legislation, regulations and codes of practice.

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

verbal or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business simulations/scenarios

evaluating samples of work.

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.

Practice objectives should be:






Time defined.

Market research data includes:


about existing clients

about possible new clients

from internal sources

data from external sources such as:

Australian Bureau of Statistics (ABS)

trade associations/journals

small business surveys


Internet information

Chamber of Commerce surveys

client surveys

industry reports

secondary market research

primary market research such as:

telephone surveys

personal interviews

mail surveys.

Competitor analysis includes:

competitor offerings

competitor profile in the market place

competitor promotion strategies and activities.

Market position should include data on:


the good or service provided

product mix

the core product - what is bought

the tangible product - what is perceived

the augmented product - total package of consumer features/benefits

product differentiation from competitive products

new/changed products


pricing strategies

cost plus

supply and demand

ability to pay

pricing objectives


market penetration

cost components


market position

distribution strategies

marketing channels


promotional strategies

target audience


promotion budget.

Practice brand may include:






facility decor

phone answering protocol

practice image

practice logo, letterhead and signage


style guide

templates for communication and invoicing

writing style.

Benefits may include:

benefits as perceived by the client

features as perceived by the client.

Promotion tools include:



direct mail

networking and referrals




press releases

publicity and sponsorship


telemarketing and cold calling


Yield per existing client may be increased by methods including:

packaging fees

raising charge out rates/fees

reducing discounts

selling more services to existing clients.


Unit sector

Practice management

Employability Skills

This unit contains employability skills.

Licensing Information

Not applicable.