Unit of competency Outline

Date retreived
22/07/2026 10:31 AM AWST

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Provide advice in self-managed superannuation funds

Provide advice in self-managed superannuation funds

Unit of competency
National Code
FNSSMS601
State Code
AUT08
TGA Status
Deleted
DTWD Status
Deleted
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081105 - Investment And Securities
Original Release Date
16/09/2015
Nominal Hours
100
Description
This unit describes the skills and knowledge required to establish relationships with trustees of self-managed superannuation funds including identifying and analysing their objectives, needs, financial situation and risk profile; developing and presenting appropriate strategies and solutions; negotiating a financial plan and coordinating its implementation while maintaining necessary documentation and providing ongoing service where requested by the trustee.It applies to individuals who use effective communication skills to build relationships and use specialised industry knowledge to respond to enquiries and assist clients with complex needs and requirements.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Establish relationship with client
  • 1.1 Establish knowledge level of client using range of communication and interpersonal skills
  • 1.2 Respond to enquiries in relation to products and services by explaining range of products and services available and their relevant fee and charging methodology
  • 1.3 Inform client of role of adviser and licensee or principal responsible for adviser’s conduct
  • 1.4 Comply with procedures for complaints handling 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 Identify client needs by encouraging expression of their objectives and short-term, medium-term and long-term goals as relevant to product
  • 2.3 Identify product risk profile of client
  • 2.4 Obtain client expectations of cash flow and relevant taxation obligations
3. Analyse client’s objective, 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 for further clarification where necessary
  • 3.3 Analyse need for specialist advice and/or refer client to appropriate adviser for higher level or specialist advice if required
  • 3.4 Assess product risk profile of client and reach agreement
  • 3.5 Apply knowledge of the Australian Securities and Investment Commission (ASIC) identified generic and specialist knowledge relevant to the products being offered
4. Develop appropriate strategies and solutions
  • 4.1 Determine appropriate strategy to provide for identified needs and outcomes from analysis of products, client risk profile and assessment of client’s needs
  • 4.2 Conduct relevant research, analysis and product modelling
  • 4.3 Draft appropriate solution (plan, policy or transaction) for presentation to client
5. Present appropriate strategies and solutions to client
  • 5.1 Demonstrate product knowledge appropriate for service or product offered when presenting product
  • 5.2 Explain and discuss proposed transaction with client in clear and unambiguous way
  • 5.3 Reinforce relevant details, terms and conditions of product and service to client
  • 5.4 Disclose impacts and possible risks of solution in clear and concise manner to client
  • 5.5 Provide client with written supporting documentation and guidance through key aspects of documentation
6. Negotiate financial plan, policy or transaction with client
  • 6.1 Discuss and clarify concerns and/or issues client has regarding proposed plan, policy or transaction
  • 6.2 Seek confirmation from client that client understands the proposed plan, policy or transaction
7. Coordinate implementation of agreed plan, policy or transaction
  • 7.1 Gain client’s formal agreement to proposed plan, policy or transaction
  • 7.2 Clearly explain associated fee and cost structures and gain confirmation of understanding from client
  • 7.3 Clearly explain timeframes for execution and processing, and gain confirmation of understanding from client
8. Complete and maintain necessary documentation
  • 8.1 Complete proposal and all other statutory and transactional documents and obtain sign off by client
  • 8.2 Exchange copies of appropriate documentation and signed agreement
9. Provide ongoing service where requested by client
  • 9.1 Agree on type and form of ongoing service, including reporting on performance and review of plan, policy or transaction with client
  • 9.2 Clearly explain fees and costs for ongoing and specifically defined service, and confirm understanding gained from client
  • 9.3 Provide ongoing service as required
No information
No information
Replaces
State Code National Code Title Type
D4332 FNSSMS601A Provide advice in self-managed superannuation funds Unit of competency
State Code National Code Title Type
AWA9 FNS60515 Advanced Diploma of Superannuation Qualification