Unit of competency Outline
Date retreived
23/07/2026 5:16 AM AWST
23/07/2026 5:16 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Provide advice in Managed Investments
Provide advice in Managed Investments
Unit of competency
National Code
FNSASICT503A
FNSASICT503A
State Code
D4019
D4019
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
081105 - Investment And Securities
Original Release Date
29/07/2014
Nominal Hours
50
Description
This unit describes the performance outcomes, skills and knowledge required to satisfy the training requirements of current Australian Securities and Investments Commission (ASIC) Australian Financial Services (AFS) licensing at Tier 1 level in the Managed Investments specialist area.
Notes
Elements and Performance Criteria
1. Establish relationship with client and identify client's objectives, needs and financial situation
- 1.1. The financial products and services knowledge level of the client is established
- 1.2. Enquiries in relation to Managed Investment products and services are responded to by explaining the range of products and services available and their relevant fee and charging methodology
- 1.3. Client is informed of the role of the adviser and the licensee or principal responsible for the adviser's conduct including procedures for complaints handling and the circumstances in which they should be engaged
- 1.4. The client's personal, financial and business details are obtained and their needs identified by encouraging expression of their objectives and goals
- 1.5. Product risk profile of the client and their expectations of cash flow and relevant taxation obligations are established
2. Analyse client's objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions
- 2.1. An assessment of client's needs is undertaken, utilising all information gathered and taking into account client's product expectations and specific needs
- 2.2. Client is consulted throughout the analysis for further clarification where necessary
- 2.3. The need for specialist advice is analysed and the client is referred to appropriate adviser for higher level or specialist advice if required
- 2.4. Product risk profile of the client is assessed and agreed demonstrating understanding of the ASIC identified generic and specialist knowledge relevant to the products being offered
- 2.5. An appropriate strategy to provide for identified needs and outcomes is determined from analysis of products, client risk profile and assessment of their needs
- 2.6. Relevant research, analysis and product modelling is conducted and an appropriate solution, plan, policy or transaction drafted for presentation to the client
3. Present appropriate strategies and solutions to client and negotiate a financial plan, policy or transaction
- 3.1. Product knowledge appropriate for the service or product offered is demonstrated when presenting the product
- 3.2. The proposed transaction is explained and discussed with the client in a clear and unambiguous way
- 3.3. Relevant details, terms and conditions of product/service are reinforced to client
- 3.4. Impacts and possible risks of the solution are disclosed in a clear and concise manner to the client
- 3.5. Client is provided with written supporting documentation and guided through the key aspects of the documentation
- 3.6. Concerns or issues the client has regarding the proposed plan, policy or transaction are discussed and clarified
- 3.7. Confirmation is sought from client that they understand the proposed plan, policy or transaction
4. Agree the plan, policy or transaction and complete documentation
- 4.1. The client's formal agreement to the proposed plan, policy or transaction is gained
- 4.2. Associated fee and cost structures and timeframes for execution and processing are clearly explained and confirmation of understanding gained from the client
- 4.3. Proposal and all other statutory and transactional documents are completed and signed off by the client
- 4.4. Copies of appropriate documentation and the signed agreement are exchanged
5. Provide ongoing service where requested by client
- 5.1. Type and form of ongoing service including reporting on performance and review of plan, policy or transaction is agreed with the client
- 5.2. Fees and costs for ongoing and specifically defined service are clearly explained and confirmation of understanding gained from the client
- 5.3. Ongoing service is provided as required
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.
Adviser may include:
all natural persons who provide financial product advice to retail clients
any representative of a licensee
employee or owner.
Client needs, objectives and financial situation may include:
business needs
debt position
expectations of access to product
expectations of income from this product
expectations of life cycle and length of product
family income
security.
Client objectives and goals may be:
long-term
medium-term
short-term.
Product risk profile may include:
access restrictions on product
borrowing risk/gearing
economic
market and sector risks:
economic cycle
fixed interest
property
stock market
risk factors and return expectations
specific product risk
volatility of income and capital.
Client expectations may include:
personal involvement:
active
passive
risk profile:
conservative
speculator
moderate
their beliefs about performance
expectations of fluctuations in income or capital
being a long-term or short-term investor
need for security.
The type of information to be obtained from the client may include:
details of liabilities and potential liabilities of the client
details of the client's needs and objectives for income, security, liquidity, and the time period the client is planning for
individual investment preferences and aversion or tolerance to risk
other client details such as:
employment security
likely events and their impact on the client
age
other products they have.
Documentation may include:
disclaimers
disclosures
product application forms
written advice.
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.
Adviser may include:
all natural persons who provide financial product advice to retail clients
any representative of a licensee
employee or owner.
Client needs, objectives and financial situation may include:
business needs
debt position
expectations of access to product
expectations of income from this product
expectations of life cycle and length of product
family income
security.
Client objectives and goals may be:
long-term
medium-term
short-term.
Product risk profile may include:
access restrictions on product
borrowing risk/gearing
economic
market and sector risks:
economic cycle
fixed interest
property
stock market
risk factors and return expectations
specific product risk
volatility of income and capital.
Client expectations may include:
personal involvement:
active
passive
risk profile:
conservative
speculator
moderate
their beliefs about performance
expectations of fluctuations in income or capital
being a long-term or short-term investor
need for security.
The type of information to be obtained from the client may include:
details of liabilities and potential liabilities of the client
details of the client's needs and objectives for income, security, liquidity, and the time period the client is planning for
individual investment preferences and aversion or tolerance to risk
other client details such as:
employment security
likely events and their impact on the client
age
other products they have.
Documentation may include:
disclaimers
disclosures
product application forms
written advice.
EVIDENCE GUIDE
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:
interpret and comply with industry regulations and codes of practice
analyse clients needs and advise them ethically and accurately on managed investment products and services
assess the impacts of taxation on client's financial requirements for specific products offered.
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 financial services Managed Investments product information.
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 business scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
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:
interpret and comply with industry regulations and codes of practice
analyse clients needs and advise them ethically and accurately on managed investment products and services
assess the impacts of taxation on client's financial requirements for specific products offered.
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 financial services Managed Investments product information.
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 business scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUQ55 | FNSASICT503 | Provide advice in managed investments | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D722 | FNS51011 | Diploma of Financial Markets | Qualification |
| S737 | FNS60410 | Advanced Diploma of Financial Planning | Qualification |