Unit of competency Outline
Date retreived
22/07/2026 12:40 PM AWST
22/07/2026 12:40 PM 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.
Advise clients on trust structures
Advise clients on trust structures
Unit of competency
National Code
FNSPRT501A
FNSPRT501A
State Code
D4301
D4301
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
60
Description
This unit describes the performance outcomes, skills and knowledge required to determine client needs, advise on a suitable trust structure, and prepare relevant documentation for its settlement.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.
Notes
Elements and Performance Criteria
1. Determine client needs and build rapport
- 1.1. The needs and expectations of the client and relevant details of their estate are discussed and confirmed with the client
- 1.2. The nature and purpose of trusts and relevant information, taxation and legislative requirements, consequences and requirements are explained to the client
- 1.3. Benefits and considerations are identified and explained accurately to the client including the types of investments that can be utilised when investing trust assets
- 1.4. The role and responsibilities of a trustee are explained clearly and accurately in a language appropriate to the client
2. Reconcile client concerns and gain confirmation
- 2.1. Client concerns regarding the advice and recommendation are discussed and clarified and confirmation on how to proceed is determined
- 2.2. Associated fee and cost structures are clearly explained to client and their formal agreement is gained
- 2.3. Process and timeframes for execution are clearly explained and confirmation of understanding gained from client
3. Prepare and document trust deed
- 3.1. A Trust deed is prepared according to client and statutory requirements and the structure checked for legal implications and any complications
- 3.2. Settlement deed is executed and initial assets are received
- 3.3. Record keeping and safe storage of the trust deed is undertaken according to organisational and legislative requirements
- 3.4. Relevant details and information in relation to the beneficiaries are gathered and confirmed
4. Provide ongoing service
- 4.1. Type of reporting service is agreed upon with client
- 4.2. Needs of beneficiaries for both income and capital are identified and an investment strategy is prepared where appropriate
- 4.3. Beneficiaries' profiles are established and relevant records obtained
- 4.4. Ongoing service and management of the trust is provided and reviewed 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.
Relevant information, taxation and legislative requirements may include:
corporate versus personal trustees
Commonwealth, State and Territory legislation and regulation relating to:
wills
taxation
trusteeships
beneficiaries
charging of fees.
Benefits and considerations may include:
payments from a superannuation fund
pension benefits.
Role and responsibilities of a trustee may involve:
distributing capital
distributing income
investing trust assets.
Relevant details in relation to beneficiaries may include:
articles of association
beneficiaries with special needs or particular problems
beneficiaries':
names
location
relationship to client
company records
personal details
taxation returns
trust deed.
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.
Relevant information, taxation and legislative requirements may include:
corporate versus personal trustees
Commonwealth, State and Territory legislation and regulation relating to:
wills
taxation
trusteeships
beneficiaries
charging of fees.
Benefits and considerations may include:
payments from a superannuation fund
pension benefits.
Role and responsibilities of a trustee may involve:
distributing capital
distributing income
investing trust assets.
Relevant details in relation to beneficiaries may include:
articles of association
beneficiaries with special needs or particular problems
beneficiaries':
names
location
relationship to client
company records
personal details
taxation returns
trust deed.
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:
Identify appropriate products that pertain to the public trustee industry and meet the needs of clients by identifying benefits, risks, taxation requirements and other issues
use high level interpersonal skills to deal appropriately with sensitive issues
accurately prepare trust and related financial documents.
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 trust legislation, organisational documents and 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 simulations or 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:
Identify appropriate products that pertain to the public trustee industry and meet the needs of clients by identifying benefits, risks, taxation requirements and other issues
use high level interpersonal skills to deal appropriately with sensitive issues
accurately prepare trust and related financial documents.
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 trust legislation, organisational documents and 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 simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUS77 | FNSPRT501 | Advise clients on trust structures | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D712 | FNS41311 | Certificate IV in Personal Trust Administration | Qualification |
| D718 | FNS50511 | Diploma of Personal Trustees | Qualification |