Provide advice in financial planning

Unit of competency Outline

Date retreived
22/07/2026 1:08 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.

Unit of competency

National Code
FNSASICZ503

State Code
AUQ48

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

081103 - Insurance And Actuarial Studies

Original Release Date

16/09/2015

Nominal Hours

Description

This unit describes the skills and knowledge required to analyse client needs and provide advice ethically and professionally in financial planning, in compliance with industry regulations and codes of practice. It addresses the training requirements of current Australian Securities and Investments Commission (ASIC) and Australian financial services (AFS) licensing at Tier 1 level.It applies to individuals who use well-developed interpersonal skills and excellent communication and self-management skills to perform a specialist advisory role in financial planning.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 ASIC for specific guidance on requirements.

Notes

Elements and Performance Criteria

1. Establish relationship with client

1.1 Establish client’s knowledge about financial products and services by using range of communication and interpersonal skills
1.2 Respond to enquiries about financial planning products and services by explaining range of products and services available and their relevant fee and charging methodology
1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct
1.4 Inform client about procedures for handling complaints 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 Ask about client’s short-term, medium-term and long-term objectives and goals relating to product
2.3 Identify product risk profile of client
2.4 Obtain understanding of client’s attitudes and expectations of cash flow and relevant taxation obligations

3. Analyse client’s objectives, 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 and seek further clarification where necessary
3.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required
3.4 Conduct product risk profile assessment and obtain agreement from client about assessment
3.5 Apply ASIC generic and specialist knowledge in analysing client needs and risk profile

4. Develop appropriate strategies and solutions

4.1 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs
4.2 Undertake relevant research, analysis and product modelling as required
4.3 Draft and present appropriate solution (plan, policy or transaction) to client

5. Present appropriate strategies and solutions to client

5.1 Demonstrate appropriate product knowledge when presenting product or service
5.2 Explain and discuss proposed transaction with client in clear and unambiguous way
5.3 Reinforce all relevant details, terms and conditions of product and service with client
5.4 Disclose all impacts and possible risks of solution in clear and concise manner
5.5 Provide written supporting documentation and guide client through key aspects of documentation

6. Negotiate financial plan, policy and/or transaction with client

6.1 Clarify and discuss any concerns and/or issues client has regarding proposed plan, policy and/or transaction
6.2 Seek confirmation that client understands proposed plan, policy and/or transaction

7. Coordinate implementation of agreed plan, policy and/or transaction

7.1 Obtain client’s formal agreement to proposed plan, policy and/or transaction
7.2 Clearly explain and confirm associated fee and cost structures and confirm client understands these details
7.3 Clearly explain and confirm timeframes for execution and processing, and confirm client understands these details

8. Complete and maintain necessary documentation

8.1 Ensure all statutory, transactional and proposal documents are completed and signed off by client
8.2 Ensure that copies of signed agreement and other relevant documentation are exchanged

9. Provide ongoing service where requested by client

9.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client
9.2 Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details
9.3 Provide ongoing service as required

No information

Replaces

State Code	National Code	Title	Type
D4025	FNSASICZ503A	Provide advice in Financial Planning	Unit of competency

State Code	National Code	Title	Type
AVX5	FNS50615	Diploma of Financial Planning	Qualification