Unit of competency Outline
Date retreived
22/07/2026 5:57 PM AWST
22/07/2026 5:57 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.
Present and negotiate complex and innovative financial plans
Present and negotiate complex and innovative financial plans
Unit of competency
National Code
FNSFPL605A
FNSFPL605A
State Code
D4151
D4151
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/05/2011
Field of Education
081105 - Investment And Securities
Original Release Date
31/05/2011
Nominal Hours
40
Description
This unit describes the performance outcomes, skills and knowledge required to present and negotiate a complex or innovative preliminary, amended or final financial plan to a client. It encompasses creating rapport with clients, presenting financial plans to the clients, negotiating effectively, and completing and maintaining necessary documentation.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Notes
Elements and Performance Criteria
1. Create rapport with the client
- 1.1. Disclosure of capacity to client is consistent with industry requirements and organisation guidelines
- 1.2. Client concerns, if any, are identified and responded to appropriately
- 1.3. Services explained to client are given orally and in writing in a clear and unambiguous way, avoiding jargon and in a language appropriate to the receiver
- 1.4. Client is assisted to make informed choices using the relevant documentation
- 1.5. Client's needs and objectives are addressed in a manner consistent with client's level of financial understanding
2. Present financial plan to the client
- 2.1. Strategies and recommendations in the financial plan are explained and discussed with the client in a clear and unambiguous way
- 2.2. The financial plan document is prepared, explained and discussed with the client in a clear and unambiguous way
- 2.3. Client is guided through the assumptions used in formulating the plan and the degree to which variations in the assumptions may impact on expected outcomes is discussed
- 2.4. Impact of the recommendations is clearly and comprehensively discussed with the client including advantages, risks and any disadvantages of particular proposals
- 2.5. Implementation actions required by the client are clearly explained and written agreement to actions is obtained
- 2.6. Fees, charges and commissions are clearly explained to the client
- 2.7. Any commercial relationship of the representative and their organisation to products and or services mentioned in the plan are disclosed to the client
- 2.8. Adviser identifies and addresses issues that in their professional judgement may require further consideration or consultation with other financial services professionals
- 2.9. Copies of the research and other documentation are provided to the client as required or when requested and confirmation is sought that the client understands the recommendations presented
- 2.10. Product knowledge appropriate for the service or advice offered is demonstrated in discussion with the client
- 2.11. After sales service to be provided is clearly defined, and is communicated to the client
3. Negotiate effectively
- 3.1. Clients are assisted to make appropriate decisions regarding solutions to their needs and objectives with alternatives to recommendations presented when requested
- 3.2. Limits imposed by regulatory requirements or organisation guidelines are observed
- 3.3. Restraint and composure are exercised when dealing with conflict situations involving clients
- 3.4. Communication channels are maintained when dealing with complaints and internal and external complaint handling procedures are observed
- 3.5. Agreement in principle to proceed is obtained from the client
4. Complete and maintain necessary documentation
- 4.1. Financial plan is adjusted according to changes agreed to with the client and a proposal and other documents are completed and signed off when plan is agreed
- 4.2. Client records are created or updated with contract variations completed if required
- 4.3. Confirmation including relevant documentation and contract variation is provided to the client and final plan implemented
- 4.4. Customer advice is recorded in accordance with current industry documentation requirements
- 4.5. Instructing or purchasing documents where required are signed by the client
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.
Disclosure of capacity will include:
a statement indicating whether the adviser is only accredited to sell or advise on a restricted range of products
any relationship the adviser and/or their organisation have with products mentioned in the financial plan
name and address of the registered adviser
the means of remuneration of the adviser
who is responsible for the adviser's conduct.
Financial plans covered by this unit:
are those which are identified according to practice guidelines as complex or which are for commercial relationship reasons identified as requiring development to a higher than normal standard
could involve above average sums of money, plans with complex legal, regulatory or estate issues, plans covering an above average range of products or plans for major clients.
Documentation may include:
disclaimers
disclosures
Eligible Termination Payment (ETP) forms
written advice.
Products include, but are not limited to:
cash deposits
derivatives
direct investments
equities
futures
insurance products
managed investments
superannuation.
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.
Disclosure of capacity will include:
a statement indicating whether the adviser is only accredited to sell or advise on a restricted range of products
any relationship the adviser and/or their organisation have with products mentioned in the financial plan
name and address of the registered adviser
the means of remuneration of the adviser
who is responsible for the adviser's conduct.
Financial plans covered by this unit:
are those which are identified according to practice guidelines as complex or which are for commercial relationship reasons identified as requiring development to a higher than normal standard
could involve above average sums of money, plans with complex legal, regulatory or estate issues, plans covering an above average range of products or plans for major clients.
Documentation may include:
disclaimers
disclosures
Eligible Termination Payment (ETP) forms
written advice.
Products include, but are not limited to:
cash deposits
derivatives
direct investments
equities
futures
insurance products
managed investments
superannuation.
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:
apply comprehensive knowledge of the financial planning industry, industry regulations and codes of practice, financial products, financial markets and investment characteristics to the role of financial adviser
assess impacts of taxation, social security, economic and other government policies on client investment and financial requirements
apply knowledge of sales and marketing media and methodologies
successfully present complex financial plans to clients providing justification and research evidence for all elements of the plan and gain client feedback on, and agreement to, the plan.
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.
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
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills
setting and reviewing workplace projects and business simulations/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:
apply comprehensive knowledge of the financial planning industry, industry regulations and codes of practice, financial products, financial markets and investment characteristics to the role of financial adviser
assess impacts of taxation, social security, economic and other government policies on client investment and financial requirements
apply knowledge of sales and marketing media and methodologies
successfully present complex financial plans to clients providing justification and research evidence for all elements of the plan and gain client feedback on, and agreement to, the plan.
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.
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
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR35 | FNSFPL605 | Present and negotiate complex and innovative financial plans | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S737 | FNS60410 | Advanced Diploma of Financial Planning | Qualification |