Unit of competency Outline

Date retreived
22/07/2026 4:12 PM AWST

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Determine client requirements and expectations for clients with complex needs

Determine client requirements and expectations for clients with complex needs

Unit of competency
National Code
FNSFPL602
State Code
AUR48
TGA Status
Replaced
DTWD Status
Replaced
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
50
Description
This unit describes the skills and knowledge required to determine a client’s financial planning requirements and expectations when the client’s situation and/or objectives are complex and require high level questioning skills and in-depth financial knowledge.It applies to experienced individuals who manage relationships, apply systematic approaches and use highly specialised knowledge to problem solve and develop customised solutions.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. Discuss financial planning process, services and options with client
  • 1.1 Explain financial planning process, licensees and principals, services and capacity of organisation and representative to client to establish relationship
  • 1.2 Explain fees and charges to client and assess client’s understanding before proceeding with delivery of service
  • 1.3 Explain relationship of other financial services to client and take appropriate action or make referral for identified clients with special needs
  • 1.4 Explain procedures for internal and external complaints handling and resolution to client
  • 1.5 Encourage client to ask questions, and respond accurately and appropriately
2. Establish client’s personal and family financial situation
  • 2.1 Determine client’s personal and family financial situation
  • 2.2 Establish client’s expectations, requirements, priorities and objectives for client’s personal and family finances
  • 2.3 Obtain and check with client relevant facts and information including financial, personal and family histories, and document and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice
  • 2.4 Develop summary analysis of client’s personal and family financial position based on extent of client disclosure
3. Establish client’s business financial situation
  • 3.1 Establish and document client’s business financial situation, expectations, requirements, priorities and objectives for client’s business finances
  • 3.2 Develop summary analysis of client’s business financial position based on extent of client disclosure
4. Identify and gather information on any complex taxation and/or estate issues client may have
  • 4.1 Identify taxation and/or estate issues and discuss with client
  • 4.2 Establish and document client’s expectations, requirements, priorities and objectives for issues identified
  • 4.3 Develop summary analysis of client’s taxation and estate financial position based on extent of client disclosure
5. Establish holistic picture of client’s requirements and expectations
  • 5.1 Combine information gathered to generate comprehensive view of client’s financial situation
  • 5.2 Identify interdependencies and implications, and discuss with client by further questioning and gathering information as required
  • 5.3 Develop initial summary of client’s financial position, discuss client expectations, priorities and requirements, and review against comprehensive position
6. Identify risks or unusual requirements
  • 6.1 Comprehensively and ethically explore risk issues and tolerance with client and assess any unusual risks and/or requirements for viability
  • 6.2 Assess risks to client and/or practice for their impact on financial planning services according to company policy and guidelines, and relevant legislation
No information
No information
Replaces
State Code National Code Title Type
D4148 FNSFPL602A Determine client requirements and expectations for clients with complex needs Unit of competency
Replaced By
State Code National Code Title Type
OCI57 FNSFPL612 Determine client requirements and expectations in financial planning Unit of competency
State Code National Code Title Type
AWD6 FNS60415 Advanced Diploma of Financial Planning Qualification