Elements and Performance Criteria

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.


name and address of the registered adviser

any relationship the adviser and/or his/her organisation have with products mentioned in the financial plan

a statement indicating whether the adviser is only accredited to sell or advise on a restricted range of products

the means of remuneration of the adviser

who is responsible for the adviser's conduct


Australian Securities Investment Commission (ASIC) regulations

Taxation Acts

Consumer Credit Code

Privacy Act

Corporations Act

Contracts Law

Trade Practices Act

Trust Law

Consumer Affairs Act

industry codes of practice

Social Security regulations

State and Territory legislation


preliminary, amended, and final financial plans presented as part of an initial or ongoing service


computer and manual applications

written advice

disclaimers

disclosures

Eligible Termination Payment (ETP) forms


insurance products

equities

derivatives

futures

managed investments

superannuation

cash deposits

direct deposits


on a quarterly, half-yearly or yearly basis

if and when required by the client

in person or using the appropriate media and by the advisor or a third party

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

To achieve competency in this unit, a person must be able to demonstrate:

knowledge of the financial planning industry, industry regulations and codes of practice
knowledge of a defined range of financial products as set out in organisation guidelines, financial markets and investment characteristics
roles of associated financial advisers, impacts of taxation, social security, economic and other government policies on client investment and financial requirements within the range of products known to the adviser
communication, interpersonal, sales and marketing skills
knowledge of sales and marketing media and methodologies
ability to create rapport with the client
ability to discuss financial plan with the client
ability to negotiate effectively
ability to complete and maintain necessary documentation

Evidence required for demonstration of consistent performance:
Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the particular workplace environment and should cover a representative range of financial planning products and/or services.

Delivery/assessment relationship to other units:
This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.
Evidence is most relevant when provided through an integrated activity, which combines the elements of competency for the unit, or a cluster of units of competency.

Method of assessment:
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:
Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.
Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Resources required for assessment:
Assessment of this unit of competence requires access to suitable resources to demonstrate competence.
Assessment instruments, including personal planner and assessment record book.
Access to registered provider of assessment services.