Unit of competency Outline

Date retreived
23/07/2026 9:16 AM AWST

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Provide financial planning advice

Provide financial planning advice

Unit of competency
National Code
FNSFPL507
State Code
AUR46
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
081105 - Investment And Securities
Original Release Date
16/09/2015
Nominal Hours
50
Description
This unit describes the skills and knowledge required to provide financial advice to clients when presenting preliminary, amended or final financial plans depending on the level of client contact appropriate for the representative.It applies to individuals who use specialised knowledge and strong communication, negotiation and interpersonal skills to build rapport and conduct business.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. Create rapport with client
  • 1.1 Ensure disclosure of capacity to client is consistent with codes of practice and legislative requirements, and that organisational requirements and client concerns, if any, are identified and responded to appropriately
  • 1.2 Explain services to client when appropriate, including in writing, in clear and unambiguous way, avoiding jargon and in language appropriate to level of financial understanding of client
  • 1.3 Assist client to make informed choices using relevant documentation
  • 1.4 Address client’s needs and objectives consistent with client’s budgetary situation
2. Discuss financial plan with client
  • 2.1 Clearly explain scope and limitations of plan and/or advice to client, together with provision of appropriate warnings
  • 2.2 Explain strategies and recommendations in financial plan and discuss with client in clear and unambiguous way
  • 2.3 Prepare, explain and discuss financial plan documentation with client when appropriate
  • 2.4 Disclose impact of key aspects of recommendations in clear and concise manner to client
  • 2.5 Guide client through key aspects of strategies proposed when appropriate and demonstrate product knowledge appropriate for service or advice offered
  • 2.6 Explain assumptions used in formulating plan and degree to which variations in assumptions may impact on client’s expected outcomes
  • 2.7 Explain requirements to put recommended plan into effect to client and identify and note any areas in plan that may require further advice
  • 2.8 Provide copies of research and other relevant documentation to client if requested and seek confirmation that client understands all recommendations presented
  • 2.9 Obtain agreement in principle to proceed from client
  • 2.10 Clearly define and communicate appropriate level of after sales service to be provided to client
3. Negotiate effectively
  • 3.1 Assist clients when necessary to make appropriate decisions regarding solutions to their needs and objectives within scope of plan, and present alternatives to recommendations when requested
  • 3.2 Observe limits imposed by regulatory requirements or organisational guidelines
  • 3.3 Exercise restraint and composure when dealing with any conflict situations involving clients
  • 3.4 Maintain communication channels when dealing with any complaints and follow internal or external complaint handling procedures
4. Complete and maintain necessary documentation
  • 4.1 Adjust financial plan according to changes agreed to by client
  • 4.2 Complete proposals and other documents and arrange sign off when plan is agreed between client and authorised representative
  • 4.3 Clearly identify implementation actions required by client and obtain written agreement to actions
  • 4.4 Create or update client records with any contract variations completed if required
  • 4.5 Provide confirmation, including relevant documentation and contract variation, to client and implement final plan
  • 4.6 Record client advice in accordance with organisational guidelines and/or financial plan documentation requirements
  • 4.7 Obtain client signatures on instructing and/or purchasing documents where required
No information
No information
Replaces
State Code National Code Title Type
D4145 FNSFPL507A Provide financial planning advice Unit of competency
State Code National Code Title Type
AVX5 FNS50615 Diploma of Financial Planning Qualification