Unit of competency Outline

Date retreived
22/07/2026 8:17 AM AWST

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Determine client requirements and expectations in financial planning

Determine client requirements and expectations in financial planning

Unit of competency
National Code
FNSFPL612
State Code
OCI57
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
04/11/2020
View on TGA
State Implementation and Classification
Approved Date
11/03/2021
Field of Education
081105 - Investment And Securities
Original Release Date
11/03/2021
Nominal Hours
50
Description
This unit describes the skills and knowledge required to determine the financial requirements and expectations of clients in financial planning. It involves informing required stakeholders of the financial planning process and service, obtaining required information on the client’s financial situation and expectations, and preparing and updating necessary documentation. The unit applies to those who manage relationships and apply systematic approaches using highly specialised knowledge to problem solve and develop customised solutions. This unit requires in-depth financial knowledge. Client information may be provided by authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Identify client’s financial needs and expectations
  • 1.1 Identify and document client’s expectations, requirements, priorities and objectives
  • 1.2 Identify financial planning process, roles, licensees, principals, services and capacity of organisation to meet client needs
  • 1.3 Detail fees and charges to authorised representative and confirm understanding
  • 1.4 Identify and report client’s relationship with other financial services to authorised representative
  • 1.5 Identify client special needs and take required action, making referral to specialists where required
  • 1.6 Explain procedures for internal and external complaints handling and resolution to authorised representative
2. Establish client’s financial situation
  • 2.1 Obtain and assess information on client’s financial situation
  • 2.2 Document findings from assessment of client’s financial situation
  • 2.3 Obtain and check with authorised representative relevant facts and information and manage confidentially according to organisational policies and procedures, legislative requirements and industry codes of practice
  • 2.4 Develop summary analysis of client’s financial position
3. Identify and gather information on client taxation and estate issues
  • 3.1 Identify taxation and estate issues affecting client’s financial planning needs, and discuss implications with authorised representative
  • 3.2 Establish and document client’s expectations, requirements, priorities and objectives for identified issues
  • 3.3 Develop and document summary analysis of client’s taxation and estate financial position according to legislative requirements and organisational policies and procedures
4. Establish final client position and risks
  • 4.1 Combine information and generate comprehensive view of client’s financial position
  • 4.2 Identify interdependencies and implications of situation, and obtain further information where required
  • 4.3 Develop initial summary of client’s financial position and discuss client expectations, priorities, and requirements
  • 4.4 Review summary with authorised representative against comprehensive position
  • 4.5 Discuss risk issues and tolerances with required stakeholders and assess unusual risks and requirements
  • 4.6 Communicate risks and consequent impact on financial planning services to authorised representative according to organisational policies and procedures and relevant legislation
No information
No information
Replaces
State Code National Code Title Type
AUR48 FNSFPL602 Determine client requirements and expectations for clients with complex needs Unit of competency
State Code National Code Title Type
BFX2 FNS60920 Advanced Diploma of Paraplanning Qualification