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.


members of the public

companies and organisations

trustees

agents

intermediaries


people from different cultural backgrounds

clients who may have a difficulty in understanding the financial planning advice such as people who are deficient in English, from very young or older age groups and/or people with a disability


financial planning for a relatively small amount or for a simple financial strategy a limited or preset range of products

need-specific advice and/or service

product-specific advice and/or service


age

personal income

occupation

past, present and future employment prospects

employer details

family structure and dependents and expectations

health

required flexibility

home ownership

insurance and superannuation arrangements

marginal tax rates

current level of liquidity

funds available for investment

level of debt

extent to which the client is geared

previous financial history (eg bankruptcy, refusal of credit, etc.)

investment experience

current portfolio (including family holdings, any Capital Gains Tax (CGT) related details such as stocks acquired prior to 20/09/1985)

interest in deceased estates

contingent liabilities and assets (eg guarantor)

other information as identified in a 'fact find' document


computerised

electronic

manual

other


any requirements under legislation such as the Consumer Affairs Act, Privacy Act, Consumer Credit Code, industry codes of practice, as well as standards set out in company policies and procedures


policies and procedures in relation to client service

advertising and marketing

product or service development

clerical procedures

information technology and administrative systems

complaints and dispute resolution procedures

codes of practice


Australian Securities and Investment Commission (ASIC) Act

ASIC policy and guidelines

Taxation Acts

Consumer Credit Code

Privacy Act

Corporations Act

Contracts Law

Trade Practices Act

Trust Law

Consumer Affairs Act

industry codes of practice

State and Territory legislation

Social Security regulations

Life Act

Insurance Act


reference to all evidence/information considered

reasons for adopting/incorporating certain information in preference to other information

meeting notes

records of telephone conversations

memos

product recommendations

advice

brochures

in-house publications

prospectuses

bills

receipts

quotations

agreements

contracts or policy statements

reports (research/statistical/ad hoc/transaction/other)

legal/government/professional/other documents

official/general/other correspondence

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 relevant legislation and regulations
knowledge of organisational operating practices
knowledge of organisational policies and procedures
ability to inform client of the financial planning process and services
ability to obtain relevant information on client's existing financial situation
ability to determine client expectations and requirements with respect to financial planning service offered by the representative
prepare and update necessary documentation where required
good interpersonal and communication skills
knowledge of role and advisory capacity and limits
ability to communicate services and financial planning process
ability to identify risk and fraud indicators
ability to accurately record information and make summary analysis
knowledge and application of compliance with company policies and guidelines, industry codes of practice and relevant legislation
knowledge of authorities and assistance able to be offered by other advisers and organisations and the ability to determine where a referral to another adviser or organisation is appropriate

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 investment 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.