Unit of competency Outline

Date retreived
22/07/2026 10:32 AM AWST

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Develop a personal financial plan

Develop a personal financial plan

Unit of competency
National Code
SISSCOP205A
State Code
D6579
TGA Status
Deleted
DTWD Status
Transition (Deleted)
Current Release Number
2.00
Current Release Date
28/11/2011
View on TGA
State Implementation and Classification
Approved Date
17/02/2014
Field of Education
081101 - Banking And Finance
Original Release Date
17/02/2014
Nominal Hours
10
Description
This unit describes the performance outcomes, skills and knowledge required to identify and access sources of independent professional advice and major investment alternatives in order to develop a personal financial plan.
Notes
Elements and Performance Criteria
1. Collect information to prepare a personal financial plan.
  • 1.1. Identify the benefits of personal financial planning.
  • 1.2. Identify providers of financial advice.
  • 1.3. Analyse and compare the services provided by key providers.
  • 1.4. Identify and assess sources of information on major investment options.
  • 1.5. Identify and access sources of information on the different forms of insurance available.
  • 1.6. Identify and access sources of information on the different forms of superannuation available.
  • 1.7. Check and clarify any conflicting information with relevant sources.
2. Prepare a personal financial plan.
  • 2.1. Identify own personal financial planning needs and aims in consultation with appropriate personnel.
  • 2.2. Select a financial adviser according to identified needs and criteria.
  • 2.3. Select appropriate investment options according to identified needs and criteria.
  • 2.4. Prepare the financial plan in consultation with a financial advisor.
  • 2.5. Adjust the financial plan in response to changing financial circumstances in consultation with financial advisor.
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.
Benefits may include:
risk management
future planning
retirement
variation in income levels
career changes in or out of sport
savings plan
retirement planning.
Personal financial planning may include:
investment
insurance
superannuation.
Providers may include:
bank
financial planners
accountants
investment advisers
security brokers
stock brokers
solicitors
insurance companies.
Services may include:
investment options
insurance options
financial management.
Major investment options may include:

short term
long term
shares
securities
bonds
property
banks
trusts.
Forms of insurance may include:
life
accident
property
public liability
motor vehicle
trauma
travel
income protection.
Forms of superannuation may include:
roll over
lump sum payment
personal and employment contributions.
Appropriate personnel may include:
coaches
managers.
Criteria may include:
credibility
empathy for sport
experience
cost.
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

Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the following is essential:
develops knowledge of financial services available, confirms accuracy and currency of information and assesses own personal financial needs in order to develop a personal financial plan that meets financial objectives of financial security
seeks professional financial advice to evaluate and select financial options.
Context of and specific resources for assessment
Assessment must ensure development of a personal financial plan which is of sufficient breadth to demonstrate competency and consistency of performance.
Assessment must also ensure access to:
financial information on investment, superannuation and insurance
financial advisors
criteria for selecting investment options and financial advisors
sample financial plans.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
observation of dealing with contingencies such as addressing changes in financial situation
oral or written questioning to assess knowledge of financial services available
portfolio containing evidence of financial information collected, analysed and evaluated in relation to own needs and evidence of financial plan developed.
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended.
Replaces
State Code National Code Title Type
C6741 SRSCOP020B Develop a personal financial plan Unit of competency