Unit of competency Outline
Date retreived
22/07/2026 10:02 PM AWST
22/07/2026 10:02 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Conduct complex financial planning research
Conduct complex financial planning research
Unit of competency
National Code
FNSFPL508A
FNSFPL508A
State Code
D4146
D4146
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/05/2011
Field of Education
081105 - Investment And Securities
Original Release Date
31/05/2011
Nominal Hours
50
Description
This unit describes the performance outcomes, skills and knowledge required to undertake research of a complex nature for use in the financial planning process. Research would involve plans are those covering above average sums of money, with complex legal, regulatory or estate issues, covering an above average range of products or plans for major clients.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Notes
Elements and Performance Criteria
1. Evaluate the client's current situation and identify the issues
- 1.1. An analysis of the integrity of information provided by the client is undertaken
- 1.2. The client objectives and expectations are identified and quantified by the authorised representative and tested for viability
- 1.3. The basis for strategy development is established
2. Identify research requirements and parameters
- 2.1. Aims and objectives of research including strategy and product and performance parameters are established against client requirements and expectations
- 2.2. Intended use of the research information is clearly established
- 2.3. A wide range of internal and external information resources are identified
- 2.4. Information requirements not met by regular sources are identified and strategies developed to access them legitimately
- 2.5. Timeframes are established and requests for information prioritised to ensure timelines are met
3. Extract and analyse information according to research requirements and parameters
- 3.1. Data extraction criteria are established that are relevant to intended use and client requirements and do not unduly limit the scope of research
- 3.2. Trends are identified to provide meaningful information on performance of possible strategies, products and markets
- 3.3. Comprehensive risk assessment is made of products identified through the research
- 3.4. Strategies and financial products are analysed within appropriate timeframes to ensure currency of decision making
- 3.5. Obtained information is prioritised according to client requirements and expectations
- 3.6. Issues that require specialist research or advice are identified and appropriate advice sourced and obtained
4. Summarise and present results of research
- 4.1. Information on financial products is collated and checked against research specification
- 4.2. Written performance, trend and risk analyses are prepared and checked against research specification
- 4.3. Any qualifications or issues for further research are described and documented
- 4.4. Research findings are presented to the financial planner
RANGE STATEMENT
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.
Information may include factors such as:
economic situation
environmental considerations
industry codes of practice
internal comparisons
market situation
political situation
regulatory environment
social environment.
Client objectives and expectations may include:
comprehensive financial planning
integrated advice
product specific advice and/or service
portfolio advice for complex situations.
Timeframes may be affected by:
changes in client's circumstances
competitors
legislative and regulatory requirements
market cycles
marketing strategy
procedures revision
product release dates.
Appropriate advice may come from:
accountants
consultants
expert staff
external financial planners
investment analysts
lawyers
management
peers.
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.
Information may include factors such as:
economic situation
environmental considerations
industry codes of practice
internal comparisons
market situation
political situation
regulatory environment
social environment.
Client objectives and expectations may include:
comprehensive financial planning
integrated advice
product specific advice and/or service
portfolio advice for complex situations.
Timeframes may be affected by:
changes in client's circumstances
competitors
legislative and regulatory requirements
market cycles
marketing strategy
procedures revision
product release dates.
Appropriate advice may come from:
accountants
consultants
expert staff
external financial planners
investment analysts
lawyers
management
peers.
EVIDENCE GUIDE
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 ability to:
test and assess the integrity of information and specify and justify research objectives and strategy
use knowledge of a wide range of available information sources to develop research strategies and obtain information not readily available
assess the impact of trends on product performance to interpret and assess available products and services and how they can be combined in a comprehensive portfolio
assess risks and benefits associated with using a range of products and services within a portfolio
conduct and document research for financial plans, summarise and prioritise findings and evaluate outcomes against client requirements to form recommendations
comply with company policies and guidelines, industry codes of practice and relevant legislation.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills which may include formal examinations
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
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 ability to:
test and assess the integrity of information and specify and justify research objectives and strategy
use knowledge of a wide range of available information sources to develop research strategies and obtain information not readily available
assess the impact of trends on product performance to interpret and assess available products and services and how they can be combined in a comprehensive portfolio
assess risks and benefits associated with using a range of products and services within a portfolio
conduct and document research for financial plans, summarise and prioritise findings and evaluate outcomes against client requirements to form recommendations
comply with company policies and guidelines, industry codes of practice and relevant legislation.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills which may include formal examinations
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9701 | FNSFPLN508B | Conduct complex financial planning research | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR38 | FNSFPL508 | Conduct complex financial planning research | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D719 | FNS50611 | Diploma of Financial Planning | Qualification |
| S737 | FNS60410 | Advanced Diploma of Financial Planning | Qualification |