Unit of competency Outline
Date retreived
22/07/2026 9:59 AM AWST
22/07/2026 9:59 AM 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.
Provide advice in Financial Planning
Provide advice in Financial Planning
Unit of competency
National Code
FNSASICZ503A
FNSASICZ503A
State Code
D4025
D4025
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
19/03/2012
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
19/03/2012
Nominal Hours
50
Description
This unit when combined with industry specified units has been specifically designed to satisfy the skill requirements of current Australian Securities and Investments Commission (ASIC) regulation (Financial Services Reform Act) at Tier 1 (Diploma) level
Notes
Elements and Performance Criteria
1. Establish relationship with client
- 1.1. A range of communication and interpersonal skills are used to establish the knowledge level of client
- 1.2. Enquiries in relation to products and services are responded to by explaining the range of products and services available and their relevant fee and charging methodology
- 1.3. Client is informed of the role of the adviser and the licensee/principal responsible for the adviser's conduct
- 1.4. Familiarity with the procedures for complaints handling and the circumstances in which they should be engaged is demonstrated
2. Identify client's objectives, needs and financial situation
- 2.1. A range of communication and interpersonal skills are used to gather the clients' personal, financial and business details
- 2.2. Client's needs are identified by encouraging expression of their objectives and goals (short-, medium- and long-term goals as relevant to the product)
- 2.3. Product risk profile of the client is identified
- 2.4. Client's attitudes and expectations of cash flow and relevant taxation obligations are obtained
3. Analyse client's objectives, needs, financial situation and risk profile
- 3.1. An assessment of client needs is undertaken, utilising all information gathered and taking into account client's product expectations and specific needs
- 3.2. Client is consulted throughout the analysis for further clarification where necessary
- 3.3. The need for specialist advice is analysed and/or client is referred to appropriate adviser for higher level/specialist advice if required
- 3.4. Product risk profile of the client is assessed and agreed
- 3.5. Understanding of the ASIC identified generic and specialist knowledge relevant to the products being offered, as detailed in the evidence guide, is demonstrated
4. Develop appropriate strategies and solutions
- 4.1. An appropriate strategy to provide for identified needs and outcomes is determined from analysis of products, client risk profile and assessment of clients' needs
- 4.2. Relevant research, analysis and product modelling is conducted
- 4.3. Appropriate solution (plan, policy or transaction) is drafted for presentation to client
5. Present appropriate strategies and solutions to client
- 5.1. Product knowledge appropriate for the service or product offered is demonstrated when presenting the product
- 5.2. The proposed transaction is explained and discussed with the client in a clear and unambiguous way
- 5.3. Relevant details, terms and conditions of product/service are reinforced to client
- 5.4. Impacts and possible risks of the solution are disclosed in a clear and concise manner to the client
- 5.5. Client is provided with written supporting documentation and guided through the key aspects of the documentation
6. Negotiate financial plan/policy/transaction with client
- 6.1. Concerns and/or issues the client has regarding the proposed plan/policy/transaction are discussed and clarified
- 6.2. Confirmation is sought from client that they understand the proposed plan/policy/transaction
7. Coordinate implementation of agreed plan/policy/ transaction
- 7.1. The clients' formal agreement to the proposed plan/policy/transaction is gained
- 7.2. Associated fee and cost structures are clearly explained and confirmation of understanding gained from the client
- 7.3. Timeframes for execution and processing are clearly explained and confirmation of understanding gained from the client
8. Complete and maintain necessary documentation
- 8.1. Proposal and all other statutory and transactional documents are completed and signed off by the client
- 8.2. Copies of appropriate documentation and the signed agreement are exchanged
9. Provide ongoing service where requested by client
- 9.1. Type and form of ongoing service; including reporting on performance and review of plan/policy/transaction is agreed with the client
- 9.2. Fees and costs for ongoing and specifically defined service are clearly explained and confirmation of understanding gained from the client
- 9.3. Ongoing service is provided as required
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.
Adviser may include:
all natural persons who provide financial product advice to retail clients
any representative of a licensee
employee or owner.
Clients' personal, financial and business details
may include:
details of liabilities and potential liabilities of the client
details of the client's needs and objectives for:
income
security
liquidity
the time period the client is planning for
individual investment preferences and aversion or tolerance to risk
other client details such as:
employment security
likely events and their impact on the client
age
other products they have.
Risk assessment may include:
access restrictions on product
borrowing risk/gearing
economic
market and sector risks (economic cycle, fixed interest, property, stock market)
risk factors and return expectations
specific product risk
volatility of income and capital.
Client attitudes and expectations may include:
personal involvement:
active
passive
risk profile:
conservative
speculator
moderate
their beliefs about performance
expectations of fluctuations in income or capital
being a long-term or short-term investor
need for security.
Client's needs, objectives and financial situation may include:
business needs
debt position
expectations of access to product
expectations of income from this product
expectations of lifecycle and length of product
family income
security.
Documentation may include:
computer and manual applications
disclaimers
disclosures
product application forms
written advice.
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.
Adviser may include:
all natural persons who provide financial product advice to retail clients
any representative of a licensee
employee or owner.
Clients' personal, financial and business details
may include:
details of liabilities and potential liabilities of the client
details of the client's needs and objectives for:
income
security
liquidity
the time period the client is planning for
individual investment preferences and aversion or tolerance to risk
other client details such as:
employment security
likely events and their impact on the client
age
other products they have.
Risk assessment may include:
access restrictions on product
borrowing risk/gearing
economic
market and sector risks (economic cycle, fixed interest, property, stock market)
risk factors and return expectations
specific product risk
volatility of income and capital.
Client attitudes and expectations may include:
personal involvement:
active
passive
risk profile:
conservative
speculator
moderate
their beliefs about performance
expectations of fluctuations in income or capital
being a long-term or short-term investor
need for security.
Client's needs, objectives and financial situation may include:
business needs
debt position
expectations of access to product
expectations of income from this product
expectations of lifecycle and length of product
family income
security.
Documentation may include:
computer and manual applications
disclaimers
disclosures
product application forms
written advice.
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:
apply knowledge of industry regulations and codes of practice, financial products and services, financial markets and characteristics, roles of other specialist providers and licensees, as well as the impacts of taxation on the clients financial requirements for the specific products offered.
NB for insurance products, competency in this unit is subject to the staff members' approval/authority to accept the transfer of risk.
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
access to financial services product information.
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
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills
setting and reviewing workplace projects and business simulations or 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:
apply knowledge of industry regulations and codes of practice, financial products and services, financial markets and characteristics, roles of other specialist providers and licensees, as well as the impacts of taxation on the clients financial requirements for the specific products offered.
NB for insurance products, competency in this unit is subject to the staff members' approval/authority to accept the transfer of risk.
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
access to financial services product information.
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
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills
setting and reviewing workplace projects and business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9631 | FNSASIC503ZB | Provide advice in Financial Planning | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUQ48 | FNSASICZ503 | Provide advice in financial planning | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S722 | FNS50610 | Diploma of Financial Planning | Qualification |
| D719 | FNS50611 | Diploma of Financial Planning | Qualification |