Unit of competency Outline
Date retreived
23/07/2026 5:14 AM AWST
23/07/2026 5:14 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.
Grow the practice
Grow the practice
Unit of competency
National Code
FNSPRM603A
FNSPRM603A
State Code
D4306
D4306
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
080303 - Human Resource Management
Original Release Date
31/07/2014
Nominal Hours
60
Description
This unit describes the performance outcomes, skills and knowledge required to promote and grow a financial practice. It requires the application of marketing skills and the use of market intelligence to develop and implement practice promotion and growth plans.This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Develop marketing plan for the practice
- 1.1. The practice vision statement objectives are developed or reviewed
- 1.2. Target markets are identified or refined based on research and experience
- 1.3. Market research data are obtained and a competitor analysis developed
- 1.4. The practice market position is developed or reviewed based on the research findings and analysis
2. Develop practice promotion plans
- 2.1. Practice brand is developed and the benefits of the practice, practice products and services are identified
- 2.2. Appropriate promotion tools are selected or developed as required
3. Develop practice growth plans
- 3.1. Plans to add new clients and increase yield per existing client are developed
- 3.2. Proposed plans are ranked according to agreed criteria and an action plan to implement the top ranked plans is developed and agreed
- 3.3. Practice work practices are reviewed to ensure they support growth plans
4. Implement and monitor plan
- 4.1. Implementation plan is developed in consultation with all relevant stakeholders
- 4.2. Indicators of success of the plan are agreed and implementation is monitored against agreed indicators
- 4.3. Implementation is adjusted as required to meet objectives
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.
Practice objectives should be:
'SMART':
Specific
Measurable
Achievable
Realistic
Time defined.
Market research data includes:
data:
about existing clients
about possible new clients
from internal sources
data from external sources such as:
Australian Bureau of Statistics (ABS)
trade associations/journals
small business surveys
libraries
Internet information
Chamber of Commerce surveys
client surveys
industry reports
secondary market research
primary market research such as:
telephone surveys
personal interviews
mail surveys.
Competitor analysis includes:
competitor offerings
competitor profile in the market place
competitor promotion strategies and activities.
Market position should include data on:
product:
the good or service provided
product mix
the core product - what is bought
the tangible product - what is perceived
the augmented product - total package of consumer features/benefits
product differentiation from competitive products
new/changed products
price:
pricing strategies
cost plus
supply and demand
ability to pay
pricing objectives
profit
market penetration
cost components
place:
market position
distribution strategies
marketing channels
promotion:
promotional strategies
target audience
communication
promotion budget.
Practice brand may include:
'AIDA'
Attention
Interest
Desire
Action
facility decor
phone answering protocol
practice image
practice logo, letterhead and signage
slogans
style guide
templates for communication and invoicing
writing style.
Benefits may include:
benefits as perceived by the client
features as perceived by the client.
Promotion tools include:
advertising
brochures
direct mail
networking and referrals
newsletters
print
electronic
press releases
publicity and sponsorship
seminars
telemarketing and cold calling
websites.
Yield per existing client may be increased by methods including:
packaging fees
raising charge out rates/fees
reducing discounts
selling more services to existing clients.
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.
Practice objectives should be:
'SMART':
Specific
Measurable
Achievable
Realistic
Time defined.
Market research data includes:
data:
about existing clients
about possible new clients
from internal sources
data from external sources such as:
Australian Bureau of Statistics (ABS)
trade associations/journals
small business surveys
libraries
Internet information
Chamber of Commerce surveys
client surveys
industry reports
secondary market research
primary market research such as:
telephone surveys
personal interviews
mail surveys.
Competitor analysis includes:
competitor offerings
competitor profile in the market place
competitor promotion strategies and activities.
Market position should include data on:
product:
the good or service provided
product mix
the core product - what is bought
the tangible product - what is perceived
the augmented product - total package of consumer features/benefits
product differentiation from competitive products
new/changed products
price:
pricing strategies
cost plus
supply and demand
ability to pay
pricing objectives
profit
market penetration
cost components
place:
market position
distribution strategies
marketing channels
promotion:
promotional strategies
target audience
communication
promotion budget.
Practice brand may include:
'AIDA'
Attention
Interest
Desire
Action
facility decor
phone answering protocol
practice image
practice logo, letterhead and signage
slogans
style guide
templates for communication and invoicing
writing style.
Benefits may include:
benefits as perceived by the client
features as perceived by the client.
Promotion tools include:
advertising
brochures
direct mail
networking and referrals
newsletters
electronic
press releases
publicity and sponsorship
seminars
telemarketing and cold calling
websites.
Yield per existing client may be increased by methods including:
packaging fees
raising charge out rates/fees
reducing discounts
selling more services to existing clients.
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:
identify the key market data for the practice to maintain and use knowledge of a wide range of available information sources
acquire information not readily available within a practice and analyse data to determine areas of improvement for practice
negotiate required improvements to ensure implementation
evaluate systems against practice requirements and form recommendations and/or make recommendations.
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 relevant legislation, regulations and codes of practice.
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
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work.
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:
identify the key market data for the practice to maintain and use knowledge of a wide range of available information sources
acquire information not readily available within a practice and analyse data to determine areas of improvement for practice
negotiate required improvements to ensure implementation
evaluate systems against practice requirements and form recommendations and/or make recommendations.
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 relevant legislation, regulations and codes of practice.
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
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9897 | FNSPRAC603B | Grow the practice | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUS70 | FNSPRM603 | Grow the practice | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D726 | FNS60311 | Advanced Diploma of Conveyancing | Qualification |
| D716 | FNS50311 | Diploma of Finance and Mortgage Broking Management | Qualification |
| S737 | FNS60410 | Advanced Diploma of Financial Planning | Qualification |