Unit of competency Outline

Date retreived
22/07/2026 6:00 PM AWST

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Determine client financial requirements and expectations

Determine client financial requirements and expectations

Unit of competency
National Code
FNSFPL506
State Code
AUR24
TGA Status
Deleted
DTWD Status
Deleted
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
16/09/2015
Nominal Hours
60
Description
This unit describes the skills and knowledge required to determine the financial requirements and expectations of clients. It encompasses informing clients of the financial planning process and service, obtaining relevant information on their existing financial situations and expectations with respect to the financial planning service offered by the representative, and preparing and updating necessary documentation.It applies to individuals who manage relationships with clients and colleagues and use specialised knowledge and systematic approaches to determine a customised service.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Inform client of financial planning process and services
  • 1.1 Explain to client financial planning process and role, and any limits of authority of representative
  • 1.2 Explain to client organisation’s licensees, principals, services and capacity, including any relationship to other financial services
  • 1.3 Explain fees and charges to client and confirm client’s understanding of these before proceeding with delivery of service
  • 1.4 Identify clients with special needs and take appropriate action or make referral
  • 1.5 Explain procedures for internal and external complaints handling and resolution to client
2. Obtain relevant information on client’s existing financial situation
  • 2.1 Obtain and confirm facts and information relevant to client’s particular service request
  • 2.2 Identify client expectations, requirements and objectives, and encourage client to disclose relevant information to determine client’s personal financial situation and any special needs
  • 2.3 Obtain relevant information on investments and assets held by client, and client’s current income, expenditure and liabilities situation
  • 2.4 Develop summary analysis of client’s financial position based on extent of client disclosure and requirements
  • 2.5 Accurately and consistently identify risk and fraud indicators, and check all information for consistency and potential conflict
3. Determine client expectations and requirements with respect to financial planning service offered by representative
  • 3.1 Encourage client to express and clarify expectations from financial planning process, and identify and promptly and appropriately respond to any concerns
  • 3.2 Establish client’s income and investment needs, preferences and priorities
  • 3.3 Explore risk issues and tolerance comprehensively and ethically with client
  • 3.4 Determine that service being sought is within capability and authority of authorised representative
  • 3.5 Refer to another internal representative if service required by client is beyond scope of representative
  • 3.6 Seek specialist advice where necessary or refer client to appropriate personnel or organisation where required services are not available or cannot be provided by the practice
4. Prepare and update necessary documentation where required
  • 4.1 Document and check with client all relevant client facts, information and financial and personal histories, and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice
  • 4.2 Create or update client records when necessary
  • 4.3 File client documentation, information and histories in format and location that is readily accessible
No information
No information
Replaces
State Code National Code Title Type
D4144 FNSFPL506A Determine client requirements and expectations Unit of competency
State Code National Code Title Type
AVX5 FNS50615 Diploma of Financial Planning Qualification
AVY3 FNS50515 Diploma of Personal Trustees Qualification