Unit of competency Outline

Date retreived
22/07/2026 2:58 PM AWST

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Grow the practice

Grow the practice

Unit of competency
National Code
FNSPRM603
State Code
AUS70
TGA Status
Replaced
DTWD Status
Replaced
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
080303 - Human Resource Management
Original Release Date
16/09/2015
Nominal Hours
60
Description
This unit describes the 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.It applies to experienced individuals who use specialised knowledge and systematic approaches and, within their level of authority, provide guidance in strategic organisational activity.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. Develop marketing plan for practice
  • 1.1 Develop or review practice vision statement objectives
  • 1.2 Identify or refine target markets based on research and experience
  • 1.3 Obtain market research data and develop competitor analysis
  • 1.4 Develop or review practice market position based on research findings and analysis
2. Develop practice promotion plans
  • 2.1 Develop practice brand and benefits of practice, and identify practice products and services
  • 2.2 Select or develop appropriate promotion tools, as required
3. Develop practice growth plans
  • 3.1 Develop plans to add new clients and increase yield per existing client
  • 3.2 Rank proposed plans according to agreed criteria and develop agreed action plan to implement top ranked plans
  • 3.3 Review practice work activities to ensure they support growth plans
4. Implement and monitor plan
  • 4.1 Develop implementation plan in consultation with all relevant stakeholders
  • 4.2 Agree on indicators of success of plan and monitor implementation against agreed indicators
  • 4.3 Adjust implementation as required to meet objectives
No information
No information
Replaces
State Code National Code Title Type
D4306 FNSPRM603A Grow the practice Unit of competency
Replaced By
State Code National Code Title Type
OCZ19 FNSPRM613 Grow financial practices Unit of competency