Unit of competency Outline

Date retreived
22/07/2026 9:07 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 appropriate and timely information and advice to clients

Provide appropriate and timely information and advice to clients

Unit of competency
National Code
FNSIAD502
State Code
AUR29
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
080501 - Sales
Original Release Date
16/09/2015
Nominal Hours
70
Description
This unit describes the skills and knowledge required to provide financial information and advice to clients with regard to a variety of financial investment options.It applies to individuals working within enterprises and job roles who are undertaking the provision of ongoing financial advice to clients.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. Analyse client expectations, requirements and investment strategies
  • 1.1 Determine client expectations and needs in accordance with client requirements, organisational policy and guidelines, and relevant legislation or industry codes of practice
  • 1.2 Determine appropriate strategies promptly and accurately to meet client needs and requirements
  • 1.3 Carry out research and use relevant research data where appropriate
  • 1.4 Seek and obtain specialist advice and assistance promptly, where required
  • 1.5 Carry out and determine cost-benefit analysis on the various strategies and document where appropriate
2.Develop response consistent with client investment strategies and agreed terms of business
  • 2.1 Select a range of investment options and investment strategies relevant to client requirements
  • 2.2 Explain features of the options, including potential impacts, in a clear, unambiguous way to clients
  • 2.3 Make relevant disclosures as required by legislation, regulations, industry codes of practice or organisational policy and guidelines to clients
  • 2.4 Seek confirmation from clients that they understand the selected options, potential impacts and disclosures
  • 2.5 Explain requirements to put suggested options into effect and obtain agreement to proceed from clients
  • 2.6 Prepare documentation, including suggested options, agreed investment strategies and confirmation of agreement promptly and accurately
  • 2.7 Update and file client records promptly
3. Provide ongoing financial advice and review of portfolio where requested and within agreed terms of business
  • 3.1 Maintain ongoing rapport with clients
  • 3.2 Seek client satisfaction and feedback regarding service performance, portfolio performance and recommended investment strategies
4. Market services and investment opportunities to clients
  • 4.1 Identify potential investment opportunities and provision of additional or ongoing services from review of client records and feedback, and external financial markets
  • 4.2 Identify and implement strategies to inform existing clients of additional or ongoing services and potential investment opportunities
  • 4.3 Seek client feedback on advertising and marketing strategies to monitor the effectiveness of those strategies
No information
No information
Replaces
State Code National Code Title Type
D4166 FNSIAD502A Provide appropriate and timely information and advice to clients Unit of competency
Replaced By
State Code National Code Title Type
OEC81 FNSIAD512 Develop financial investment options and strategies for clients Unit of competency