Elements and Performance Criteria

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.


are those which are identified according to practice guidelines as complex or which are for commercial relationship reasons identified as requiring development to a higher than normal standard


would be those covering above average sums of money, plans with complex legal, regulatory or estate issues, plans covering an above average range of products or plans for major clients


client requirements and expectations as well as regulatory and organisational requirements


market

political

regulatory

economic

environmental

internal comparisons

codes of practice

social


market cycles

release dates

marketing strategy

competitors

procedures revision

legislative and regulatory requirements

changes in client's circumstances


comprehensive financial planning

integrated advice

product specific advice and/or service

portfolio advice for complex situations


peers

external financial planners

lawyers

accountants

management

consultants

staff

investment analysts

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

To achieve competency in this unit, a person must be able to demonstrate:

ability to test and assess the integrity of information
ability to specify and justify research objectives and strategy
knowledge of a wide range of available information sources
ability to develop research strategies to obtain information not readily available
ability to establish and meet timelines
ability to identify and address factors which may affect research
ability to assess the impact of trends on product performance
knowledge of available products and services and how they can be combined in a comprehensive portfolio
ability to assess risks and benefits associated with using a range of products and services within a portfolio
ability to conduct and document research for financial plans and summarise and prioritise findings
ability to evaluate outcomes against client requirements and form recommendations
ability to assess the accuracy and relevance of information
knowledge and application of compliance with company policies and guidelines, industry codes of practice and relevant legislation
knowledge of, and ability to identify the features and benefits of products and services available

Evidence required for demonstration of consistent performance:
Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the particular workplace environment and should cover a representative range of financial planning products and/or services.

Delivery/assessment relationship to other units:
This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.
Evidence is most relevant when provided through an integrated activity, which combines the elements of competency for the unit, or a cluster of units of competency.

Method of assessment:
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:
Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.
Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Resources required for assessment:
Assessment of this unit of competence requires access to suitable resources to demonstrate competence.
Assessment instruments, including personal planner and assessment record book.
Access to registered provider of assessment services.