Unit of competency Outline
Date retreived
22/07/2026 11:34 AM AWST
22/07/2026 11:34 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.
Determine client requirements and expectations for clients with complex needs
Determine client requirements and expectations for clients with complex needs
Unit of competency
National Code
FNSFPL602A
FNSFPL602A
State Code
D4148
D4148
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/05/2011
Field of Education
081105 - Investment And Securities
Original Release Date
31/05/2011
Nominal Hours
50
Description
This unit describes the performance outcomes, skills and knowledge required to determine a client's financial planning requirements and expectations when their situation and or objectives are complex and require high level questioning skills and in-depth financial knowledge.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Notes
Elements and Performance Criteria
1. Discuss the financial planning process, services and options with the client
- 1.1. Financial planning process, the licensees and principals, services and capacity of the organisation and the representative are explained to the client to establish the relationship
- 1.2. Fees and charges are explained to the client and an assessment made of the client's understanding of the fees and charges before proceeding with delivery of service
- 1.3. Relationship to other financial services is explained to the client and clients with special needs are identified and appropriate action taken or referral made
- 1.4. Procedures for internal and external complaints handling and resolution are explained to the client
- 1.5. The client is encouraged to ask questions that are responded to accurately and appropriately
2. Establish the client's personal and family financial situation
- 2.1. The client's personal and family financial situation is determined
- 2.2. The client's expectations, requirements, priorities and objectives for their personal and family finances are established
- 2.3. Relevant facts and information including financial, personal and family histories are obtained, checked with the client, documented and managed confidentially in accordance with company policy and guidelines and relevant legislation and industry codes of practice
- 2.4. Summary analysis of client's personal and family financial position is developed based on extent of client disclosure
3. Establish the client's business financial situation
- 3.1. The client's business financial situation, expectations, requirements, priorities and objectives for their business finances are established and documented
- 3.2. Summary analysis of client's business financial position is developed based on extent of client disclosure
4. Identify and gather information on any complex taxation and/or estate issues the client may have
- 4.1. Taxation and or estate issues are identified and discussed with the client
- 4.2. The client's expectations, requirements, priorities and objectives for issues identified are established and documented
- 4.3. Summary analysis of client's taxation and estate financial position is developed based on extent of client disclosure
5. Establish a holistic picture of the client's requirements and expectations
- 5.1. Information gathered is combined to generate a comprehensive view of the client's financial situation
- 5.2. Interdependencies and implications are identified and discussed with the client with further questioning and information gathering as required
- 5.3. An initial summary of the client's financial position is developed and their expectations, priorities and requirements discussed with them and reviewed against the comprehensive position
6. Identify risks or unusual requirements
- 6.1. Risk issues and tolerance are explored comprehensively and ethically with the client with any unusual risks and or requirements assessed for viability
- 6.2. Risks to the client and or practice are assessed for their impact on financial planning services according to company policy and guidelines and relevant legislation
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.
Clients may include:
agents
companies and organisations
intermediaries
members of the public
trustees.
Clients with special needs may include:
clients who are deficient in English
clients with a variety of products and services
clients with complex estate planning situations
clients with unbalanced financial situations
people with a disability
the needs of people from different cultural backgrounds
very young or older age groups.
Family financial situation may include:
dependants
financial arrangements involving siblings, parents or others
marital and/or primary relationship status
relationship history involving financial implications
other personal financial arrangements.
Relevant facts and information may include:
age
Capital Gains Tax (CGT) impact
contingent liabilities and assets
acting as a guarantor
current level of liquidity
current portfolio including:
family holdings
family structure and dependents
funds available for investment
home ownership
insurance and superannuation arrangements
interest in deceased estates
employer details
experience with investment in stock markets
extent to which the client is geared
level of debt
marginal tax rates
occupation
past, present and future employment prospects
personal income
previous financial history such as:
bankruptcy
refusal of credit
related details such as stocks acquired prior to 20/09/1985.
Documentation may include:
advice
agreements
bills
brochures
contracts or policy statements
in-house publications
legal, government, professional or other documents
meeting notes
memos
official, general and other correspondence
program recommendations
prospectuses
quotations
receipts
records of telephone conversations
reference to all evidence and information considered
reports
research
statistical
ad hoc
transaction
other
written reasons for adopting or incorporating certain information in preference to other information.
Confidentiality includes:
any requirements under legislation such as
Consumer Affairs Act
Consumer Credit Code
industry codes of practice
Privacy Act
standards set out in company policies and procedures.
Company policy and guidelines may include:
advertising and marketing
clerical procedures
codes of practice
complaints and dispute resolution procedures
IT and administrative systems
policies and procedures in relation to client service
product or service development.
Relevant legislation and industry codes of practice may include:
Australian Securities and Investments Commission (ASIC) Act, policy and guidelines
analysis skills to form a holistic perspective of complex situations and identify implications
Consumer Affairs Act
Consumer Credit Code
contract law
Corporations Act
industry codes of practice
Insurance Act
Life Insurance Act
Privacy Act
social security regulations
State and Territory legislation
Taxation Acts
Trade Practices Act
trust law.
Business financial situation may include:
assets and liabilities
business interests and structures
history of bankruptcy.
Client expectations and requirements may include:
comprehensive financial planning
portfolio advice
product specific advice and/or service.
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.
Clients may include:
agents
companies and organisations
intermediaries
members of the public
trustees.
Clients with special needs may include:
clients who are deficient in English
clients with a variety of products and services
clients with complex estate planning situations
clients with unbalanced financial situations
people with a disability
the needs of people from different cultural backgrounds
very young or older age groups.
Family financial situation may include:
dependants
financial arrangements involving siblings, parents or others
marital and/or primary relationship status
relationship history involving financial implications
other personal financial arrangements.
Relevant facts and information may include:
age
Capital Gains Tax (CGT) impact
contingent liabilities and assets
acting as a guarantor
current level of liquidity
current portfolio including:
family holdings
family structure and dependents
funds available for investment
home ownership
insurance and superannuation arrangements
interest in deceased estates
employer details
experience with investment in stock markets
extent to which the client is geared
level of debt
marginal tax rates
occupation
past, present and future employment prospects
personal income
previous financial history such as:
bankruptcy
refusal of credit
related details such as stocks acquired prior to 20/09/1985.
Documentation may include:
advice
agreements
bills
brochures
contracts or policy statements
in-house publications
legal, government, professional or other documents
meeting notes
memos
official, general and other correspondence
program recommendations
prospectuses
quotations
receipts
records of telephone conversations
reference to all evidence and information considered
reports
research
statistical
ad hoc
transaction
other
written reasons for adopting or incorporating certain information in preference to other information.
Confidentiality includes:
any requirements under legislation such as
Consumer Affairs Act
Consumer Credit Code
industry codes of practice
Privacy Act
standards set out in company policies and procedures.
Company policy and guidelines may include:
advertising and marketing
clerical procedures
codes of practice
complaints and dispute resolution procedures
IT and administrative systems
policies and procedures in relation to client service
product or service development.
Relevant legislation and industry codes of practice may include:
Australian Securities and Investments Commission (ASIC) Act, policy and guidelines
analysis skills to form a holistic perspective of complex situations and identify implications
Consumer Affairs Act
Consumer Credit Code
contract law
Corporations Act
industry codes of practice
Insurance Act
Life Insurance Act
Privacy Act
social security regulations
State and Territory legislation
Taxation Acts
Trade Practices Act
trust law.
Business financial situation may include:
assets and liabilities
business interests and structures
history of bankruptcy.
Client expectations and requirements may include:
comprehensive financial planning
portfolio advice
product specific advice and/or service.
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:
comply with relevant industry codes of practice, legislation and regulations and organisational policies and procedures
discuss the financial planning process, services and options with clients and establish their personal, family and business financial situation
identify client strengths and liabilities in their financial management and information on any complex taxation and or estate issues they may have
establish a holistic picture of the clients' requirements and expectations to identify risks or unusual requirements and assess risk and fraud indicators
empathise and build rapport with clients by offering thorough and ongoing assistance with all enquiries and requests for service
maintain and use knowledge of, and communicate the features and benefits of products and services available
maintain and use thorough knowledge of legislation and financial implications affecting family and business structures
maintain and use thorough knowledge of taxation and property structures and financial implications.
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.
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
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills which may include formal examinations
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work
accessing and validating third party reports.
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:
comply with relevant industry codes of practice, legislation and regulations and organisational policies and procedures
discuss the financial planning process, services and options with clients and establish their personal, family and business financial situation
identify client strengths and liabilities in their financial management and information on any complex taxation and or estate issues they may have
establish a holistic picture of the clients' requirements and expectations to identify risks or unusual requirements and assess risk and fraud indicators
empathise and build rapport with clients by offering thorough and ongoing assistance with all enquiries and requests for service
maintain and use knowledge of, and communicate the features and benefits of products and services available
maintain and use thorough knowledge of legislation and financial implications affecting family and business structures
maintain and use thorough knowledge of taxation and property structures and financial implications.
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.
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
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills which may include formal examinations
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR48 | FNSFPL602 | Determine client requirements and expectations for clients with complex needs | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S737 | FNS60410 | Advanced Diploma of Financial Planning | Qualification |