Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to analyse client needs and provide advice ethically and professionally on superannuation in compliance with industry regulations and codes of practice. It addresses the training requirements of current Australian Securities and Investments Commission (ASIC) and Australian financial services (AFS) licensing at Tier 1 level.
It applies to individuals who use well-developed interpersonal skills and excellent communication and self-management skills to perform a specialist advisory role in superannuation.
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 ASIC for specific guidance on requirements.
Pre-requisite Unit
FNSINC501 |
Conduct product research to support recommendations |
FNSIAD501 |
Provide appropriate services, advice and products to clients |
FNSCUS505 |
Determine client requirements and expectations |
FNSCUS506 |
Record and implement client instructions |
Unit Sector
ASIC units
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Establish relationship with client and identify client’s objectives, needs and financial situation |
1.1 Establish client’s knowledge about financial products and services 1.2 Respond to enquiries about superannuation products and services by explaining range of products and services available and their relevant fee and charging methodology 1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct, including procedures for complaints handling and circumstances in which they should be engaged 1.4 Ask about client’s objectives and goals and obtain personal, financial and business details to identify client needs 1.5 Establish product risk profile of client, including expectations of cash flow and relevant taxation obligations |
2. Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions |
2.1 Undertake assessment of client needs using all information gathered, taking into account client’s product expectations and specific needs 2.2 Consult client throughout analysis for further clarification where necessary 2.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required 2.4 Assess and confirm product risk profile of client, demonstrating ASIC identified generic and specialist knowledge relevant to products being offered 2.5 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client’s needs 2.6 Conduct relevant research, analysis and product modelling and draft appropriate solution, plan, policy or transaction for presentation to client |
3. Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction |
3.1 Apply appropriate knowledge for service or product offered when presenting product 3.2 Clearly and unambiguously explain proposed transaction to client 3.3 Reinforce all relevant details, terms and conditions of product and/or service 3.4 Disclose impacts and possible risks of solution in clear and concise manner 3.5 Provide supporting written documentation and guide client through key aspects of documentation 3.6 Discuss and clarify any concerns or issues client has regarding proposed plan, policy or transaction 3.7 Confirm that client understands proposed plan, policy or transaction |
4. Agree to plan, policy or transaction and complete documentation |
4.1 Obtain client’s formal agreement to proposed plan, policy or transaction 4.2 Clearly explain and confirm client understands all associated fees, cost structures and timeframes for execution and processing 4.3 Ensure that proposal and all other statutory and transactional documents are completed and signed off by client 4.4 Exchange copies of signed agreement and other appropriate documentation |
5. Provide ongoing service where requested by client |
5.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client 5.2 Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details 5.3 Provide ongoing service as required |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
2.1, 2.5, 2.6 |
|
Writing |
1.1-1.3, 1.5, 2.1, 2.2, 2.4-2.6, 3.2, 3.3, 3.5, 3.7, 4.1, 5.1 |
|
Oral Communication |
1.1-1.5, 2.2, 2.4, 3.2-3.7, 4.2, 5.1, 5.2 |
|
Numeracy |
1.5, 5.2 |
|
Navigate the world of work |
1.3, 2.4, 2.6, 3.3, 3.4, 5.1 |
|
Interact with others |
1.5, 2.4, 3.5, 3.6, 4.2, 5.2 |
|
Get the work done |
1.5, 2.1, 2.3-2.6, 3.1, 4.1, 4.3, 4.4, 5.3 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSASICU503 Provide advice in superannuation |
FNSASICU503A Provide advice in superannuation |
Updated to meet Standards for Training Packages |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe