Qualification details

Release 

Comments 

Release 4

Updated incorrect unit code in prerequisite unit list for FNSASIC503A.

FNSCUS503A instead of FNSCUS506A.

Qualification outcome remains unchanged.

Release 3

This version released with FNS10 Financial Services Training Package 5.0.

Update imported units:
BSBCUS501B to BSBCUS501C;
BSBSMB405A to BSBSMB405B.

Identified prerequisite units in the packaging rules.

Qualification outcomes remain unchanged.

Release 2

This version released with FNS10 Financial Services Training Package 3.1.

Advice relating to ASIC requirements removed from the qualification and reference made to the regulator and Regulatory advice held on the IBSA website

Release 1

This Qualification first released with FNS10 Financial Services Training Package version 2.0.

BSBOHS303B Contribute to OHS hazard identification and risk assessment has been removed as not required.

Packaging rules for this qualification have been changed to 9 core units and 6 electives.

Replaces FNS50610 Diploma of Financial Planning

Employability Skill 

Industry/enterprise requirements for this qualification include: 

Communication

• assisting clients to identify financial goals and priorities and assessing their current financial situation
• developing and writing reports to specifications
• interpreting clients’ requirements and tailoring financial plan to meet their needs
• negotiating solutions with clients
• questioning, listening and clarifying client’s requirements
• using excellent customer service skills and maintaining an ongoing relationship with clients

Teamwork

• allocating personnel for ongoing service tasks
• delegating roles and responsibilities to team members
• outsourcing tasks to internal and external specialists as required

Problem solving

• checking the accuracy of calculations for fees and charges
• conducting trend and risk analysis including product modelling
• estimating, forecasting and conducting competitive comparisons
• identifying and resolving inconsistencies in information
• identifying OHS hazards and maintaining risk control
• performing calculations and developing a risk profile for individual clients
• testing strategic assumptions
• using modelling tools to test assumptions against a variety of scenarios

Initiative and enterprise

• developing administrative processes to implement financial plans
• identifying ongoing service options for clients and confirming these with clients
• identifying risk and managing it
• proactively anticipating customer requirements and recommending products
• researching alternative options for clients’ needs

Planning and organising

• ensuring the integrity of systems, records and reporting procedures are maintained
• implementing financial plans according to agreed actions, time schedule and agreed priorities
• undertaking research and developing solutions such as financial plans

Self-management

• planning own work schedule and monitoring and evaluating own work performance
• taking responsibility as required by work role and ensuring all organisational policies and procedures are followed
• understanding and acting upon compliance implications
• working ethically and complying with industry professional code of practice and legislative requirements

Learning

• adapting to change in technology and/or work practices
• defining own work role and working within defined responsibilities
• developing and maintaining personal competency
• following workplace safety procedures
• identifying opportunities for professional development
• maintaining currency of knowledge of financial products and services
• seeking expert advice as required

Technology

• conducting web searches, using corporate templates and financial planning software
• operating computers and using word processing, spreadsheet and database skills to produce workplace documentation
• using business technology to access, organise and monitor information
• using research data devices and telecommunication devices and equipment

Code and title 

Pre-requisite units required 

FNSASICZ503A Provide advice in Financial Planning

FNSFPL501A Comply with financial planning practice ethical and operational quidelines and regulations

FNSFPL502A Conduct financial planning analysis and research

FNSFPL503A Develop and prepare financial plan

FNSFPL504A Implement financial plan

FNSFPL505A Review financial plans and provide ongoing service

FNSASICQ503A Provide advice in First Home Saver Market Linked Accounts

FNSINC501A Conduct product research to support recommendations
FNSIAD501A Provide appropriate services, advice and products to clients

FNSCUS505A Determine client requirements and expectations

FNSCUS506A Record and implement client instructions

FNSASICU503A Provide advice in Superannuation

FNSINC501A Conduct product research to support recommendations

FNSIAD501A Provide appropriate services, advices and products to clients

FNSCUS505A Determine client requirements and expectations

FNSCUS506A Record and implement client instructions

FNSASICX503A Provide advice in Life Insurance

FNSINC501A Conduct product research to support recommendations

FNSIAD501A Provide appropriate services, advice and products to clients

FNSCUS505A Determine client requirements and expectations

FNSCUS506A Record and implement client instructions

FNSASICY503A Provide advice in Insurance Broking

FNSIBK506A Monitor broking clients

FNSIBK403A Implement an agreed insurance program for a broking client

FNSIBK507A Review broking client service performance

FNSIBK508A Implement changes to broking client’s insurance program