Qualification details

Modification History

Qualification Description

This qualification is for financial planners who provide a comprehensive range of financial planning services across a variety of product environments, including those involving complex issues and/or innovative strategies. Individuals in these roles require well-developed skills and a broad knowledge base of the financial planning sector and the ASIC regulatory framework. At this level individuals are expected to apply specialist skills and knowledge in a range of situations to deal with complex situations and issues. They work across a broad range of technical or management functions with accountability for personal outputs and for team outcomes.

Licensing/Regulatory Information

Work functions in the occupational areas where this qualification 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.

Entry Requirements

The entry requirement for this qualification is completion of the following units of competency, from the core of the Diploma in Financial Planning or their equivalent from a previous version of the FNS Training Package. These are:

FNSASICZ503* Provide advice in financial planning

FNSFPL501 Comply with financial planning practice ethical and operational guidelines and regulations

FNSFPL502 Conduct financial planning analysis and research

FNSFPL503 Develop and prepare financial plan

FNSFPL504 Implement financial plan

FNSFPL505 Review financial plans and provide ongoing service

FNSFPL506 Determine client requirements and expectations

FNSINC401 Apply principles of professional practice to work in the financial services industry

The entry requirement can be met by evidence of equivalent competency to the above units through recognition of prior learning (RPL).

Packaging Rules

Total number of units = 11 

8 core units  plus

3 elective  units

The elective units consist of:

• 3 from the electives below
• up to 3 may be from an Advanced Diploma in any currently endorsed training package or accredited course.

The elective units chosen must be relevant to the work outcome and meet local industry needs. 

FNSASIC503 units previously completed successfully and granted competency for cannot be selected as elective units in this qualification.

Units selected from other Training Packages or accredited courses must not duplicate units selected from or available within the FNS Financial Services or BSB Business Services Training Packages.

In packaging these units for qualifications it is important to note that each of the FNSASIC503 series units can only be counted once towards the issuance of a Diploma qualification, although they may be assessed and issued as Statements of Attainment as often as is required for industry compliance and participants' need.

In practice this means that should a participant achieve accreditation for say, FNSASICT503 Provide advice in managed investments, any future accreditation (and Statements of Attainment) they receive for any other units in this FNSASIC503 series cannot be counted towards a Diploma qualification.

Core Units  

FNSFPL508 Conduct complex financial planning research

FNSFPL601 Provide technical and professional guidance

FNSFPL602 Determine client requirements and expectations for clients with complex needs

FNSFPL603 Provide comprehensive monitoring and ongoing service

FNSFPL604 Develop complex and innovative financial planning strategies

FNSFPL605 Present and negotiate complex and innovative financial plans

FNSFPL606 Implement complex and innovative financial plan

FNSPRM601 Establish, supervise and monitor practice systems to conform with legislation and regulations

Elective Units 

BSBINM601 Manage knowledge and information

BSBINN502 Build and sustain an innovative work environment

BSBMGT605 Provide leadership across the organisation

BSBMGT617 Develop and implement a business plan

BSBSMB405 Monitor and manage small business operations

BSBSUS501 Develop workplace policy and procedures for sustainability

FNSASICQ503* Provide advice in first home saver market linked accounts

FNSASICR503* Provide advice in margin lending

FNSASICS503* Provide advice in foreign exchange

FNSASICT503* Provide advice in managed investments

FNSASICU503* Provide advice in superannuation

FNSASICV503* Provide advice in derivatives

FNSASICW503* Provide advice in securities

FNSASICX503* Provide advice in life insurance

FNSASICY503* Provide advice in insurance broking

FNSCUS505 Determine client requirements and expectations

FNSCUS506 Record and implement client instructions

FNSFMK502 Analyse financial market products for client

FNSFMK503 Advise clients on financial risk

FNSIAD501 Provide appropriate services, advice and products to clients

FNSIBK403 Place client insurances with insurers and confirm insurance cover with clients

FNSIBK515 Monitor broking client requirements and establish loss control programs

FNSIBK507 Review service performance

FNSIBK508 Implement changes to broking client’s insurance program

FNSINC501 Conduct product research to support recommendations

FNSPRM602 Improve the practice

FNSPRM603 Grow the practice

*Note the following prerequisite unit requirements:

Qualification Mapping Information

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe