Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to research information on specified financial products and strategies for use in the financial planning process. It encompasses interpreting research requirements, researching financial products and strategies, summarising research information and contributing to financial plan recommendations. This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so the varying State or Territory requirements should be confirmed with the relevant body. |
Application of the Unit
Application of the unit |
The unit has application to job roles within the financial planning industry including para-planners, technical staff, support staff, trainee financial planners and financial planners. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Interpret research requirements |
1.1. Client information and objectives are reviewed and quantified and research topics are established 1.2. Specifications of products and/or services to be researched are checked with a senior financial planner 1.3. Aims and objectives of the research are clearly established and understood and measured against client requirements and expectations 1.4. Timeframes are established and requests prioritised to ensure available information is useable and justifiable |
2. Research financial products and strategies to set guidelines |
2.1. Data extraction criteria are relevant to intended use and client requirements 2.2. Trends are identified to provide meaningful information on strategies and product performance 2.3. Risk identification is made for researched strategies and products 2.4. Financial products and strategies are analysed within appropriate timeframes to ensure currency of decision making 2.5. Issues that require specialist and/or independent research or advice are identified |
3. Summarise research information and contribute to recommendations |
3.1. Information on financial strategies and products is collated, prioritised and checked against research specification 3.2. Research is analysed for completeness and assessed for relevant implications of the information 3.3. Written performance, trend and risk analyses are prepared and checked against research specification 3.4. Any qualifications or issues for further research are defined and recorded 3.5. Recommendations are contributed to the financial planning process according to organisation procedures and guidelines |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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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. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment must ensure:
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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:
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Guidance information for assessment |
Range Statement
RANGE STATEMENT |
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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. |
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Timeframe considerations may include: |
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Information may include factors such as: |
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Research may be: |
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Unit Sector(s)
Unit sector |
Financial planning |
Competency field
Competency field |
Co-requisite units
Co-requisite units |
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