Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Evaluate client’s current situation and identify issues

1.1 Analyse integrity of information provided by client

1.2 Identify, quantify and test client objectives for viability

1.3 Establish basis for strategy development in line with confirmed objectives

2. Identify research requirements and parameters

2.1 Establish aims and objectives of research including strategy, product and performance parameters against client requirements and expectations, with all issues identified

2.2 Identify and access wide range of relevant internal and external information resources required for research

2.3 Establish timeframes and prioritise requests for information to ensure milestones are met

3. Extract and analyse information according to research requirements and parameters

3.1 Establish data extraction criteria that are relevant to intended use and client requirements

3.2 Identify trends to provide meaningful information on performance of possible strategies, products and markets

3.3 Identify taxation and other government legislation that needs to be considered in choice of financial planning strategies

3.4 Conduct risk assessment of strategies and products identified through research

3.5 Analyse financial products within appropriate timeframes to ensure currency of decision making

3.6 Prioritise information according to client requirements and expectations

3.7 Identify issues that require specialist research or advice and obtain appropriate advice

4. Summarise research information

4.1 Collate and check information on financial strategies and products against research specification

4.2 Prepare and check written performance, trend and risk analyses against research specification

4.3 Document any qualifications or issues for further research

Skill 

Performance Criteria 

Description 

Reading

1.1-1.3, 2.2, 3.3, 3.5, 3.7, 4.1, 4.2

• Researches, analyses and compares complex information to determine and confirm work requirements

Writing

2.1, 2.3, 3.6, 4.2, 4.3

• Uses language, concepts and terminology appropriate to the audience and purpose to share, convey and clarify explicit information and requirements

Oral Communication

1.1, 1.3, 2.3

• Uses active listening and questioning techniques to clarify and elicit information from a range of stakeholders

Numeracy

1.2, 3.2, 3.4, 3.5, 4.1, 4.2

• Performs calculations and uses analytical techniques to determine trends and make comparisons of financial information
• Develops timelines to plan and monitor progress

Interact with others

3.7

• Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders to seek or share information

Get the work done

1.1-1.3, 2.1-2.3, 3.1-3.7, 4.1-4.3

• Plans, organises and implements processes to ensure required tasks are completed efficiently and effectively
• Systematically gathers, analyses and evaluates research findings to decide on appropriate products or advice
• Uses the main features and functions of digital tools to complete work tasks and to access information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSFPL502 Conduct financial planning analysis and research

FNSFPL502A Conduct financial planning and research

Updated to meet Standards for Training Packages

Minor rewording and reorganisation of performance criteria to clarify intent of unit

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.