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 undertake financial planning analysis and research. It encompasses evaluating a client’s current situation, identifying issues and researching requirements and parameters for extracting and analysing information, and summarising research information.
It applies to individuals who, within their level of authority, apply specialised knowledge, systematic approaches and analytical techniques to research and prepare information customised for clients and/or situations.
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 the relevant regulator for specific guidance on requirements.
Unit Sector
Financial planning
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. 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 |
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 |
1.1-1.3, 2.2, 3.3, 3.5, 3.7, 4.1, 4.2 |
|
Writing |
2.1, 2.3, 3.6, 4.2, 4.3 |
|
Oral Communication |
1.1, 1.3, 2.3 |
|
Numeracy |
1.2, 3.2, 3.4, 3.5, 4.1, 4.2 |
|
Interact with others |
3.7 |
|
Get the work done |
1.1-1.3, 2.1-2.3, 3.1-3.7, 4.1-4.3 |
|
Mapping 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 |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe