Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to undertake financial planning analysis and research. It encompasses evaluating a client's current situation and identifying issues, research requirements and parameters for extracting and analysing information, and summarising research information. This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC). |
Application of the Unit
Application of the unit |
The unit has application to job roles such as para-planners, technical staff 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. Evaluate the client's current situation and identify the issues |
1.1. Analysis of the integrity of information provided by the client is undertaken 1.2. The client objectives are identified and quantified and tested for viability 1.3. The basis for strategy development is established based on confirmed objectives |
2. Identify research requirements and parameters |
2.1. Aims and objectives of research including strategy, product and performance parameters are established against client requirements and expectations with all issues identified 2.2. A wide range of relevant internal and external information resources required for the research are identified and accessed 2.3. Timeframes are established and requests for information prioritised to ensure milestones are met |
3. Extract and analyse information according to research requirements and parameters |
3.1. Data extraction criteria are established that are relevant to intended use and client requirements 3.2. Trends are identified to provide meaningful information on performance of possible strategies, products and markets 3.3. Risk assessment is made of strategies and products identified through the research 3.4. Financial products are analysed within appropriate timeframes to ensure currency of decision making 3.5. Obtained information is prioritised according to client requirements and expectations 3.6. Issues that require specialist research or advice are identified and appropriate advice obtained |
4. Summarise research information |
4.1. Information on financial strategies and products is collated and checked against research specification 4.2. Written performance, trend and risk analyses are prepared and checked against research specification 4.3. Any qualifications or issues for further research are documented |
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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Information may be in regard to: |
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Client expectations and requirements may include: |
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Timeframe considerations may include |
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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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