Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to promote and grow a financial practice. It requires the application of marketing skills and the use of market intelligence to develop and implement practice promotion and growth plans. This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body. |
Application of the Unit
Application of the unit |
This unit may apply to job roles involving developing growth strategies for any financial practice. |
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. Develop marketing plan for the practice |
1.1. The practice vision statement objectives are developed or reviewed 1.2. Target markets are identified or refined based on research and experience 1.3. Market research data are obtained and a competitor analysis developed 1.4. The practice market position is developed or reviewed based on the research findings and analysis |
2. Develop practice promotion plans |
2.1. Practice brand is developed and the benefits of the practice, practice products and services are identified 2.2. Appropriate promotion tools are selected or developed as required |
3. Develop practice growth plans |
3.1. Plans to add new clients and increase yield per existing client are developed 3.2. Proposed plans are ranked according to agreed criteria and an action plan to implement the top ranked plans is developed and agreed 3.3. Practice work practices are reviewed to ensure they support growth plans |
4. Implement and monitor plan |
4.1. Implementation plan is developed in consultation with all relevant stakeholders 4.2. Indicators of success of the plan are agreed and implementation is monitored against agreed indicators 4.3. Implementation is adjusted as required to meet objectives |
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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Practice objectives should be: |
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Market research data includes: |
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Competitor analysis includes: |
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Market position should include data on: |
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Practice brand may include: |
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Benefits may include: |
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Promotion tools include: |
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Yield per existing client may be increased by methods including: |
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Unit Sector(s)
Unit sector |
Practice management |
Competency field
Competency field |
Co-requisite units
Co-requisite units |
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