Release 

Comments 

Release 2

This version first released with FNS Financial Services Training Package Version 2.0.

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. Determine client needs and advise client on suitable trust structures

1.1 Discuss the client's personal, financial and family circumstances and identify areas of risk to preservation of the client's assets

1.2 Advise client on trust structures available to mitigate the identified risks including the type of trust, how the trust is created and administered, the taxation consequences of the trust, any legislative requirements for the trust and the role of the trustee

1.3 Discuss and confirm with the client the fees and cost structure for the advice on trust structures and the preparation of trust documentation

1.4 Identify relevant legislation and organisational policies and procedures for consideration in drafting the client's trust documentation

1.5 Seek assistance, advice or other services from internal or external specialist advisers as required

2. Prepare draft trust documentation

2.1 Research relevant strategies, laws and trust structures

2.2 Identify and consider the benefits, risks and taxation consequences of each trust structure proposed

2.3 Prepare, in accordance with legislative and organisational policy requirements, appropriate draft trust documentation for the client to review and consider

3. Present draft trust documentation to the client

3.1 Explain to the client the draft trust documentation, trust structure and trust objectives

3.2 Discuss with the client how the trust structure will achieve asset protection for the client

3.3 Explain to the client what the client will need to do to finalise and implement the draft trust documentation

3.4 Seek and consider the client's feedback on the draft trust documentation

4. Finalise trust documents

4.1 Document any amendments to the draft trust documentation arising from the client's feedback on the draft trust documentation

4.2 Finalise the draft trust documentation and prepare an execution copy of each document

4.3 Discuss with the client any changes in the final trust documentation

4.4 Arrange for the client's due execution of the trust documentation

Skill 

Performance 

Criteria 

Description 

Reading

1.4, 2.1

• Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements

Writing

2.3, 4.1

• Accurately records information and prepares correspondence and documentation using clear language and organisational formats and protocols
• Records outcomes of discussions and makes changes to policy documentation using industry relevant terminology

Oral Communication

1.1–1.3, 3.1–3.4, 4.3

• Uses active listening, questioning and reading of paralinguistic signals to clarify information and confirm understanding
• Clearly explains detailed information using language, tone and pace appropriate to the audience

Numeracy

1.1–1.3, 2.2

• Uses highly developed numeracy skills to interpret complex financial information and produce detailed financial strategies

Navigate the world of work

1.3, 1.4, 2.3, 4.4

• Takes full responsibility for following policies, procedures and legislative requirements and identifies organisational implications of new legislation or regulation

Interact with others

1.1–1.3, 1.5, 3.1–3.4, 4.1, 4.3

• Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships
• Recognises the diversity in people and manages this diversity to improve workplace relations and practices
• Manages conflict through the recognition of contributing factors and by implementing strategies to resolve conflict

Get the work done

1.1, 1.2, 2.1–2.3, 3.4, 4.2, 4.4

• Accepts responsibility for planning and sequencing complex tasks and workload negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
• Makes critical decisions quickly and intuitively in complex situations taking into consideration a range of variables including the outcomes of previous decisions
• Uses digital systems and technologies to enter, store or access information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSPRT501 Advise clients on trust structures

FNSPRT501 Advise clients on trust structures

Minor edits to clarify intent of performance criteria.

Equivalent unit

Release 

Comments 

Release 2

This version first released with FNS Financial Services Training Package Version 2.0.

Release 1

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