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. Confirm client estate planning requirements with client

1.1 Discuss the client's personal, financial and family situation and identify the client's estate planning needs

1.2 Identify aspects of the client's situation that require special attention within the estate plan

1.3 Discuss and confirm with the client the fees and cost structure for the estate plan

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

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

2. Prepare draft estate plan and ancillary documents

2.1 Research relevant estate planning products, services and strategies that meet the client's needs and expectations

2.2 Identify and consider the benefits, risks and taxation consequences of each product, service and strategy identified

2.3 Prepare, in accordance with legislative and organisational policy requirements, an appropriate draft estate plan and any ancillary documentation for the client to review and consider

3. Present the draft estate plan to the client

3.1 Explain to the client the draft estate plan, its structure and objectives

3.2 Identify and explain to the client the products, services and strategies contained in the draft estate plan and any ancillary documentation

3.3 Explain to the client what the client will need to do to finalise and implement the draft estate plan

3.4 Seek and consider the client's feedback on the draft estate plan and any ancillary documentation

4. Finalise the estate plan and ancillary documents

4.1 Document any amendments to the draft estate plan arising from the client's feedback on the draft estate plan

4.2 Finalise the estate plan and any ancillary documentation

4.3 Discuss with the client any changes in the final estate plan

4.4 Arrange for the client to execute the estate plan and any ancillary documentation

Skill 

Performance 

Criteria 

Description 

Reading

1.2, 1.4, 2.1, 2.2

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

Writing

2.3, 4.1, 4.2

• Accurately records information and prepares correspondence and documentation using clear language and organisational formats and protocols

Oral Communication

1.1, 1.3, 3.1–3.4, 4.3

• Uses active listening, questioning 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

• Performs mathematical calculations to interpret complex financial information including tax and insurance requirements

Navigate the world of work

1.3–1.5, 2.3, 4.2, 4.4

• Works independently or with others in making decisions to achieve organisational outcomes
• Takes full responsibility for following policies, procedures and legislative requirements and identifies organisational implications of new legislation or regulations

Interact with others

1.1, 1.3, 1.5, 3.1–3.4, 4.3

• Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships
• Collaborates with others sharing information to achieve organisational outcomes
• Recognises the diversity in people and manages this diversity to improve workplace relations and practices

Get the work done

1.1,1.2, 2.2, 3.4, 4.1, 4.2

• Accepts responsibility for planning and sequencing complex tasks and workload negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
• Monitors progress of plans and schedules and reviews and changes them to meet new demands and priorities
• Applies systematic and analytical decision-making processes for complex and non-routine situations
• Uses digital systems and technologies to enter, store or access information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSPRT502 Advise clients in estate planning

FNSPRT502 Advise clients in estate planning

Element 1 split and rewritten and re-ordered performance criteria to clarify intent of unit.

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.