Release 

Comments 

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. Assist trustees to devise investment objectives

1.1 Establish investment objectives to meet financial requirements of client

1.2 Develop portfolio benchmarks from investment objectives

1.3 Determine asset allocation and mix so that portfolio benchmarks and investment objectives can be met

2. Assist trustees to devise investment strategy

2.1 Compare asset allocation to appropriate strategic variables

2.2 Develop investment strategy in accordance with organisational and legislative investment requirements

2.3 Document investment strategy in accordance with organisational and legislative requirements

3. Assist trustees in selection of investment services providers

3.1 Establish range of performance criteria for service providers

3.2 Establish preferred list of service providers for clients

3.3 Review service providers against established performance criteria to ensure correct selection

3.4 Appoint suitable service providers that meet established performance criteria

3.5 Explain investment objectives and strategy to investment service providers so they may invest assets into products that are in accordance with legislated and trust deed requirements

4. Assist trustees to monitor investment services provider activities

4.1 Gather and interpret reports provided by relevant service providers

4.2 Compare results against documented investment objectives and strategies

4.3 Ensure reallocation of assets according to results achieved or strategy direction

5. Assist trustees to comply with ongoing management of fund

5.1 Provide member communication and disclosure requirements in accordance with legislative requirements

5.2 Ensure reports produced by service providers are received by trustees

5.3 Manage liquidity requirements of fund, taking into consideration current and future liabilities

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.3, 2.1, 2.2, 2.3, 3.3, 4.1, 4.2, 5.1

• Selects, synthesises and critically evaluates evidence from a variety of sources containing complex and embedded information

Writing

1.1, 1.2, 2.2, 2.3, 3.1, 3.2, 4.2, 5.1

• Records and consolidates related information precisely and concisely

Oral Communication

1.1, 2.1, 2.2, 2.5, 3.1, 3.5, 5.1

• Provides advice to relevant personnel using language and register appropriate to the audience
• Seeks information using active listening and questioning to clarify understanding

Numeracy

1.1-1.3, 2.1-2.3, 3.5, 4.1-4.3

• Interprets and analyses mathematical information from complex reports, and documents and performs basic calculations related to self-managed superannuation funds to update accounts

Navigate the world of work

1.2, 2.2, 4.3, 5.1

• Takes full responsibility for following policies, procedures and legislative requirements, ensuring that compliance obligations are fulfilled and that own knowledge is up to date

Interact with others

3.5, 5.1, 5.2

• Liaises with relevant persons using appropriate conventions and protocols

Get the work done

1.1-1.3, 2.1-2.3, 3.1-3.4, 4.1-4.3, 5.1-5.3

• Plans, organises, develops and implements strategies, processes and procedures to meet requirements of trustees
• Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations
• Uses familiar digital technologies and systems to access and update account records and to search for and present information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSSMS501 Invest self-managed superannuation funds assets

FNSSMS501A Invest self-managed superannuation funds assets

Updated to meet Standards for Training Packages.

Rewritten, reordered and clarified performance criteria.

Equivalent unit

Release 

Comments 

Release 1

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