Elements and Performance Criteria

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.


computer and manual applications

written advice

disclaimers

disclosures

Eligible Termination Payment (ETP) forms

insurance policies

prospectus

receipts


Australian Securities and Investment Commission (ASIC) Act

ASIC policy and guidelines

Taxation Acts

Consumer Credit Code

Privacy Act

Corporations Act

Contracts Law

Trade Practices Act

Trust Law

Consumer Affairs Act

industry codes of practice

State and Territory legislation

Social Security regulations

Life Act

Insurance Act

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.
Overview of assessment

To achieve competency in this unit, a person must be able to demonstrate:

knowledge of relevant legislation and regulations
knowledge of relevant industry codes of conduct
knowledge of organisational operating practices
knowledge of organisational policies and procedures
ability to discuss and confirm arrangements for ongoing service
ability to establish procedures for providing ongoing service
ability to undertake and or supervise review of plan
ability to effectively review and assess the success of the financial plan
in-depth knowledge of the financial planning industry, industry regulations and codes of practice
financial products, financial markets and investment characteristics
roles of associated financial advisers, impacts of taxation, social security, economic and other government policies on client investment and financial requirements
high level communication, interpersonal and negotiation skills
ability to recognise and act upon signs that modifications to the plan are required
ability to gain client feedback on and or agreement to modifications
ability to develop ongoing service agreements for clients
review of audit trails
effective documentation of records and data of implementation and review
ability to implement client instructions
ability to assess outcomes of the plan against changing needs of the client

Evidence required for demonstration of consistent performance:
Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the particular workplace environment and should cover a representative range of financial planning products and/or services.

Delivery/assessment relationship to other units:
This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.
Evidence is most relevant when provided through an integrated activity, which combines the elements of competency for the unit, or a cluster of units of competency.

Method of assessment:
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:
Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.
Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Resources required for assessment:
Assessment of this unit of competence requires access to suitable resources to demonstrate competence.
Assessment instruments, including personal planner and assessment record book.
Access to registered provider of assessment services.