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 will affect performance.
The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.
Adviser may include:
any representative of a licensee
employee or owner
all natural persons who provide financial product advice to retail clients
Identified needs and outcomes may include:
debt position
security
expectations of income from this product
family income
business needs
expectations of access to product
expectations of lifecycle and length of product
Risk profile might include:
risk factors and return expectations
volatility of income and capital
market and sector risks (economic cycle, fixed interest, property, stock market)
access restrictions on product
economic
specific product risk
borrowing risk/gearing
Information gathered from the client might include:
details of the customers needs and objectives for income, security, liquidity, and the time period the customer is planning for
details of liabilities and potential liabilities of the customer
individual investment preferences and aversion or tolerance to risk
other customer details such as employment security, likely events and their impact on the customer, age and other products they have
Documentation might include:
computer and manual applications
written advice
disclaimers
disclosures
product application forms
Concerns and issues might include:
beliefs about performance
security
conservative
risk
fluctuations in income and/or capital
moderate
speculator
passive
active
long term or short term investor

EVIDENCE GUIDE
Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.
Overview of assessment requirements
To achieve competency in this unit, a person must be able to demonstrate:
knowledge of industry regulations and codes of practice, financial products and services, financial markets and characteristics, roles of other specialist providers and licensees, as well as the impacts of taxation on the clients financial requirements for the specific products offered
for insurance products, competence in this unit is subject to the staff members' approval/authority to accept the transfer of risk
Critical aspects of evidence
Evidence required for demonstration of consistent performance:
Competency is demonstrated by performance of all stated criteria, including the Range Statement applicable to the workplace environment.
Assessment should cover a representative range of clients (risk profile and needs) and products.
Delivery/assessment relationship to other units:
This unit could be assessed in conjunction with:
FNSASIC301B Establish client relationship and analyse needs.
Assessment Requirements
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.
Registered Training Organisations (RTOs) need to be mindful of the legislative obligations of licensees, where ASIC have prescribed the opportunities where recognition of current competence can be undertaken for these units.
Resources required for assessment:
Unless otherwise specified, there are no significant resource implications for assessment of this unit, apart from access to a relevant workplace or closely simulated office environment and the use of a range of office equipment, technology and consumables. These may include standard commercial computer hardware, software, telephones, facsimiles, and other relevant office equipment.