Unit of competency Outline
Date retreived
23/07/2026 2:12 AM AWST
23/07/2026 2:12 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Provide appropriate and timely information and advice to clients
Provide appropriate and timely information and advice to clients
Unit of competency
National Code
FNSIAD502A
FNSIAD502A
State Code
D4166
D4166
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
080501 - Sales
Original Release Date
31/07/2014
Nominal Hours
70
Description
This unit describes the performance outcomes, skills and knowledge required to provide financial information and advice to clients with regard to a variety of financial investment options.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Notes
Elements and Performance Criteria
1. Analyse client's expectations, requirements and investment strategies
- 1.1. Client's expectations and needs are determined in accordance with client requirements, organisation policies and guidelines, and relevant legislation or industry codes of practice
- 1.2. Appropriate strategies to meet client's needs and requirements are determined promptly and accurately
- 1.3. Research is carried out and relevant research data is utilised where appropriate
- 1.4. Specialist advice and assistance, where required, is sought and obtained promptly
- 1.5. Cost-benefit analysis is carried out on the various strategies determined and is documented where appropriate
2. Develop a response consistent with client's investment strategies and agreed terms of business
- 2.1. A range of investment options relevant to client requirements and investment strategies is selected
- 2.2. Features of the options, including potential impacts are explained in a clear, unambiguous way to client
- 2.3. Relevant disclosures as required by legislation, industry codes of practice or organisation policies and guidelines are made to clients
- 2.4. Confirmation is sought from clients that they understand the selected options, potential impacts and disclosures
- 2.5. Requirements to put the suggested options into effect are explained and agreement to proceed is obtained from clients
- 2.6. Documentation, including suggested options, agreed investment strategies and confirmation of agreement is prepared promptly and accurately
- 2.7. Client records are updated and filed promptly
3. Provide ongoing financial advice and review of portfolio where requested and within agreed terms of business
- 3.1. Ongoing rapport is maintained with clients
- 3.2. Client satisfaction and feedback is sought regarding service performance, portfolio performance and recommended investment strategies
4. Market services and investment opportunities to clients
- 4.1. Potential investment opportunities and provision of additional or ongoing services are identified from a review of client records and feedback and external financial markets
- 4.2. Strategies to inform existing clients of additional/ongoing services and potential investment opportunities are identified and implemented
- 4.3. Client feedback on advertising/marketing strategies is sought to monitor the effectiveness of those strategies
RANGE STATEMENT
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.
Client expectations and needs may include:
beliefs about performance of financial products
financial planning
long-term or short-term risk and security of investment
portfolio advice
speculative advice
stock specific advice.
Organisation policy and guidelines may include:
advertising and marketing
codes of practice
complaints and dispute resolution procedures
IT and administrative systems
policies and procedures in relation to client service
product or service development.
Relevant legislation and codes of practice may include:
Consumer Affairs Act
Consumer Credit Code
contract law
Corporations Act
industry codes of practice
national Guarantee Funds Rules
Privacy Act
relevant financial association's business rules and codes of conduct
secrecy laws
Taxation Act
Trade Practices Act
trust law.
Clients may include:
agents
companies and organisations
intermediaries
members
members of the public
shareholders
stockbrokers
trustees.
Investment options, opportunities and strategies may include:
equities
corporate advice
derivatives
discretionary accounts
margin lending
money market facilities
portfolio management and administration
research
scrip lending
tax factors.
Disclosures include:
charges
fees
interest.
Documentation may include:
advice provided
agreements
bills
contracts or policy statements
in-house publications
legal, government, professional documents
meeting notes
memos
correspondence:
official
general
other
program recommendations
prospectuses
quotations
reasons for adopting or incorporating certain information in preference to other information
receipts
records of telephone conversations
reference to all evidence and information considered
reports including:
research
statistical
ad hoc
transaction
other.
Additional or ongoing service may be:
annually
daily
if and when required
monthly
quarterly
weekly.
Strategies to inform existing clients may include:
email
mail-outs
networking
newsletters
phone calls
seminars
websites.
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.
Client expectations and needs may include:
beliefs about performance of financial products
financial planning
long-term or short-term risk and security of investment
portfolio advice
speculative advice
stock specific advice.
Organisation policy and guidelines may include:
advertising and marketing
codes of practice
complaints and dispute resolution procedures
IT and administrative systems
policies and procedures in relation to client service
product or service development.
Relevant legislation and codes of practice may include:
Consumer Affairs Act
Consumer Credit Code
contract law
Corporations Act
industry codes of practice
national Guarantee Funds Rules
Privacy Act
relevant financial association's business rules and codes of conduct
secrecy laws
Taxation Act
Trade Practices Act
trust law.
Clients may include:
agents
companies and organisations
intermediaries
members
members of the public
shareholders
stockbrokers
trustees.
Investment options, opportunities and strategies may include:
equities
corporate advice
derivatives
discretionary accounts
margin lending
money market facilities
portfolio management and administration
research
scrip lending
tax factors.
Disclosures include:
charges
fees
interest.
Documentation may include:
advice provided
agreements
bills
contracts or policy statements
in-house publications
legal, government, professional documents
meeting notes
memos
correspondence:
official
general
other
program recommendations
prospectuses
quotations
reasons for adopting or incorporating certain information in preference to other information
receipts
records of telephone conversations
reference to all evidence and information considered
reports including:
research
statistical
ad hoc
transaction
other.
Additional or ongoing service may be:
annually
daily
if and when required
monthly
quarterly
weekly.
Strategies to inform existing clients may include:
mail-outs
networking
newsletters
phone calls
seminars
websites.
EVIDENCE GUIDE
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
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
analyse client expectations, requirements and investment strategies
develop a rapport with clients and respond to their investment strategies and agreed terms of business
interpret and comply with organisation policies and guidelines, industry codes of practice and relevant legislation.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to financial services product information.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
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
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
analyse client expectations, requirements and investment strategies
develop a rapport with clients and respond to their investment strategies and agreed terms of business
interpret and comply with organisation policies and guidelines, industry codes of practice and relevant legislation.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to financial services product information.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR29 | FNSIAD502 | Provide appropriate and timely information and advice to clients | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D727 | FNS60711 | Advanced Diploma of Financial Licensing Management | Qualification |
| D722 | FNS51011 | Diploma of Financial Markets | Qualification |
| D725 | FNS51811 | Diploma of Financial Services | Qualification |