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.


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


preparation in utmost good faith

disclosure of any conflicts of interest

full disclosure of remuneration/fees and any other matter that may influence the representative's recommendations

guarantees of confidentiality

relevant industry codes of conduct and practice

integrity check for completeness

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
knowledge of relevant industry codes of practice
knowledge of organisational operational requirements
knowledge of organisational policies and procedures
ability to establish plan objectives and scope
ability to develop strategic assumptions
ability to develop financial plan strategy
ability to develop preliminary financial plan
ability to ensure compliance of financial plan with regulatory and organisational requirements
ability to produce a completed plan
ability to develop detailed financial plans designed to maximise the client's outcomes and reach client objectives
ability to identify and describe key assumptions on which the plan is based
ability to analyse strategic options and make justified recommendations
ability to test and/or make appropriate checks on the proposed plan for its integrity and compliance
in-depth knowledge of the financial planning industry, industry regulations and codes of practice
financial products, financial markets and investment characteristics
roles of other associated financial advisers
impacts of taxation, social security, economic and other government policies on client investment and financial requirements

Evidence required for demonstration of consistent performance:
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

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.