Unit of competency Outline

Date retreived
22/07/2026 4:22 PM AWST

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Grow financial practices

Grow financial practices

Unit of competency
National Code
FNSPRM613
State Code
OCZ19
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
02/02/2021
View on TGA
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
080307 - Organisation Management
Original Release Date
22/04/2021
Nominal Hours
60
Description
This unit describes the skills and knowledge required to promote and grow a financial practice. It requires the application of marketing skills and the use of market intelligence to develop and implement practice promotion and growth plans.The unit applies to experienced individuals who use specialised knowledge and systematic approaches and, within their level of authority, provide guidance in strategic organisational activity.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Develop financial practice marketing plan
  • 1.1 Identify business objectives and needs
  • 1.2 Develop, review and finalise draft vision statement
  • 1.3 Conduct research and identify target markets
  • 1.4 Obtain market research data and develop competitor analysis
  • 1.5 Develop and review practice market position based on research findings and analysis
2. Develop practice promotion plans
  • 2.1 Develop practice brand and benefits of practice
  • 2.2 Identify practice products and services
  • 2.3 Develop and select promotion tools
3. Develop practice growth plans
  • 3.1 Develop plans to add new clients and increase yield per existing client
  • 3.2 Segment client base and tailor promotion plan for each segment
  • 3.3 Rank proposed plans according to vision statement, needs and objectives
  • 3.4 Develop action plan for implementation
  • 3.5 Review practice work activities and confirm they support business growth plans
4. Develop implementation plan and supervise implementation
  • 4.1 Develop implementation plan in consultation with relevant stakeholders
  • 4.2 Determine indicators of success of plan
  • 4.3 Monitor implementation against agreed indicators and adjust implementation as required
No information
No information
Replaces
State Code National Code Title Type
AUS70 FNSPRM603 Grow the practice Unit of competency