Unit of competency Outline
Date retreived
23/07/2026 4:11 PM AWST
23/07/2026 4:11 PM 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 financial planning advice
Provide financial planning advice
Unit of competency
National Code
FNSFPL507A
FNSFPL507A
State Code
D4145
D4145
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
30/05/2011
Field of Education
081105 - Investment And Securities
Original Release Date
30/05/2011
Nominal Hours
50
Description
This unit describes the performance outcomes, skills and knowledge required to provide financial advice to clients when presenting preliminary, amended or final financial plans depending on the level of client contact appropriate for the representative.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. Create rapport with the client
- 1.1. Disclosure of capacity to client is consistent with codes of practice and legislative requirements, and organisational requirements and client concerns, if any, are identified and responded to appropriately
- 1.2. Services are explained to client when appropriate, including in writing, in a clear and unambiguous way, avoiding jargon and in a language appropriate to the level of financial understanding of the client
- 1.3. Client is assisted to make informed choices using relevant documentation
- 1.4. Client's needs and objectives are addressed consistent with their budgetary situation
2. Discuss financial plan with the client
- 2.1. The scope and limitations of the plan and or advice is clearly explained to the client together with provision of appropriate warnings
- 2.2. Strategies and recommendations in the financial plan are explained and discussed with the client in a clear and unambiguous way
- 2.3. Financial plan documentation is prepared, explained and discussed with the client when appropriate
- 2.4. Impact of key aspects of the recommendations is disclosed in a clear and concise manner to the client
- 2.5. Client is guided through the key aspects of the strategies proposed when appropriate with product knowledge appropriate for the service or advice offered demonstrated
- 2.6. Assumptions used in formulating the plan and the degree to which variations in the assumptions may impact the client's expected outcomes is explained
- 2.7. Requirements to put the recommended plan into effect are explained to the client with any areas in the plan that may require further advice identified and noted
- 2.8. Copies of the research and other relevant documentation are provided to the client if requested and confirmation sought that the client understands all recommendations presented
- 2.9. Agreement in principle to proceed is obtained from the client
- 2.10. Appropriate level of after sales service to be provided is clearly defined, and communicated to the client
3. Negotiate effectively
- 3.1. Clients are assisted when necessary to make appropriate decisions regarding solutions to their needs and objectives within the scope of the plan with alternatives to recommendations presented when requested
- 3.2. Limits imposed by regulatory requirements or organisation guidelines are observed
- 3.3. Restraint and composure are exercised when dealing with any conflict situations involving clients
- 3.4. Communication channels are maintained when dealing with any complaints and following internal or external complaint handling procedures
4. Complete and maintain necessary documentation
- 4.1. Financial plan is adjusted according to changes agreed to by the client
- 4.2. Proposals and other documents are completed and signed off when plan is agreed between the client and authorised representative
- 4.3. Implementation actions required by the client are clearly identified and written agreement to actions is obtained
- 4.4. Client records are created or updated with any contract variations completed if required
- 4.5. Confirmation including relevant documentation and contract variation is provided to the client and final plan implemented
- 4.6. Customer advice is recorded in accordance with the organisation guidelines and or financial plan documentation requirements
- 4.7. Client signatures on instructing and or purchasing documents are obtained where required
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.
Disclosure of capacity to client will include:
name and address of the registered adviser
any relationship the adviser and/or his/her organisation have with products mentioned in the financial plan
a statement indicating whether the adviser is only accredited to sell or advise on a restricted range of products
the means of remuneration of the adviser
who is responsible for the adviser's conduct.
Relevant codes of practice and legislative requirements may include:
Australian Securities Investment Commission (ASIC) regulations
Consumer Affairs Act
Consumer Credit Code
contract law
Corporations Act
industry codes of practice
Privacy Act
social security regulations
State and Territory legislation
Taxation Acts
Trade Practices Act
trust law.
Documentation may include:
disclaimers
disclosures
Eligible Termination Payment (ETP) forms
written advice.
Financial plans include:
preliminary, amended, and final financial plans presented as part of an initial or ongoing service.
Products include, but are not limited to:
cash deposits
derivatives
direct deposits
equities
futures
insurance products
managed investments
superannuation.
After sales service may occur:
on a quarterly, half-yearly or yearly basis
if and when required by the client
in person or using the appropriate media and by the adviser or a third party.
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.
Disclosure of capacity to client will include:
name and address of the registered adviser
any relationship the adviser and/or his/her organisation have with products mentioned in the financial plan
a statement indicating whether the adviser is only accredited to sell or advise on a restricted range of products
the means of remuneration of the adviser
who is responsible for the adviser's conduct.
Relevant codes of practice and legislative requirements may include:
Australian Securities Investment Commission (ASIC) regulations
Consumer Affairs Act
Consumer Credit Code
contract law
Corporations Act
industry codes of practice
Privacy Act
social security regulations
State and Territory legislation
Taxation Acts
Trade Practices Act
trust law.
Documentation may include:
disclaimers
disclosures
Eligible Termination Payment (ETP) forms
written advice.
Financial plans include:
preliminary, amended, and final financial plans presented as part of an initial or ongoing service.
Products include, but are not limited to:
cash deposits
derivatives
direct deposits
equities
futures
insurance products
managed investments
superannuation.
After sales service may occur:
on a quarterly, half-yearly or yearly basis
if and when required by the client
in person or using the appropriate media and by the adviser or a third party.
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:
comply with industry regulations and codes of practice
use knowledge of a defined range of financial products as set out in organisation guidelines, financial markets and investment characteristics
assess impacts of taxation, social security, economic and other government policies on client investment and financial requirements within the range of products known to the adviser
create rapport with the client and discuss financial plans and complete and maintain all necessary documentation.
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.
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
verbal or written questioning on underpinning knowledge and skills which may include formal examinations
setting and reviewing workplace projects and business simulations/scenarios
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:
comply with industry regulations and codes of practice
use knowledge of a defined range of financial products as set out in organisation guidelines, financial markets and investment characteristics
assess impacts of taxation, social security, economic and other government policies on client investment and financial requirements within the range of products known to the adviser
create rapport with the client and discuss financial plans and complete and maintain all necessary documentation.
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.
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
verbal or written questioning on underpinning knowledge and skills which may include formal examinations
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9700 | FNSFPLN507B | Provide financial planning advice | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR46 | FNSFPL507 | Provide financial planning advice | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S722 | FNS50610 | Diploma of Financial Planning | Qualification |
| D719 | FNS50611 | Diploma of Financial Planning | Qualification |