Unit of competency Outline
Date retreived
23/07/2026 1:17 AM AWST
23/07/2026 1:17 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.
Determine client requirements and expectations
Determine client requirements and expectations
Unit of competency
National Code
FNSFPL506A
FNSFPL506A
State Code
D4144
D4144
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
080501 - Sales
Original Release Date
29/07/2014
Nominal Hours
60
Description
This unit describes the performance outcomes, skills and knowledge required to determine client's financial requirements and expectations. It encompasses informing the client of the financial planning process and service, obtaining relevant information on their existing financial situation and expectations with respect to financial planning service offered by the representative, and preparing and updating necessary documentation.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. Inform client of the financial planning process and services
- 1.1. Financial planning process and role and any limits of authority of the representative are explained to the client
- 1.2. The licensees and principals of the organisation and services and capacity of the organisation, including any relationship to other financial services are explained to the client
- 1.3. Fees and charges are explained to the client and the client's understanding of these confirmed before proceeding with delivery of service
- 1.4. Clients with special needs are identified and appropriate action taken or referral made
- 1.5. Procedures for internal and external complaints handling and resolution are explained to the client
2. Obtain relevant information on client's existing financial situation
- 2.1. Facts and information relevant to the client's particular service request are obtained and confirmed
- 2.2. Client's expectations, requirements and objectives are identified with clients encouraged to disclose relevant information to determine their personal/financial situation and any special needs
- 2.3. Relevant information on investments and assets held by the client and their current income, expenditure and liabilities situation are obtained
- 2.4. A summary analysis of client's financial position is developed based on extent of client disclosure and requirements
- 2.5. Risk and fraud indicators are identified accurately and consistently and all information is checked for consistency and potential conflict
3. Determine client expectations and requirements with respect to financial planning service offered by the representative
- 3.1. Client is encouraged to express and clarify their expectations from the financial planning process with any concerns identified and responded to promptly and appropriately
- 3.2. Client's income and investment needs, preferences and priorities are established
- 3.3. Risk issues and tolerance are explored comprehensively and ethically with the client
- 3.4. A determination is made that the service being sought is within the capability and authority of the authorised representative
- 3.5. A referral to another internal representative is made if service required by client is beyond scope of the representative
- 3.6. Specialist advice is sought where necessary or client is referred to appropriate personnel or organisation where required services are not available or cannot be provided by the practice
4. Prepare and update necessary documentation where required
- 4.1. All relevant client facts, information and financial/personal histories are documented, checked with the client and managed confidentially in accordance with company policy and guidelines and relevant legislation and industry codes of practice
- 4.2. Client records are created or updated when necessary
- 4.3. Client documentation, information and histories are filed in a format and location that is readily accessible
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.
Clients may include:
agents
companies and organisations
intermediaries
members of the public
trustees.
Clients with special needs may include:
people from different cultural backgrounds
clients who may have a difficulty in understanding the financial planning advice such as:
people who are deficient in English
very young or older age groups
people with a disability
Client's expectations and requirements may include:
financial planning for a relatively small amount or for a simple financial strategy a limited or preset range of products
need-specific advice and or service
product-specific advice and or service.
Relevant information may include:
age
contingent liabilities and assets (e.g. guarantor)
current level of liquidity
current portfolio (including family holdings, any Capital Gains Tax (CGT) related details such as stocks acquired prior to 20/09/1985)
employer details
extent to which the client is geared
family structure, dependants and expectations
funds available for investment
health
home ownership
insurance and superannuation arrangements
relevant deceased estates
investment experience
level of debt
marginal tax rates
occupation
past, present and future employment prospects
personal income
previous financial history such as:
bankruptcy
refusal of credit
required flexibility
other information as identified in a 'fact find' document.
Company policy and guidelines may include:
advertising and marketing guidelines
clerical procedures
codes of practice
complaints and dispute resolution procedures
IT and administrative systems
policies and procedures in relation to client service
product or service development requirements.
Relevant legislation and codes of practice may include:
Australian Securities and Investments Commission (ASIC) Act, policy and guidelines
Consumer Affairs Act
Consumer Credit Code
contract law
Corporations Act
industry codes of practice
Insurance Act
Life Insurance Act
Privacy Act
social security regulations
State and Territory legislation
Taxation Acts
Trade Practices Act
trust law.
Documentation may include:
agreements
bills
brochures
contracts or policy statements
in-house publications
legal/government/professional/other documents
meeting notes
memos
official/general/other correspondence
product recommendations
prospectuses
quotations
receipts
records of telephone conversations
reference to all evidence or information considered
reports:
research
statistical
ad hoc
transaction
other
written advice
written reasons for adopting/incorporating certain information in preference to other information.
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.
Clients may include:
agents
companies and organisations
intermediaries
members of the public
trustees.
Clients with special needs may include:
people from different cultural backgrounds
clients who may have a difficulty in understanding the financial planning advice such as:
people who are deficient in English
very young or older age groups
people with a disability
Client's expectations and requirements may include:
financial planning for a relatively small amount or for a simple financial strategy a limited or preset range of products
need-specific advice and or service
product-specific advice and or service.
Relevant information may include:
age
contingent liabilities and assets (e.g. guarantor)
current level of liquidity
current portfolio (including family holdings, any Capital Gains Tax (CGT) related details such as stocks acquired prior to 20/09/1985)
employer details
extent to which the client is geared
family structure, dependants and expectations
funds available for investment
health
home ownership
insurance and superannuation arrangements
relevant deceased estates
investment experience
level of debt
marginal tax rates
occupation
past, present and future employment prospects
personal income
previous financial history such as:
bankruptcy
refusal of credit
required flexibility
other information as identified in a 'fact find' document.
Company policy and guidelines may include:
advertising and marketing guidelines
clerical procedures
codes of practice
complaints and dispute resolution procedures
IT and administrative systems
policies and procedures in relation to client service
product or service development requirements.
Relevant legislation and codes of practice may include:
Australian Securities and Investments Commission (ASIC) Act, policy and guidelines
Consumer Affairs Act
Consumer Credit Code
contract law
Corporations Act
industry codes of practice
Insurance Act
Life Insurance Act
Privacy Act
social security regulations
State and Territory legislation
Taxation Acts
Trade Practices Act
trust law.
Documentation may include:
agreements
bills
brochures
contracts or policy statements
in-house publications
legal/government/professional/other documents
meeting notes
memos
official/general/other correspondence
product recommendations
prospectuses
quotations
receipts
records of telephone conversations
reference to all evidence or information considered
reports:
research
statistical
ad hoc
transaction
other
written advice
written reasons for adopting/incorporating certain information in preference to other information.
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 relevant legislation and regulations and organisational operating polices and guidelines
clearly inform clients of the financial planning process and services and obtain all relevant information on clients' existing financial situation
determine client expectations and requirements with respect to financial planning service offered by the representative
identify risk and fraud indicators
accurately record information and make summary analysis
recognise authorities and assistance able to be offered by other advisers and organisations and determine where a referral to another adviser or organisation is appropriate.
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 relevant legislation and regulations and organisational operating polices and guidelines
clearly inform clients of the financial planning process and services and obtain all relevant information on clients' existing financial situation
determine client expectations and requirements with respect to financial planning service offered by the representative
identify risk and fraud indicators
accurately record information and make summary analysis
recognise authorities and assistance able to be offered by other advisers and organisations and determine where a referral to another adviser or organisation is appropriate.
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 |
|---|---|---|---|
| C9699 | FNSFPLN506B | Meet with client to determine client requirements and expectations | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR24 | FNSFPL506 | Determine client financial requirements and expectations | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S722 | FNS50610 | Diploma of Financial Planning | Qualification |
| D719 | FNS50611 | Diploma of Financial Planning | Qualification |
| D718 | FNS50511 | Diploma of Personal Trustees | Qualification |