Assessor Resource

FNSFPL601A
Provide technical and professional guidance

Assessment tool

Version 1.0
Issue Date: May 2024


The unit has application to job roles such as senior financial planners, senior para-planners and senior technical staff.

This unit describes the performance outcomes, skills and knowledge required to provide technical and professional guidance in a financial planning practice. It encompasses mentoring staff in the practice, providing technical information to staff and peers and acting as a practice reference for any special areas of expertise.

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).

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Employability Skills

This unit contains employability skills.



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

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:

maintain in-depth knowledge of the financial planning industry, industry regulations and codes of practice and provide technical and professional guidance to others within the organisation

interpret financial product, financial markets and investment characteristics

assess impacts of taxation, superannuation, social security, economic and other government policies on client investment and financial requirements

apply knowledge of sales and marketing media and methodologies

maintain industry contacts and manage own professional development activities

act as a practice reference for special areas.

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

observing processes and procedures in workplaces or role plays

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

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

highly developed communication skills to:

determine and confirm staff development requirements

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research skills such as:

accessing and managing information

interpreting documentation

coordinating tasks

IT skills for accessing and using appropriate software such as spreadsheets and databases and using internet information

self-management skills for complying with ethical, legal and procedural requirements

well-developed learning skills to maintain knowledge of changes to compliance legislation

interpersonal skills to liaise with other planning team members

well-developed coaching and presentation skills

Required knowledge

corporations and consumer legislation

current industry trends, sources of information and industry activities

financial forecasting techniques

government financial and superannuation policies

methods of presenting financial data

professional development activities available

relevant financial legislation

relevant interdisciplinary contacts and industry expertise

social security legislative updates

sources of information on financial products and markets (e.g. banks, financial advisers)

State and Territory charges and taxes

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.

Ethical behaviour includes but is not limited to:

arrangements for vulnerable or special needs clients

avoiding conflicts of interest

compliance with client instructions

compliance with industry codes of practice

compliance with legislative and regulatory requirements

disclosure of all fees, charges, commissions, special interests and relationships relevant to a client's financial plan.

Products include but are not limited to:

cash deposits

derivatives

direct investments

equities

futures

insurance products

managed investments

superannuation.

Relevant legislative and regulatory requirements 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

other legislation or regulation which impacts on financial planning.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Technical guidance and advice, appropriate to skill level and need, is provided to other financial planners, trainee financial planners and para-planners to assist in the development of financial plans 
Technical advice and assistance is provided to administrative and processing staff when required 
Specialists with appropriate advanced technical competency are used as a point of reference when required 
Potential problems are recognised before they develop and precautionary steps are taken to prevent them 
Ethical behaviour requirements are modelled and communicated to staff and peers 
Information obtained by representatives that is relevant to staff and peers is circulated for development purposes 
Opportunities are provided to staff for feedback and queries on circulated information 
Staff briefings or training sessions in representative's area of expertise are established 
Skill development exercises for individual staff are developed and delivered as required 
Market, product, legislative and regulatory changes in special areas of expertise are monitored for development purposes 
Practice information and skill requirements in special areas of expertise are monitored and addressed 

Forms

Assessment Cover Sheet

FNSFPL601A - Provide technical and professional guidance
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSFPL601A - Provide technical and professional guidance

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: