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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Discuss financial planning process, services and options with client
   • Explain financial planning process, licensees and principals, services and capacity of organisation and representative to client to establish relationship
   • Explain fees and charges to client and assess client’s understanding before proceeding with delivery of service
   • Explain relationship of other financial services to client and take appropriate action or make referral for identified clients with special needs
   • Explain procedures for internal and external complaints handling and resolution to client
   • Encourage client to ask questions, and respond accurately and appropriately
2. Establish client’s personal and family financial situation
   • Determine client’s personal and family financial situation
   • Establish client’s expectations, requirements, priorities and objectives for client’s personal and family finances
   • Obtain and check with client relevant facts and information including financial, personal and family histories, and document and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice
   • Develop summary analysis of client’s personal and family financial position based on extent of client disclosure
3. Establish client’s business financial situation
   • Establish and document client’s business financial situation, expectations, requirements, priorities and objectives for client’s business finances
   • Develop summary analysis of client’s business financial position based on extent of client disclosure
4. Identify and gather information on any complex taxation and/or estate issues client may have
   • Identify taxation and/or estate issues and discuss with client
   • Establish and document client’s expectations, requirements, priorities and objectives for issues identified
   • Develop summary analysis of client’s taxation and estate financial position based on extent of client disclosure
5. Establish holistic picture of client’s requirements and expectations
   • Combine information gathered to generate comprehensive view of client’s financial situation
   • Identify interdependencies and implications, and discuss with client by further questioning and gathering information as required
   • Develop initial summary of client’s financial position, discuss client expectations, priorities and requirements, and review against comprehensive position
6. Identify risks or unusual requirements
   • Comprehensively and ethically explore risk issues and tolerance with client and assess any unusual risks and/or requirements for viability
   • Assess risks to client and/or practice for their impact on financial planning services according to company policy and guidelines, and relevant legislation
7. Establish client’s personal and family financial situation
   • Determine client’s personal and family financial situation
   • Establish client’s expectations, requirements, priorities and objectives for client’s personal and family finances
   • Obtain and check with client relevant facts and information including financial, personal and family histories, and document and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice
   • Develop summary analysis of client’s personal and family financial position based on extent of client disclosure
8. Establish client’s business financial situation
   • Establish and document client’s business financial situation, expectations, requirements, priorities and objectives for client’s business finances
   • Develop summary analysis of client’s business financial position based on extent of client disclosure
9. Establish holistic picture of client’s requirements and expectations
   • Combine information gathered to generate comprehensive view of client’s financial situation
   • Identify interdependencies and implications, and discuss with client by further questioning and gathering information as required
   • Develop initial summary of client’s financial position, discuss client expectations, priorities and requirements, and review against comprehensive position

Performance Evidence

Evidence of the ability to:

determine a client’s complex financial planning requirements and expectations by:

discussing the financial planning process, services and options with clients to establish their personal, family and business financial situation

identifying client strengths and liabilities in their financial management and sourcing information on complex taxation and/or estate issues they may have

establishing a holistic picture of client requirements and expectations to identify risks or unusual requirements, and assess risk and fraud indicators

complying with relevant industry codes of practice, legislation and regulations, and organisational policy and procedures

build rapport with clients by offering thorough and ongoing assistance with all enquiries and requests for service

communicate the features and benefits of products and services available.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

identify and categorise available information and research sources

outline the key features of business principles and law

analyse and discuss the key issues relating to:

economic climate and outlook

local and international financial markets and investments

describe the key features and discuss issues relevant to:

family structures and legal implications

financial products, features and benefits, and service terms and conditions

organisational policy, procedures and requirements

property structures and legal implications

privacy and confidentiality

describe a range of complex client financial needs or situations, and their implications

compare and contrast sales and marketing techniques appropriate to the financial services industry

explain the key features of the financial industry and related legislation, and the financial implications affecting family and business structures

explain taxation and property structures and their financial implications

identify the indications and discuss the implications of risk and fraud

describe the purpose of and key steps within the complaints handling process.

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