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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. Establish requirements of administrative document
   • Examine legal administrative document to establish parameters of role and in accordance with previous instructions
   • Confirm instructions contained within document and identify any other relevant advisers
   • Identify and develop strategies for appropriate action to be taken for special needs and potential conflicts during interactions with client
   • Determine appropriate actions to undertake instructions provided in documentation
2. Identify client’s assets and liabilities
   • Promptly determine client’s assets and ensure all relevant information and documents are obtained and checked
   • Take steps to ensure that any real property is adequately insured and physically secured, if required
   • Seek confirmation of liabilities and obtain accurate valuation of assets weighed against liabilities
   • Prepare statement of assets and liabilities
3. Manage administration requirements
   • 3.1 Identify client's financial needs for both income and capital, and prepare financial plan and investment strategy, with assistance of financial advisers where required
   • Ensure that regular and periodic payments are established
   • Establish taxation file with Australian Taxation Office (ATO) or liaise with client’s accountant where relevant
   • Establish and maintain ongoing communication channels with client and/or relevant advisers
   • 3.5 Prepare regular statements of accounts and tax returns or liaise with client's accountant where relevant
4. Continuously evaluate and review strategies
   • Establish and implement ongoing review of financial plan
   • Review assets and investment strategy periodically and make appropriate changes
   • Provide ongoing management of client’s assets using procedures in accordance with relevant legislative and organisational requirements, and ensuring that client is treated in ethical and sensitive manner
5. Identify client’s assets and liabilities
   • Identify client’s assets and ensure all relevant information and documents are obtained and checked
   • Arrange for any real property to be adequately insured and physically secured if required
   • Indentify client's liabilities and obtain accurate valuation of assets weighed against liabilities
   • Prepare and make a record of a statement of assets and liabilities according to organisational requirements

Performance Evidence

Evidence of the ability to:

produce organisational and legislative documents relevant to carrying out instructions of an attorneyship or financial administration order

prepare and interpret financial statements

apply conflict resolution skills to manage client expectations and any special needs

determine appropriate actions to administer the instructions in the client's best interest within parameters of role

review the appropriateness of the financial plan in meeting client's needs.

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:

describe tasks associated with carrying out instructions contained within attorneyship or financial administration orders

explain the factors that must be considered when establishing the client's income and capital needs

describe the different types of potential conflicts and special needs that may arise when interacting with clients including effects on behaviour of different intellectual capacities and mental and physical disabilities

explain the key requirements of relevant legislation and regulations including:

taxation and tax obligations as they relate to the administration of the appointment as attorney or financial administrator

financial services legislation relating to powers of attorney, guardianship and administration

explain products and services offered by personal trustee organisations and fees and charges that apply

describe organisational policies and procedures required when administering powers of attorney or financial administration orders

outline the role, responsibilities and authority of the personal trust officer including:

organisational expectations

limitation of personal authority in giving investment advice

summarise the professional code of conduct, where applicable, in the personal trustee sector

identify the role of, and how and when to contact, internal or external specialists relating to the personal trustee sector.

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