Elements and Performance Criteria
- Develop strategies based on client requirements
- Relevant details and documentation in relation to a client's estate are obtained and reviewed
- Details in relation to the estate are interpreted, relevant products are researched, and appropriate products are matched to the client needs
- Benefits, risks, taxation requirements and issues for differing circumstances are identified and considered
- Assistance is sought from internal or external sources as required and based on the skills and experience of the adviser
- Types of insurance available for estate planning are identified, if required
- The most appropriate options are chosen and prepared to review with the client
- Present strategies and information to clients
- The nature and purpose of a trust and other products for an estate plan with relevant information and legislative requirements are explained to the client
- Benefits and considerations for beneficiaries are identified and explained accurately to the client
- The use of insurance in estate planning is explained clearly and accurately to the client
- Restrictions relating to family companies are identified and explained to the client, where required
- The role and responsibilities of a trustee are explained clearly and accurately in a language appropriate to the client
- Reconcile client concerns and gain confirmation
- Client concerns regarding the advice and recommendation are discussed and clarified and confirmation on how to proceed determined
- Associated fee and cost structures are clearly explained to the client and their formal agreement to the proposed plan or transaction gained, if appropriate
- Time frames for execution and process are clearly explained and confirmation of understanding gained from the client
- Prepare and document estate plan
- Estate plan is prepared according to statutory requirements and consistent with client requirements then checked for legal implications and any complications
- Client confirmation of estate plan is obtained and effected as required
- Record keeping and safe storage of documents is undertaken according to organisational and legislative requirements
- Prepare ongoing service where requested by client