Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSFPL605 Mapping and Delivery Guide
Present and negotiate complex and innovative financial plans

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFPL605 - Present and negotiate complex and innovative financial plans
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to present and negotiate a complex or innovative preliminary, amended or final financial plan to a client. It encompasses creating rapport with clients, presenting financial plans to clients, negotiating effectively, and completing and maintaining necessary documentation.It applies to experienced individuals who use specialised knowledge and strong communication and interpersonal skills to manage relationships and convey complex information and requirements.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial planning field of work and include access to:

office equipment, technology, software and consumables.

Assessors must satisfy NVR/AQTF assessor requirements.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Create rapport with client
  • Ensure disclosure of capacity to client is consistent with industry requirements and organisational guidelines
  • Identify client concerns, if any, and respond appropriately
  • Explain services to client orally and in writing in clear and unambiguous way, avoiding jargon and using language appropriate to receiver
  • Assist client to make informed choices using relevant documentation
  • 1.5 Address client’s needs and objectives in manner consistent with client's level of financial understanding
       
Element: Present financial plan to client
  • Explain strategies and recommendations in financial plan and discuss with client in clear and unambiguous way
  • Prepare, explain and discuss financial plan document with client in clear and unambiguous way
  • Guide client through assumptions used in formulating plan and discuss degree to which variations in assumptions may impact on expected outcomes
  • Clearly and comprehensively discuss impact of recommendations with client, including advantages, risks and any disadvantages of particular proposals
  • Clearly explain implementation actions required by client and obtain written agreement to actions
  • Clearly explain fees, charges and commissions to client
  • Disclose any commercial relationship of representative and organisation to products and/or services mentioned in plan to client
  • Identify and address issues that in adviser’s professional judgement may require further consideration or consultation with other financial services professionals
  • Provide copies of research and other documentation to client as required or when requested, and seek confirmation that client understands recommendations presented
  • Demonstrate product knowledge appropriate for service or advice offered in discussion with client
  • Clearly define and communicate after sales service to be provided to client
       
Element: Negotiate effectively
  • Assist clients to make appropriate decisions regarding solutions to their needs and objectives, and present alternatives to recommendations when requested
  • Observe limits imposed by regulatory requirements or organisational guidelines
  • Exercise restraint and composure when dealing with conflict situations involving clients
  • Maintain communication channels when dealing with complaints and observe internal and external complaint handling procedures
  • Obtain agreement in principle to proceed from client
       
Element: Complete and maintain necessary documentation
  • Adjust financial plan according to changes agreed to with client, complete proposal and related documents, and obtain sign off when plan is agreed
  • Create or update client records and complete contract variations if required
  • Provide confirmation, including relevant documentation and contract variation, to client and implement final plan
  • Record client advice in accordance with current industry documentation requirements
  • Ensure instructing or purchasing documents where required are signed by client
       


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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Create rapport with client

1.1 Ensure disclosure of capacity to client is consistent with industry requirements and organisational guidelines

1.2 Identify client concerns, if any, and respond appropriately

1.3 Explain services to client orally and in writing in clear and unambiguous way, avoiding jargon and using language appropriate to receiver

1.4 Assist client to make informed choices using relevant documentation

1.5 Address client’s needs and objectives in manner consistent with client's level of financial understanding

2. Present financial plan to client

2.1 Explain strategies and recommendations in financial plan and discuss with client in clear and unambiguous way

2.2 Prepare, explain and discuss financial plan document with client in clear and unambiguous way

2.3 Guide client through assumptions used in formulating plan and discuss degree to which variations in assumptions may impact on expected outcomes

2.4 Clearly and comprehensively discuss impact of recommendations with client, including advantages, risks and any disadvantages of particular proposals

2.5 Clearly explain implementation actions required by client and obtain written agreement to actions

2.6 Clearly explain fees, charges and commissions to client

2.7 Disclose any commercial relationship of representative and organisation to products and/or services mentioned in plan to client

2.8 Identify and address issues that in adviser’s professional judgement may require further consideration or consultation with other financial services professionals

2.9 Provide copies of research and other documentation to client as required or when requested, and seek confirmation that client understands recommendations presented

2.10 Demonstrate product knowledge appropriate for service or advice offered in discussion with client

2.11 Clearly define and communicate after sales service to be provided to client

3. Negotiate effectively

3.1 Assist clients to make appropriate decisions regarding solutions to their needs and objectives, and present alternatives to recommendations when requested

3.2 Observe limits imposed by regulatory requirements or organisational guidelines

3.3 Exercise restraint and composure when dealing with conflict situations involving clients

3.4 Maintain communication channels when dealing with complaints and observe internal and external complaint handling procedures

3.5 Obtain agreement in principle to proceed from client

4. Complete and maintain necessary documentation

4.1 Adjust financial plan according to changes agreed to with client, complete proposal and related documents, and obtain sign off when plan is agreed

4.2 Create or update client records and complete contract variations if required

4.3 Provide confirmation, including relevant documentation and contract variation, to client and implement final plan

4.4 Record client advice in accordance with current industry documentation requirements

4.5 Ensure instructing or purchasing documents where required are signed by client

Evidence of the ability to:

successfully present and negotiate a complex or innovative preliminary, amended or final financial plan to a client that provides justification and research evidence for all elements of the plan

gain client feedback and agreement to the plan

build rapport and effectively manage client relationships.

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

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

analyse the key features of sales and marketing media and methodologies

outline the impact of the following on the client’s financial planning needs:

relevant economic, taxation and social security policy

relevant estate planning considerations

explain investment risk factors and relationship to return expectations

describe the key features and discuss issues relating to:

investment and savings vehicles, financial markets, asset classes and investment characteristics

products available in the financial services industry

relevant industry codes of practice and requirements

role of the financial planning adviser and the financial planning practice

terms of the Acts and regulations affecting the industry

explain the requirements related to the disclosure of capacity

explain the internal and external dispute resolution procedures.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Create rapport with client

1.1 Ensure disclosure of capacity to client is consistent with industry requirements and organisational guidelines

1.2 Identify client concerns, if any, and respond appropriately

1.3 Explain services to client orally and in writing in clear and unambiguous way, avoiding jargon and using language appropriate to receiver

1.4 Assist client to make informed choices using relevant documentation

1.5 Address client’s needs and objectives in manner consistent with client's level of financial understanding

2. Present financial plan to client

2.1 Explain strategies and recommendations in financial plan and discuss with client in clear and unambiguous way

2.2 Prepare, explain and discuss financial plan document with client in clear and unambiguous way

2.3 Guide client through assumptions used in formulating plan and discuss degree to which variations in assumptions may impact on expected outcomes

2.4 Clearly and comprehensively discuss impact of recommendations with client, including advantages, risks and any disadvantages of particular proposals

2.5 Clearly explain implementation actions required by client and obtain written agreement to actions

2.6 Clearly explain fees, charges and commissions to client

2.7 Disclose any commercial relationship of representative and organisation to products and/or services mentioned in plan to client

2.8 Identify and address issues that in adviser’s professional judgement may require further consideration or consultation with other financial services professionals

2.9 Provide copies of research and other documentation to client as required or when requested, and seek confirmation that client understands recommendations presented

2.10 Demonstrate product knowledge appropriate for service or advice offered in discussion with client

2.11 Clearly define and communicate after sales service to be provided to client

3. Negotiate effectively

3.1 Assist clients to make appropriate decisions regarding solutions to their needs and objectives, and present alternatives to recommendations when requested

3.2 Observe limits imposed by regulatory requirements or organisational guidelines

3.3 Exercise restraint and composure when dealing with conflict situations involving clients

3.4 Maintain communication channels when dealing with complaints and observe internal and external complaint handling procedures

3.5 Obtain agreement in principle to proceed from client

4. Complete and maintain necessary documentation

4.1 Adjust financial plan according to changes agreed to with client, complete proposal and related documents, and obtain sign off when plan is agreed

4.2 Create or update client records and complete contract variations if required

4.3 Provide confirmation, including relevant documentation and contract variation, to client and implement final plan

4.4 Record client advice in accordance with current industry documentation requirements

4.5 Ensure instructing or purchasing documents where required are signed by client

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
Ensure disclosure of capacity to client is consistent with industry requirements and organisational guidelines 
Identify client concerns, if any, and respond appropriately 
Explain services to client orally and in writing in clear and unambiguous way, avoiding jargon and using language appropriate to receiver 
Assist client to make informed choices using relevant documentation 
1.5 Address client’s needs and objectives in manner consistent with client's level of financial understanding 
Explain strategies and recommendations in financial plan and discuss with client in clear and unambiguous way 
Prepare, explain and discuss financial plan document with client in clear and unambiguous way 
Guide client through assumptions used in formulating plan and discuss degree to which variations in assumptions may impact on expected outcomes 
Clearly and comprehensively discuss impact of recommendations with client, including advantages, risks and any disadvantages of particular proposals 
Clearly explain implementation actions required by client and obtain written agreement to actions 
Clearly explain fees, charges and commissions to client 
Disclose any commercial relationship of representative and organisation to products and/or services mentioned in plan to client 
Identify and address issues that in adviser’s professional judgement may require further consideration or consultation with other financial services professionals 
Provide copies of research and other documentation to client as required or when requested, and seek confirmation that client understands recommendations presented 
Demonstrate product knowledge appropriate for service or advice offered in discussion with client 
Clearly define and communicate after sales service to be provided to client 
Assist clients to make appropriate decisions regarding solutions to their needs and objectives, and present alternatives to recommendations when requested 
Observe limits imposed by regulatory requirements or organisational guidelines 
Exercise restraint and composure when dealing with conflict situations involving clients 
Maintain communication channels when dealing with complaints and observe internal and external complaint handling procedures 
Obtain agreement in principle to proceed from client 
Adjust financial plan according to changes agreed to with client, complete proposal and related documents, and obtain sign off when plan is agreed 
Create or update client records and complete contract variations if required 
Provide confirmation, including relevant documentation and contract variation, to client and implement final plan 
Record client advice in accordance with current industry documentation requirements 
Ensure instructing or purchasing documents where required are signed by client 

Forms

Assessment Cover Sheet

FNSFPL605 - Present and negotiate complex and innovative financial plans
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

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Assessor name:

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Assessment Record Sheet

FNSFPL605 - Present and negotiate complex and innovative financial plans

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:

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