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

SISSCOP205A Mapping and Delivery Guide
Develop a personal financial plan

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency SISSCOP205A - Develop a personal financial plan
Description This unit describes the performance outcomes, skills and knowledge required to identify and access sources of independent professional advice and major investment alternatives in order to develop a personal financial plan.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit applies to current or aspiring elite athletes who are competing in individual or team sports at a state, national or international level.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites Nil
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: Collect information to prepare a personal financial plan.
  • Identify the benefits of personal financial planning.
  • Identify providers of financial advice.
  • Analyse and compare the services provided by key providers.
  • Identify and assess sources of information on major investment options.
  • Identify and access sources of information on the different forms of insurance available.
  • Identify and access sources of information on the different forms of superannuation available.
  • Check and clarify any conflicting information with relevant sources.
       
Element: Prepare a personal financial plan.
  • Identify own personal financial planning needs and aims in consultation with appropriate personnel.
  • Select a financial adviser according to identified needs and criteria.
  • Select appropriate investment options according to identified needs and criteria.
  • Prepare the financial plan in consultation with a financial advisor.
  • Adjust the financial plan in response to changing financial circumstances in consultation with financial advisor.
       


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 following is essential:

develops knowledge of financial services available, confirms accuracy and currency of information and assesses own personal financial needs in order to develop a personal financial plan that meets financial objectives of financial security

seeks professional financial advice to evaluate and select financial options.

Context of and specific resources for assessment

Assessment must ensure development of a personal financial plan which is of sufficient breadth to demonstrate competency and consistency of performance.

Assessment must also ensure access to:

financial information on investment, superannuation and insurance

financial advisors

criteria for selecting investment options and financial advisors

sample financial plans.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:

observation of dealing with contingencies such as addressing changes in financial situation

oral or written questioning to assess knowledge of financial services available

portfolio containing evidence of financial information collected, analysed and evaluated in relation to own needs and evidence of financial plan developed.

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended.

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.

Required skills

problem-solving skills to:

compare and evaluate financial information

identify and evaluate investment options available and match these to own needs

literacy and numeracy skills to access, read and interpret literature from financial institutions

communication skills to negotiate the best investment options with a financial adviser

technology skills to access financial information online.

Required knowledge

contractual obligations to assess projected future income for inclusion in personal financial plan

criteria for selecting financial advisors and appropriate investment options

relevant legislation such as taxation and superannuation to enable legally compliant personal financial planning

benefits of financial planning to enable effective management of personal finances

sources of information on personal financial planning

key financial services and providers to access support for financial planning.

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.

Benefits may include:

risk management

future planning

retirement

variation in income levels

career changes in or out of sport

savings plan

retirement planning.

Personal financial planning may include:

investment

insurance

superannuation.

Providers may include:

bank

financial planners

accountants

investment advisers

security brokers

stock brokers

solicitors

insurance companies.

Services may include:

investment options

insurance options

financial management.

Major investment options may include:

short term

long term

shares

securities

bonds

property

banks

trusts.

Forms of insurance may include:

life

accident

property

public liability

motor vehicle

trauma

travel

income protection.

Forms of superannuation may include:

roll over

lump sum payment

personal and employment contributions.

Appropriate personnel may include:

coaches

managers.

Criteria may include:

credibility

empathy for sport

experience

cost.

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
Identify the benefits of personal financial planning. 
Identify providers of financial advice. 
Analyse and compare the services provided by key providers. 
Identify and assess sources of information on major investment options. 
Identify and access sources of information on the different forms of insurance available. 
Identify and access sources of information on the different forms of superannuation available. 
Check and clarify any conflicting information with relevant sources. 
Identify own personal financial planning needs and aims in consultation with appropriate personnel. 
Select a financial adviser according to identified needs and criteria. 
Select appropriate investment options according to identified needs and criteria. 
Prepare the financial plan in consultation with a financial advisor. 
Adjust the financial plan in response to changing financial circumstances in consultation with financial advisor. 

Forms

Assessment Cover Sheet

SISSCOP205A - Develop a personal financial plan
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

SISSCOP205A - Develop a personal financial plan

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: