The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!
From the Wiki University
What evidence can you provide to prove your understanding of each of the following citeria?
Establish plan objectives and scope
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Research results are reviewed and compared to client requirements and expectations and the current client situation analysed to determine opportunities and constraints Completed |
Evidence:
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Special features of client situation are reviewed such as high asset, income or expenditure requirements, complex taxation and or legal issues, or complex estate planning issues Completed |
Evidence:
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Desired financial resource and market parameters are identified and plan objectives are developed for asset growth, income, risk, estate planning and any other objectives developed in consultation with client Completed |
Evidence:
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Taxation or estate objectives are identified and discussed with the client Completed |
Evidence:
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Develop strategic assumptions
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Client related and economic key assumptions are developed and tested Completed |
Evidence:
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Legislative and regulatory assumptions, including taxation assumptions are developed and tested Completed |
Evidence:
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Clarifications are sought from client or other financial services professionals as required and strategic assumptions documented for client review Completed |
Evidence:
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Develop innovative or complex financial strategy
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Initial strategic options are developed based on strategic assumptions and client specifications Completed |
Evidence:
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Strategic options are analysed, modelled and prioritised with inappropriate strategic options rejected Completed |
Evidence:
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Supporting arguments for each strategic option are developed and included in a draft overall strategy Completed |
Evidence:
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Where required, strategy is integrated into taxation, legal, estate or insurance and asset strategies being developed for client by other professional advisers in order for the financial plan to achieve maximum synergy and benefit for the client Completed |
Evidence:
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Strategy is reviewed for best practice compliance and risk management Completed |
Evidence:
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Fees and charges analysis is included for the strategy options Completed |
Evidence:
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Best practice ethical behaviour is maintained including full disclosure of any potential conflicts of interest and areas where advice should be sought from other professionals. Completed |
Evidence:
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Review and settle draft strategy and options with client
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Strategic options for review with the client and a suitable mode of presentation are selected Completed |
Evidence:
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Each strategic option is fully reviewed with client including positives, negatives and risks for each option Completed |
Evidence:
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Representative ensures that implication of each option, including regulatory and legal implications for the client's situation, needs and goals is understood Completed |
Evidence:
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Representative ensures that client understands where additional professional advice is needed Completed |
Evidence:
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Broad agreement on strategies is established with client including resolution of any concerns and issues raised by the client Completed |
Evidence:
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Develop preliminary financial plan for client
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A full investigation of products and options is conducted including non-standard and/or innovative products and products and options selected to meet agreed strategy Completed |
Evidence:
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Complex or innovative products are specifically identified and explanatory material developed or obtained Completed |
Evidence:
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Requirements for cash flow, liquidity, capital preservation or estate planning are incorporated Completed |
Evidence:
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Recommendations for financial asset allocation structure is developed, including where required, provision for equities, trusts, partnerships, allocated pensions, and superannuation Completed |
Evidence:
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Recommendations for changes to income and taxation arrangements, taxation consequences and estate planning issues relating to the client strategy are developed including referral advice to accountants or lawyers as appropriate Completed |
Evidence:
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Recommendations on risk management strategies and products are developed and incorporated into the plan Completed |
Evidence:
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Description of anticipated fees and charges are incorporated into the plan Completed |
Evidence:
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Information on internal and external complaints resolution procedures is incorporated into the preliminary plan Completed |
Evidence:
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Preliminary financial plan is documented according to organisation guidelines and procedures Completed |
Evidence:
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Ensure compliance of financial plan with regulatory and organisation requirements
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Preliminary financial plan is checked to ensure that the role of the representative or adviser is properly documented Completed |
Evidence:
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Preliminary financial plan is checked to ensure compliance with relevant Acts, legislation and regulatory guidelines Completed |
Evidence:
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Preliminary financial plan is assessed for its ability to successfully achieve stated objectives Completed |
Evidence:
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Preliminary financial plan is checked to ensure that it complies with ethical and regulatory requirements Completed |
Evidence:
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Produce client financial plan
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Financial plan is produced in accordance with organisation presentation requirements Completed |
Evidence:
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Supporting organisation, product explanatory documentation and regulatory and complaints information where required is attached Completed |
Evidence:
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