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Evidence Guide: FNSFPL605 - Present and negotiate complex and innovative financial plans

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

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

 

FNSFPL605 - Present and negotiate complex and innovative financial plans

What evidence can you provide to prove your understanding of each of the following citeria?

Create rapport with client

  1. Ensure disclosure of capacity to client is consistent with industry requirements and organisational guidelines
  2. Identify client concerns, if any, and respond appropriately
  3. Explain services to client orally and in writing in clear and unambiguous way, avoiding jargon and using language appropriate to receiver
  4. Assist client to make informed choices using relevant documentation
  5. 1.5 Address client’s needs and objectives in manner consistent with client's level of financial understanding
Ensure disclosure of capacity to client is consistent with industry requirements and organisational guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify client concerns, if any, and respond appropriately

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assist client to make informed choices using relevant documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present financial plan to client

  1. Explain strategies and recommendations in financial plan and discuss with client in clear and unambiguous way
  2. Prepare, explain and discuss financial plan document with client in clear and unambiguous way
  3. Guide client through assumptions used in formulating plan and discuss degree to which variations in assumptions may impact on expected outcomes
  4. Clearly and comprehensively discuss impact of recommendations with client, including advantages, risks and any disadvantages of particular proposals
  5. Clearly explain implementation actions required by client and obtain written agreement to actions
  6. Clearly explain fees, charges and commissions to client
  7. Disclose any commercial relationship of representative and organisation to products and/or services mentioned in plan to client
  8. Identify and address issues that in adviser’s professional judgement may require further consideration or consultation with other financial services professionals
  9. Provide copies of research and other documentation to client as required or when requested, and seek confirmation that client understands recommendations presented
  10. Demonstrate product knowledge appropriate for service or advice offered in discussion with client
  11. Clearly define and communicate after sales service to be provided to client
Explain strategies and recommendations in financial plan and discuss with client in clear and unambiguous way

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clearly explain fees, charges and commissions to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate effectively

  1. Assist clients to make appropriate decisions regarding solutions to their needs and objectives, and present alternatives to recommendations when requested
  2. Observe limits imposed by regulatory requirements or organisational guidelines
  3. Exercise restraint and composure when dealing with conflict situations involving clients
  4. Maintain communication channels when dealing with complaints and observe internal and external complaint handling procedures
  5. Obtain agreement in principle to proceed from client
Assist clients to make appropriate decisions regarding solutions to their needs and objectives, and present alternatives to recommendations when requested

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Observe limits imposed by regulatory requirements or organisational guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Exercise restraint and composure when dealing with conflict situations involving clients

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain agreement in principle to proceed from client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete and maintain necessary documentation

  1. Adjust financial plan according to changes agreed to with client, complete proposal and related documents, and obtain sign off when plan is agreed
  2. Create or update client records and complete contract variations if required
  3. Provide confirmation, including relevant documentation and contract variation, to client and implement final plan
  4. Record client advice in accordance with current industry documentation requirements
  5. Ensure instructing or purchasing documents where required are signed by client
Adjust financial plan according to changes agreed to with client, complete proposal and related documents, and obtain sign off when plan is agreed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Create or update client records and complete contract variations if required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record client advice in accordance with current industry documentation requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure instructing or purchasing documents where required are signed by client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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.