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Evidence Guide: FNSSUP409 - Provide specialist retirement income stream information to clients

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

 

FNSSUP409 - Provide specialist retirement income stream information to clients

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

Establish relationship with client

  1. Establish the nature of client enquiry using the most appropriate methods of communication
  2. Access client records or record new client details in organisational system
  3. Inform client of the role of the organisation if they are a new client
  4. Explain the role and limits of authority of the representative to the client
  5. Identify clients with special needs and take appropriate action or refer to appropriate advice channel
Establish the nature of client enquiry using the most appropriate methods of communication

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Access client records or record new client details in organisational system

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Inform client of the role of the organisation if they are a new client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain the role and limits of authority of the representative to the client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify clients with special needs and take appropriate action or refer to appropriate advice channel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide client with general information about income stream options

  1. Explain income stream products to clients and the main differences and availability of account based and non-account based income streams
  2. Outline the general processes behind setting up an income stream product
  3. Inform the client on the general process to move from accumulation phase to the pension drawdown phase
  4. Provide information on basic investment concepts including risk and return, time horizons and asset classes
  5. 2.5 Identify the general impact of a client's investment choices on their account based income stream
  6. Advise client of their options and refer to appropriate specialist if they request personalised advice
Explain income stream products to clients and the main differences and availability of account based and non-account based income streams

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Outline the general processes behind setting up an income stream product

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Inform the client on the general process to move from accumulation phase to the pension drawdown phase

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide information on basic investment concepts including risk and return, time horizons and asset classes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

2.5 Identify the general impact of a client's investment choices on their account based income stream

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client of their options and refer to appropriate specialist if they request personalised advice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain retirement income stream products and options to client

  1. Provide clear and unambiguous information, organisational materials and guidance about the retirement income products offered by the organisation
  2. Inform the client of any ancillary benefits, facilities and options available when taking out an income stream product
  3. 3.3 Explain fees and charges associated with the organisation's income stream products to the client
  4. Identify the risk and benefits of income stream products available from the organisation and explain to the client
  5. Discuss procedures for complaint handling and resolution to the client
Provide clear and unambiguous information, organisational materials and guidance about the retirement income products offered by the organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Inform the client of any ancillary benefits, facilities and options available when taking out an income stream product

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

3.3 Explain fees and charges associated with the organisation's income stream products to the client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify the risk and benefits of income stream products available from the organisation and explain to the client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss procedures for complaint handling and resolution to the client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assist with enquiries related to retirement income stream products

  1. Provide assistance with enquiries relating to requests for membership changes if purchasing an income stream from the client’s existing superannuation fund
  2. Provide explanations regarding calculation of pension payments including consideration of social security, Centrelink and Department of Veterans’ Affairs (DVA) benefits
  3. Provide information to clients who receive reversionary pensions and explain how nominations are made by the client
  4. Access appropriate sources of information to respond accurately to client enquiries
  5. Check client understanding of information provided is in accordance with legislation and organisational policies and procedures
  6. Provide follow up services related to the client enquiries as required
Provide assistance with enquiries relating to requests for membership changes if purchasing an income stream from the client’s existing superannuation fund

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide explanations regarding calculation of pension payments including consideration of social security, Centrelink and Department of Veterans’ Affairs (DVA) benefits

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide information to clients who receive reversionary pensions and explain how nominations are made by the client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Access appropriate sources of information to respond accurately to client enquiries

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check client understanding of information provided is in accordance with legislation and organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide follow up services related to the client enquiries as required

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. Establish relationship with client

1.1 Establish the nature of client enquiry using the most appropriate methods of communication

1.2 Access client records or record new client details in organisational system

1.3 Inform client of the role of the organisation if they are a new client

1.4 Explain the role and limits of authority of the representative to the client

1.5 Identify clients with special needs and take appropriate action or refer to appropriate advice channel

2. Provide client with general information about income stream options

2.1 Explain income stream products to clients and the main differences and availability of account based and non-account based income streams

2.2 Outline the general processes behind setting up an income stream product

2.3 Inform the client on the general process to move from accumulation phase to the pension drawdown phase

2.4 Provide information on basic investment concepts including risk and return, time horizons and asset classes

2.5 Identify the general impact of a client's investment choices on their account based income stream

2.6 Advise client of their options and refer to appropriate specialist if they request personalised advice

3. Explain retirement income stream products and options to client

3.1 Provide clear and unambiguous information, organisational materials and guidance about the retirement income products offered by the organisation

3.2 Inform the client of any ancillary benefits, facilities and options available when taking out an income stream product

3.3 Explain fees and charges associated with the organisation's income stream products to the client

3.4 Identify the risk and benefits of income stream products available from the organisation and explain to the client

3.5 Discuss procedures for complaint handling and resolution to the client

4. Assist with enquiries related to retirement income stream products

4.1 Provide assistance with enquiries relating to requests for membership changes if purchasing an income stream from the client’s existing superannuation fund

4.2 Provide explanations regarding calculation of pension payments including consideration of social security, Centrelink and Department of Veterans’ Affairs (DVA) benefits

4.3 Provide information to clients who receive reversionary pensions and explain how nominations are made by the client

4.4 Access appropriate sources of information to respond accurately to client enquiries

4.5 Check client understanding of information provided is in accordance with legislation and organisational policies and procedures

4.6 Provide follow up services related to the client enquiries as required

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. Establish relationship with client

1.1 Establish the nature of client enquiry using the most appropriate methods of communication

1.2 Access client records or record new client details in organisational system

1.3 Inform client of the role of the organisation if they are a new client

1.4 Explain the role and limits of authority of the representative to the client

1.5 Identify clients with special needs and take appropriate action or refer to appropriate advice channel

2. Provide client with general information about income stream options

2.1 Explain income stream products to clients and the main differences and availability of account based and non-account based income streams

2.2 Outline the general processes behind setting up an income stream product

2.3 Inform the client on the general process to move from accumulation phase to the pension drawdown phase

2.4 Provide information on basic investment concepts including risk and return, time horizons and asset classes

2.5 Identify the general impact of a client's investment choices on their account based income stream

2.6 Advise client of their options and refer to appropriate specialist if they request personalised advice

3. Explain retirement income stream products and options to client

3.1 Provide clear and unambiguous information, organisational materials and guidance about the retirement income products offered by the organisation

3.2 Inform the client of any ancillary benefits, facilities and options available when taking out an income stream product

3.3 Explain fees and charges associated with the organisation's income stream products to the client

3.4 Identify the risk and benefits of income stream products available from the organisation and explain to the client

3.5 Discuss procedures for complaint handling and resolution to the client

4. Assist with enquiries related to retirement income stream products

4.1 Provide assistance with enquiries relating to requests for membership changes if purchasing an income stream from the client’s existing superannuation fund

4.2 Provide explanations regarding calculation of pension payments including consideration of social security, Centrelink and Department of Veterans’ Affairs (DVA) benefits

4.3 Provide information to clients who receive reversionary pensions and explain how nominations are made by the client

4.4 Access appropriate sources of information to respond accurately to client enquiries

4.5 Check client understanding of information provided is in accordance with legislation and organisational policies and procedures

4.6 Provide follow up services related to the client enquiries as required

Evidence of the ability to:

maintain up-to-date knowledge or access accurate information to respond to client enquiries

respond to client enquiries using specialist knowledge of income stream products

provide accurate general advice that complies with organisational procedures and industry regulations.

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:

describe a range of different retirement income stream products available in the organisation and more generally in the industry

outline the legislation that impacts on different retirement income stream products

describe organisational policies, procedures and requirements relevant to responding to client enquiries

discuss the application of privacy and confidentiality requirements covered in organisational procedures and relevant legislation

describe different client groups and types of information typically sought

describe the purpose and key features of income stream products

explain the process and documentation requirements for issuance of income stream products

explain the difference between general advice and personal advice and the significance of this difference in relation to providing advice to clients about post-retirement income stream products

explain the use of marketing and product disclosure documents in providing advice to clients

describe the process of interpreting the suitability of a range of post-retirement income stream products to clients

outline the process for calculating pension payments including the impact of social security, Centrelink and Department of Veterans’ Affairs (DVA) benefits

explain differences between reversionary pensions payable from account based and non-account based income streams

describe defined benefit non-account based income stream with and without a reversionary pension

explain an income stream with a guarantee period.