This qualification is for financial planners who provide a range of standard financial planning services and individuals providing specialist para-planning services. This is a licensed occupation and core units in this qualification meet Australian Securities and Investments Commission (ASIC) requirements for Tier 1 status. Specific product units for licensing are included in the electives.
15 units must be achieved:
10 core units
plus5 elective units
the required elective units of competency can be selected from the elective bank below or from units aligned to other Diploma qualifications in the FNS10 Financial Services Training Package
a maximum of 2 electives may be selected from units aligned to Certificate IV qualifications in the FNS10 Financial Services Training Package
a maximum of 2 of the required elective units of competency may be selected from units aligned to Advanced Diploma qualifications in the FNS10 Financial Services Training Package
One (1) elective may be selected from Certificate IV, Diploma or Advanced Diploma qualifications in another endorsed Training Package or accredited course.
Elective units must be relevant to the work outcome, local industry requirements and the qualification level.
Units selected from other Training Packages or accredited courses must not duplicate units selected from or available within the FNS10 Financial Services or BSB07 Business Services Training Packages.
FNSINC501A Conduct product research to support recommendations
Note 1: Para-planners must select the unit marked '*'
Note 2: Certain elective units may be required to progress to membership of professional organisations or further study in higher education programs. Learners should establish such requirements or credit arrangements where they apply in order to make appropriate choices.
Preferred pathways for candidates entering this qualification include:
FNS40710 Certificate IV in Financial Practice Support
and other sector qualifications involving providing financial product and services advice at ASIC Tier 2 level.
The primary pathway from this qualification is employment as a financial para-planner providing advice to clients on financial products and services within the ASIC licensing framework for the sector.
A further learning pathway utilising qualifications such as FNS60410 Advanced Diploma of Financial Planning would support career progression.
Industry/enterprise requirements for this qualification include:
assisting clients to identify financial goals and priorities and assessing their current financial situation
developing and writing reports to specifications
interpreting clients' requirements and tailoring financial plan to meet their needs
negotiating solutions with clients
questioning, listening and clarifying client's requirements
using excellent customer service skills and maintaining an ongoing relationship with clients
allocating personnel for ongoing service tasks
delegating roles and responsibilities to team members
outsourcing tasks to internal and external specialists as required
checking the accuracy of calculations for fees and charges
conducting trend and risk analysis including product modelling
estimating, forecasting and conducting competitive comparisons
identifying and resolving inconsistencies in information
identifying OHS hazards and maintaining risk control
performing calculations and developing a risk profile for individual clients
testing strategic assumptions
using modelling tools to test assumptions against a variety of scenarios
Initiative and enterprise
developing administrative processes to implement financial plans
identifying ongoing service options for clients and confirming these with clients
identifying risk and managing it
proactively anticipating customer requirements and recommending products
researching alternative options for clients' needs
Planning and organising
ensuring the integrity of systems, records and reporting procedures are maintained
implementing financial plans according to agreed actions, time schedule and agreed priorities
undertaking research and developing solutions such as financial plans
planning own work schedule and monitoring and evaluating own work performance
taking responsibility as required by work role and ensuring all organisational policies and procedures are followed
understanding and acting upon compliance implications
working ethically and complying with industry professional code of practice and legislative requirements
adapting to change in technology and/or work practices
defining own work role and working within defined responsibilities
developing and maintaining personal competency
following workplace safety procedures
identifying opportunities for professional development
maintaining currency of knowledge of financial products and services
seeking expert advice as required
conducting web searches, using corporate templates and financial planning software
operating computers and using word processing, spreadsheet and database skills to produce workplace documentation
using business technology to access, organise and monitor information
using research data devices and telecommunication devices and equipment