FNSFPL506: Determine Client Requirements and Expectations

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Determine Client Requirements and Expectations
Assessment Task
FNSFPL506
Your details:
Name: Vivek Budhwar
Address:
Phone: [phone]
Company name
Email: [e-mail]
Your Assessment Task
Keep a copy of your Assessment Task for a period of 12 months.
Submit your assessment to our Education Team via [e-mail]
Plagiarism Statement
All assessments must be your own work and not a result of plagiarism or
collaboration with other students or workmates.
Assessment
The pass mark is 70% for each element. If you do not achieve this, you will receive
feedback via your email address and be asked to resubmit your Assessment Task for
a second marking. Assessment tasks will not be returned to you.
Task Assessments Elements Targe
t
Mark
Pass
Mark
Actu
al
Mark
1 Inform client of the financial planning
process and services FNSFPL506.1 49 34
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2 Obtain relevant information on client's
existing financial situation FNSFPL506.2 77 54
3 Determine client expectations and
requirements with respect to financial
planning service offered by the
representative
FNSFPL506.3 16 11
4 Prepare and update necessary
documentation where required FNSFPL506.4 17 12
Total 159 111
Assessor’s Initials: ____________________
Assessment Date: ____________________

Mentor Education
Introduction Name: ____________________
Objective The objective of this assessment is to determine client
requirements and expectations for the practical client situation
described in the case study assigned to you.
Scope To achieve this objective, you will need to:
 Inform client of the financial planning process and services,
 Obtain relevant information on client's existing financial
situation,
 Determine client expectations and requirements with respect to
the financial planning service offered by the representative, and
 Prepare and update necessary documentation when required.
The assessment tasks in this assessment will allow you to
demonstrate your knowledge and skills in these elements
Assessment
process
Start by:
1. Reading the Assessment Task and case study.
2. Type your answers to the assessment tasks into this template
document (hand-written answers are not accepted)
3. Submit your completed document by emailing it to
[e-mail]
Don’t forget to keep a copy and retain it for 12 months.
Need help? If you have any questions, please email the Mentor Support Team
at [e-mail]
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Units of
competency
Upon successful completion of these assessments, you will be
awarded two units of competency for FNSFPL506: Determine
Client Requirements and Expectations

Mentor Education
Assessment Task 1 Name: ____________________
1.0
Financial
planning
process and
services
Establishing client rapport at the start of a professional relationship is
a preliminary step in the Financial Service Advice Process.
The first assessment task requires you to inform the client of the
financial planning process and services, as detailed in the case
study allocated to you.
This requires that the:
 Financial planning process and role, and any limits of authority
of the representative are explained to the client,
 The licensees and principals of the organisation and services
and capacity of the organisation, including any relationship to
other financial services are explained to the client,
 Fees and charges are explained to the client and the client's
understanding of these is confirmed before proceeding with
delivery of service,
 Clients with special needs are identified and appropriate action
taken or referral made, and
 Procedures for internal and external complaints handling and
resolution are explained to the client.
For this activity, you should refer to the FSG that accompanies this
assessment task.
In this activity, you are required to prepare for an initial meeting
(which is also the ‘fact finding’ interview) with your clients in the case
study by answering the short answer questions in the spaces
provided in the following pages.
Marks /49
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Assessment Task 1, continued Name: ____________________
Questions Mark
s
(a) Give some thought to the sort of things you would cover in the first
meeting (assume this meeting will also incorporate the ‘fact finding’
interview). Include any legal requirements and other documentation that
may be helpful in the interview.
Ans. I would create an agenda and provide a copy of the same to the client to
reveal the requirements and other documents. I would give best ideas to
them to meet their requirements. / 5
(b) How might you ask the client to prepare for the first meeting?
Ans. I would ask the client to be ready for first meeting ad I will be on time. I
will let them know the required documents and other requirements in
advance. I will ask them to be open and share their needs properly so that
we can advise them best policies for them. / 5
(c) To establish a relationship with your clients, what strategies might you use
to build rapport during the interview process?
Ans. I would be polite to them and solve all the queries. I will be confident and
make them feel that this is the best place to solve their problems. All the
approaches and strategies would be client centric. / 5
(d) In point form, explain the steps in the financial planning process.
Ans . Following are steps in financial planning process
1. determine your current financial situation
2. developing financial goals
3. identifying alternative courses of action
4. evaluating alternatives
5. creating and implementing a financial action plan
6. reevaluating and revising the plan / 6

Mentor Education
(e) What details would you provide regarding your licensee and principal?
Ans. Licensee and principal have an obligation to use reasonable care. The
essential details which required for licensee process includes scope of the
agreement, financial arrangements, time duration of license, and quality of
products. With all these legal aspects are required to fulfill which become
possible with mutual concern and agreement to avoid ambiguity. The specific
requirement related with principal include:
 Concern agreement with agent
 Time duration
 Amount to be paid
All these are legal and specific requirement assess for licensee and principal in
order to make things valid and authentic. / 4
Subtotal / 25
Continu
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Assessment Task 1, continued Name: ____________________
Questions Mark
s
(f) Explain the products and services you can offer the client and the
capacity of the organisation.
Ans. The major products and services offer by company to client is their advice.
Mentor Financial Planning Pvt. Ltd determine as financial advice and
consultancy to clients. Their capacity is high as compared with others as they
are providing consultancy to all sort of people to manage their financials in
longer duration. / 2
(g) What would you tell the client about yourself?
Ans. For a good interaction with the client it is important to introduce
yourself with the confidence. So I would tell that I am an authorised
representative of a full-service licensed dealer group, Mentor Financial
Planning Pty Ltd. and I am here to solve your problems and help you out
in best possible manner. / 5
(h) List the type of fees you could charge the clients. What are the benefits of
explaining these fees to your clients?
Ans. There are the types of fees could be charged to clients
1. Financial plan fee
2. Ongoing advice fees
3. Implementation fee
4. Investment management fees
Benefits:
1. better financial planning
2. better investment and advice
3. monitoring and re balancing
4. greater investment access / 5
(i) How would you assess the client's understanding of the fees and charges
before proceeding with delivery of service?
/ 2

Mentor Education
Ans. I would assess the client’s understanding by asking indirect questions
about the fees and charges and then I will explain the fees and charges
before proceeding with the delivery of services.
Subtotal / 14
Continu
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Assessment Task 1, continued Name: ____________________
Questions
(j) Who would you consult with, or refer your clients to, if they had:
i) a deficiency in English Use appropriate language with them so that they can get
proper and better consult.
ii) a need for a variety of
products and service outside of
your authority
It enables them to provide consultancy appropriately
from beyond the capacity.
iii) complex estate planning
situations
A complex planning situation can be handling with expert
review and proper written aspects.
iv) unbalanced financial
situations
Unbalanced financial situations can be handled with
planning, advice and consultancy.
v) a disability Disability can be managed with effective planning and
consultancy as per required consent.
vi) needs of different
cultural backgrounds
Different cultural background requirement fulfil criteria of
understanding and evaluation of various families belong
to distinct background.
vii) age related needs (i.e.
very young or older age
groups)
Age related needs is essential to determine for effective
planning of family which include expenditure details.
(k) Outline the three steps your clients should take if they have a complaint or
dispute prior to contacting ASIC.
Ans. Following are the three essential steps client need to undertake while face any
compliant or dispute prior to contracting ASIC:
 Review the contract
 Negotiation and mediation
 Arbitration and litigation

Mentor Education
Subtotal / 10
Total / 49
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Assessment Task 2
Name: ____________________
2.0 Client’s
existing
financial
situation
The second assessment task requires you to obtain relevant
information on the client's existing financial situation by completing
the Fact Finder, based on the information contained in the Case
Study allocated to you, including:
 Facts and information relevant to the client's particular
service request are obtained and confirmed,
 Client's expectations, requirements and objectives are
identified, with the clients encouraged to disclose relevant
information to determine their personal/financial situation and any
special needs,
 Relevant information on investments and assets held by
the client and their current income, expenditure and liabilities
situation are obtained,
 A summary analysis of client's financial position is developed
based on extent of client disclosure and requirements, and
 Risk and fraud indicators are identified accurately and all
information is checked for consistency and potential conflict.
The case study provided is brief in nature so there will be some
fields in the Fact Finder (e.g. telephone number) where the case
study does not provided required information. You may leave these
fields blank. However, in a real client situation you must not leave
any fields blank and provide a warning (e.g. client declined to
provide this information).
Current tax rates, levies and offsets can be found at
www.taxcalc.com.au
Enter your answers to the questions in the space provided on the
following Fact Finder.
Marks / 77