Course Title: Determine client financial requirements and expectations

Part A: Course Overview

Program: C5343 Diploma of Financial Planning

Course Title: Determine client financial requirements and expectations

Portfolio: BUS Portfolio Office

Nominal Hours: 60

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.


Course Code




Learning Mode

Teaching Period(s)


City Campus


650T Vocational Business Education

Face-to-Face or Internet

Term1 2016,
Term2 2016,
Term1 2017,
Term2 2017,
Term1 2018,
Term2 2018,
Term2 2019

Course Contact: Callie Harvey

Course Contact Phone: +61 3 9925 5772

Course Contact Email:

Course Description

This unit describes the skills and knowledge required to determine the financial requirements and expectations of clients. It encompasses informing clients of the financial planning process and service, obtaining relevant information on their existing financial situations and expectations with respect to the financial planning service offered by the representative, and preparing and updating necessary documentation.

It applies to individuals who manage relationships with clients and colleagues and use specialised knowledge and systematic approaches to determine a customised service.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.                  

Pre-requisite Courses and Assumed Knowledge and Capabilities


National Competency Codes and Titles

National Element Code & Title:

FNSFPL506 Determine client financial requirements and expectations


1. Inform client of financial planning process and services

2. Obtain relevant information on client’s existing financial situation

3. Determine client expectations and requirements with respect to financial planning service offered by representative

4. Prepare and update necessary documentation where required

Learning Outcomes

Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

Evidence of the ability to:

  • clearly inform clients of the financial planning process and services
  • obtain all relevant information on clients’ existing financial situation
  • determine client expectations and requirements with respect to the financial planning service offered by the representative
  • comply with relevant legislation and regulations, and organisational operating policy and procedures
  • accurately record information and make summary analysis.

Knowledge Evidence

To complete the unit requirements safely and effectively, you must:

  • discuss appropriate financial industry sales and marketing techniques
  • explain the protocols to be complied with in dealing with clients with special needs
  • outline the key issues relating to:
    • the current economic climate and outlook
    • local and international financial markets and investments
  • explain financial product service terms and conditions
  • explain indicative fees and charges
  • explain the interactions between different providers of the financial planning service and their accountabilities
  • describe authorities and assistance able to be offered by other advisers and organisations
  • discern between and describe what different providers can and cannot do within the financial planning service required by the client
  • outline the steps in a referral process to other advisers or organisations
  • describe the key stages in internal and external complaint handling processes
  • outline the steps and processes involved in the preparation of financial plans
  • describe the key features of relevant organisational policy, procedures and requirements
  • identify risk and fraud indicators.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial planning field of work and include access to:

  • office equipment, technology, software and consumables. 

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.


Feedback will be provided throughout the semester in class and/or online discussions. You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.