Assessment for Financial Advice Strand: Advice process
Assessment is via submission of a portfolio of evidence (submitted online) that is the subject of a competency interview/discussion between the adviser and an assessor.
Once the portfolio of evidence and accompanying attestations are submitted, Strategi Institute will review and subsequently conduct a competency interview with the adviser. Strategi Institute will then make a recommendation to Skills Organisation on whether the adviser has met all of the requirements of the unit standards.
Skills Organisation will award the relevant credits accordingly. Please note that further evidence may be required as a result of Strategi Institute’s assessment, before a recommendation is made to Skills Organisation.
To successfully complete this assessment, you must ensure that your documentation and professional practice demonstrates the following:
- The six step advice process or standards of professional practice;
- Competence in the areas of advice given;
- Your duty of care/fiduciary duty;
- Monitoring of changes to legislation, regulations and relevant industry and professional codes of practice;
- Identification of implications of such changes through subsequent changes in own behaviour and/or practice, where applicable; and
- Compliance via activities observed during the assessment process with any policies, procedures, and requirements of the organisations involved, the standards of relevant professional bodies, including codes of ethics, any relevant legislative and/or regulatory requirements e.g. Privacy Act 2020, Consumer Guarantees Act 1993, Financial Advisers Act 2008, etc.
Examples of the types of documentation you could use in your portfolio of evidence to demonstrate the above are (not all of these are required):
- Disclosure statement you presented to each client [signed and dated]
- Statement of advice
- Scope of service/Scope of engagement/Scope of advice
- Fact Find/Needs Analysis tool or document/Data gathering forms
- Marketing brochure
- Fee schedule
- Electronic platform tool printout
- Cover letter to client
- Service agreement
- Letter of engagement
- Application forms for financial products
- Risk assessment form and/or profile
- Written calculations and notes
- Research tools and information from research providers
- Disclaimer statement
- Investment plan/Insurance plan/Comprehensive plan/Statement of advice
- Rationale (reasons) for recommendation
- Agreement to proceed
- Client acknowledgment
- Implementation plan
- Revised fact find/Needs analysis document
- Letters to/from a third party organisation
- Phone call records (may be evidenced by a report from the CRM system)
- File notes
- Diary entries or similar source
- Performance management records
- Training records for membership of industry bodies
- Documents required under legislation [e.g. Adviser business statement].