Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Establish plan objectives and scope

1.1 Review research results and compare to client requirements and expectations

1.2 Analyse current client situation to determine opportunities and constraints

1.3 Identify and assess desired financial resource and market parameters

1.4 Develop plan objectives for asset growth, income, risk, taxation and any other objectives developed in consultation with client

2. Develop strategic assumptions

2.1 Develop and test client related and economic key assumptions

2.2 Identify and test legislative and regulatory requirements, including taxation assumptions

2.3 Seek clarification from client or other professionals as required and document strategic assumptions for client review

3. Develop financial plan strategy

3.1 Develop initial options based on strategic assumptions and client specifications

3.2 Analyse and model strategic options and reject any inappropriate options

3.3 Develop supporting arguments for each final strategic option and include in draft overall strategy

3.4 Conduct any necessary client checks or consultations to verify plan strategy

4. Develop preliminary financial plan

4.1 Select specific products and options to meet agreed strategy with cash flow, liquidity and capital preservation or estate planning requirements incorporated as required

4.2 Develop recommendations for financial asset allocation structure, including where provision is required for equities, trusts, partnerships, allocated pensions and superannuation, and planned capital expenditure

4.3 Develop recommendations for changes to income and taxation arrangements, including referral advice to accountants or lawyers as appropriate

4.4 Develop recommendations on risk management strategies and products, and incorporate in plan

4.5 Incorporate anticipated fees and charges into preliminary plan

4.6 Incorporate information on internal and external complaints and dispute resolution procedures available to client

4.7 Document preliminary financial plan according to organisational guidelines and procedures

5. Ensure compliance of financial plan with regulatory and organisational requirements

5.1 Check preliminary financial plan to ensure that role of representative or adviser is properly documented and complies with relevant Acts, regulations and regulatory guidelines

5.2 Assess preliminary financial plan for its ability to successfully achieve objectives

5.3 Check preliminary financial plan to ensure that it complies with ethical and regulatory requirements

6. Produce completed plan

6.1 Produce financial plan in accordance with organisational quality control requirements

6.2 Attach relevant supporting documentation relating to products, regulatory considerations and organisational processes, including internal and external complaints procedures

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.3, 2.2, 3.2, 5.1-5.3

• Analyses and reviews complex information from a range of sources to identify key details, make judgements and determine requirements

Writing

1.4, 2.1, 2.3, 3.3, 3.4, 4.2-4.7, 6.1

• Develops material to a specific audience using clear and detailed language and financial data to convey explicit information, requirements and recommendations
• Uses appropriate formats and structures to report and present information logically

Oral Communication

2.3, 3.4

• Participates in verbal exchanges using active listening and questioning skills and uses collaborative techniques to convey and clarify information appropriate to the audience and purpose

Numeracy

1.1-1.4, 2.1, 4.2, 4.5

• Performs calculations and analyses and tests financial information to achieve required outcomes

Navigate the world of work

2.2, 4.6, 4.7, 5.1, 5.3, 6.1

• Takes full responsibility for ensuring that documentation and processes comply with organisational policy and procedures, and regulatory and ethical requirements
• Maintains knowledge of compliance legislation necessary to perform role

Interact with others

2.3, 3.4

• Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders to seek or share information

Get the work done

1.1-1.4, 2.1-2.3, 3.1-3.4, 4.1-4.7, 5.2, 6.1

• Plans, organises, implements and monitors work processes and tasks to meet legislative and organisational requirements and ethical standards, changing processes where necessary
• Systematically gathers, analyses and evaluates research findings to decide on appropriate products or advice
• Uses the main features and functions of digital tools to complete work tasks and to access information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSFPL503 Develop and prepare financial plan

FNSFPL503A Develop and prepare financial plan

Updated to meet Standards for Training Packages

Minor rewording and reorganisation to clarify intent of performance criteria

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.