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. Confirm plan objectives and scope

1.1 Check plan strategy and key parameters with qualified financial planner and client

1.2 Establish research topics and review and compare research results to client requirements and expectations, as set out in strategy and key parameters

1.3 Analyse current client situation to determine opportunities and constraints within strategy boundaries

1.4 Develop plan objectives for asset growth, income, risk, taxation and any other objectives set out in plan strategy

2. Test strategic assumptions

2.1 Test client related key assumptions against draft strategy

2.2 Test and review economic key assumptions in strategy as required

2.3 Test legislative and regulatory assumptions, including taxation assumptions, against strategy

2.4 Obtain clarification from strategy author on any identified discrepancies

3. Develop financial plan to set strategy

3.1 Analyse and model strategic options set by financial planner

3.2 Identify and discuss inconsistencies in strategic options with strategy author

3.3 Develop financial plan according to established organisational guidelines

4. Review and settle draft strategy and options

4.1 Select strategic options for review and mode of presentation according to organisational guidelines

4.2 Review each strategic option with strategy author, including positives, negatives and risks for each option

4.3 Establish broad agreement on strategies with strategy author

5. Develop preliminary financial plan

5.1 Select specific products and options that meet given strategy and key parameters

5.2 Incorporate cash flow and liquidity, and set capital preservation and/or estate planning requirements consistent with given strategy and key parameters

5.3 Develop recommendations for financial asset allocation structure according to organisational guidelines

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

5.5 Develop recommendations on risk management strategies and products, and incorporate according to organisational guidelines

5.6 Check all recommendations to ensure consistency with given strategy and key parameters, and that they meet specific objectives with high dependability of outcome

5.7 Incorporate description of anticipated fees and charges, and information on internal and external complaints resolution procedures into the plan, where appropriate

5.8 Document preliminary financial plan according to organisational guidelines and procedures

Skill 

Performance Criteria 

Description 

Reading

1.1-1.3, 4.2, 5.6

• Interprets and analyses information from a range of sources and records and consolidates information relevant to requirements

Writing

1.1, 1.4, 2.4, 3.2, 3.3, 4.1-4.3, 5.2-5.8

• Prepares reports using format, terminology and conventions specific to requirements, audience and purpose
• Writes, edits and proofreads documents to ensure clarity of meaning, accuracy and consistency of information

Oral Communication

1.1, 2.4, 3.2, 4.2, 4.3

• Participates in verbal exchanges using active listening and questioning techniques to share, convey and clarify information
• Uses language, terminology and concepts appropriate to the audience and purpose

Numeracy

1.1-1.3, 2.2, 2.3, 3.1-3.3, 4.2, 5.2-5.7

• Uses mathematical equations to perform calculations and comparative analysis techniques to compare financial information

Navigate the world of work

2.3, 3.3, 4.1, 5.3, 5.5, 5.8

• Takes personal responsibility for ensuring that documentation and processes comply with policies, procedures and legislative requirements

Interact with others

1.1, 2.4, 3.2, 4.2, 4.3

• Selects and uses appropriate conventions and protocols to communicate with clients, colleagues and other stakeholders
• Maintains knowledge of compliance legislation necessary to perform own role

Get the work done

1.1-1.4, 2.1, 2.2, 2.4, 3.1, 3.2, 4.1-4.3, 5.1-5.8

• Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness
• Systematically gathers and analyses all relevant information and evaluates options to decide on appropriate financial plan components
• Uses the main features and functions of digital tools to complete work tasks

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSFPL402 Prepare financial plans to set strategies and guidelines

FNSFPL402A Prepare financial plans to set strategies and guidelines

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

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