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 actions, timings and priorities needed to implement financial plan

1.1 Establish implementation actions which are consistent with client needs and specifications

1.2 Establish individual implementation actions, including timing and priorities designed to maximise advantage to client

1.3 Clearly identify implementation actions and obtain written agreement to actions from client

1.4 Establish implementation diaries and enter appropriate records

2. Establish procedures for implementation of financial plan

2.1 Identify and brief personnel to implement each action in plan

2.2 Identify and follow up internal and external documentation requirements and establish audit trails

2.3 Establish monitoring procedures for critical timings and priorities

3. Undertake and/or supervise implementation of financial plan actions

3.1 Check that authorised representative ensures clients have information on actions they must undertake and provides assistance where needed

3.2 Check that authorised representative ensures instructions are issued to internal and external personnel as per plan requirements

3.3 Check and follow up lodgement of documentation to ensure plan timings are met

3.4 Check that authorised representative ensures fees and charges are obtained and processed according to organisational and legislative requirements

3.5 Debrief client and address any concerns promptly and effectively

Skill 

Performance Criteria 

Description 

Reading

2.2, 3.3

• Interprets and analyses information and products from a variety of sources to ensure appropriateness to client needs, currency and accuracy

Writing

1.3, 1.4, 2.1, 2.2, 3.1, 3.2, 3.5

• Completes documentation accurately following organisational procedures and protocols
• Uses clear language, correct spelling and grammar and appropriate terminology to convey information to a range of personnel

Oral Communication

2.1, 3.1, 3.2, 3.5

• Participates in verbal exchanges using active listening and questioning skills and uses collaborative techniques to share, convey and clarify information
• Uses language and concepts appropriate to team members and clients, and relevant to the situation

Numeracy

1.2, 2.3, 3.3, 3.4

• Uses mathematical equations to perform calculations and check accuracy of financial data
• Analyses, records and stores complex financial data and information
• Develops timelines to plan and monitor progress

Navigate the world of work

3.4

• 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

1.3, 2.1, 2.2, 3.1-3.5

• Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders to provide or seek information
• Recognises the importance of building rapport to establish effective working relationships with diverse clients
• Collaborates and cooperates with others to achieve joint outcomes

Get the work done

1.1-1.4, 2.1- 2.3, 3.1-3.5

• Plans, sequences and implements processes and tasks to meet legislative and organisational requirements, changing processes where necessary
• Uses the main features and functions of digital tools to complete work tasks and access information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSFPL504 Implement financial plan

FNSFPL504A Implement financial plan

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.