Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to prepare and provide financial planning advice, which may include products, services and strategies. It encompasses establishing the actions, timings and priorities needed to implement and monitor or supervise the implementation of financial plan actions.
It applies to individuals who work within a team environment using specialised knowledge, systematic processes and managerial techniques to complete required work.
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.
Unit Sector
Financial planning
Elements and Performance Criteria
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 |
Foundation Skills
section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
2.2, 3.3 |
|
Writing |
1.3, 1.4, 2.1, 2.2, 3.1, 3.2, 3.5 |
|
Oral Communication |
2.1, 3.1, 3.2, 3.5 |
|
Numeracy |
1.2, 2.3, 3.3, 3.4 |
|
Navigate the world of work |
3.4 |
|
Interact with others |
1.3, 2.1, 2.2, 3.1-3.5 |
|
Get the work done |
1.1-1.4, 2.1- 2.3, 3.1-3.5 |
|
Unit Mapping 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 |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe