Assessor Resource

FNSFPL403
Implement financial plans to predetermined guidelines

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to implement financial plans where the implementation actions are routine or predetermined.

It applies to individuals who work in a team and use organisational skills and specialised knowledge to establish administrative support and maintain quality standards.

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.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Establish administrative actions needed to implement financial plan

1.1 Check financial plan to verify that implementation actions are within planner’s skills, knowledge and authority

1.2 Establish implementation actions which are consistent with client needs and specifications, and prioritise timings for each action to maximise advantage to client

1.3 Establish implementation diaries and other appropriate records

2. Undertake required actions for implementation of financial plan

2.1 Issue implementation instructions to internal and external personnel as per plan requirements

2.2 Check and follow up actions on lodgement of documentation to ensure plan timings are met

2.3 Obtain and process fees and charges according to organisational and legislative requirements and codes of practice

2.4 Complete and document implementation actions

3. Establish administrative actions needed to review financial plan

3.1 Establish standard operating procedures for reviewing ongoing performance of plan

3.2 Ensure quality of ongoing service meets organisational and regulatory requirements, with any special arrangements agreed to with client

3.3 Issue review instructions to internal and external personnel as per plan requirements

3.4 Establish system to monitor lodged documentation to ensure plan timings are met

3.5 Establish process for ensuring fees and charges are recovered according to organisational and legislative requirements

3.6 Establish audit trails to ensure financial plans are in line with client requirements and managed in accordance with organisational procedures

Evidence of the ability to:

effectively administer, implement and review financial plans, including:

effectively compiling records and data

processing fees and charges for preparation and monitoring of financial plans

monitoring to ensure adherence to client needs and expectations

establishing appropriate audit trails.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

identify sources of information on financial products and markets

describe the key features of:

financial products, financial markets and investment characteristics

government financial and superannuation policy

relevant legislation and regulations for financial planning activities

corporations and consumer legislation

industry codes of practice

compare and contrast financial forecasting techniques

describe methods of presenting financial data

identify state and territory charges and taxes

describe the skills, knowledge and levels of authority necessary to administer and implement financial plans developed to predetermined guidelines

describe the concept of duty of care relating to personnel nominated to implement financial plans

discuss the possible impacts of the following on client investment and financial requirements:

roles of associated financial advisers

taxation

social security

economic and other government policy.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial planning field of work and include access to:

office equipment, technology, software and consumables.

Assessors must satisfy NVR/AQTF assessor requirements.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Establish administrative actions needed to implement financial plan

1.1 Check financial plan to verify that implementation actions are within planner’s skills, knowledge and authority

1.2 Establish implementation actions which are consistent with client needs and specifications, and prioritise timings for each action to maximise advantage to client

1.3 Establish implementation diaries and other appropriate records

2. Undertake required actions for implementation of financial plan

2.1 Issue implementation instructions to internal and external personnel as per plan requirements

2.2 Check and follow up actions on lodgement of documentation to ensure plan timings are met

2.3 Obtain and process fees and charges according to organisational and legislative requirements and codes of practice

2.4 Complete and document implementation actions

3. Establish administrative actions needed to review financial plan

3.1 Establish standard operating procedures for reviewing ongoing performance of plan

3.2 Ensure quality of ongoing service meets organisational and regulatory requirements, with any special arrangements agreed to with client

3.3 Issue review instructions to internal and external personnel as per plan requirements

3.4 Establish system to monitor lodged documentation to ensure plan timings are met

3.5 Establish process for ensuring fees and charges are recovered according to organisational and legislative requirements

3.6 Establish audit trails to ensure financial plans are in line with client requirements and managed in accordance with organisational procedures

Evidence of the ability to:

effectively administer, implement and review financial plans, including:

effectively compiling records and data

processing fees and charges for preparation and monitoring of financial plans

monitoring to ensure adherence to client needs and expectations

establishing appropriate audit trails.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

identify sources of information on financial products and markets

describe the key features of:

financial products, financial markets and investment characteristics

government financial and superannuation policy

relevant legislation and regulations for financial planning activities

corporations and consumer legislation

industry codes of practice

compare and contrast financial forecasting techniques

describe methods of presenting financial data

identify state and territory charges and taxes

describe the skills, knowledge and levels of authority necessary to administer and implement financial plans developed to predetermined guidelines

describe the concept of duty of care relating to personnel nominated to implement financial plans

discuss the possible impacts of the following on client investment and financial requirements:

roles of associated financial advisers

taxation

social security

economic and other government policy.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial planning field of work and include access to:

office equipment, technology, software and consumables.

Assessors must satisfy NVR/AQTF assessor requirements.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Check financial plan to verify that implementation actions are within planner’s skills, knowledge and authority 
Establish implementation actions which are consistent with client needs and specifications, and prioritise timings for each action to maximise advantage to client 
Establish implementation diaries and other appropriate records 
Issue implementation instructions to internal and external personnel as per plan requirements 
Check and follow up actions on lodgement of documentation to ensure plan timings are met 
Obtain and process fees and charges according to organisational and legislative requirements and codes of practice 
Complete and document implementation actions 
Establish standard operating procedures for reviewing ongoing performance of plan 
Ensure quality of ongoing service meets organisational and regulatory requirements, with any special arrangements agreed to with client 
Issue review instructions to internal and external personnel as per plan requirements 
Establish system to monitor lodged documentation to ensure plan timings are met 
Establish process for ensuring fees and charges are recovered according to organisational and legislative requirements 
Establish audit trails to ensure financial plans are in line with client requirements and managed in accordance with organisational procedures 

Forms

Assessment Cover Sheet

FNSFPL403 - Implement financial plans to predetermined guidelines
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSFPL403 - Implement financial plans to predetermined guidelines

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: