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 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 |
Evidence of the ability to:
establish the actions, timings and priorities needed to implement financial plans, and undertake and/or supervise the implementation of financial plan actions
comply with relevant legislation, regulations, industry codes of practice and organisational procedures
prepare materials and brief personnel for implementing financial plans
gain client feedback on and/or agreement to the plan
accurately document all planning processes and instruments, and establish 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:
explain the key features of the financial planning industry, financial products, financial markets and investment characteristics
discuss the key features and relevant issues relating to:
financial planning legislation
financial planning documentation requirements
government financial and superannuation policy
industry codes of practice
identify and categorise:
sources of information on financial products and markets
state and territory legislation, charges and taxes
explain the procedure and requirements in establishing audit trails.
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.