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. Discuss and confirm arrangements for ongoing service | 1.1 Identify ongoing service options for client and recommend appropriate options 1.2 Propose ongoing standard of service for client, including quality parameters, reporting frequency and arrangements for reviews and client initiated changes 1.3 Explain and confirm fees and charges for ongoing service to client 1.4 Develop agreement for ongoing service when agreement is reached |
2. Establish procedures for providing ongoing service | 2.1 Identify and brief personnel to implement each action in ongoing service arrangements 2.2 Identify and follow internal and external documentation requirements 2.3 Diarise key revision dates and establish client contact arrangements 2.4 Establish monitoring procedures for critical timings and priorities, and periodically review client objectives |
3. Undertake and/or supervise review of financial plan | 3.1 Establish arrangements for reviewing ongoing relevance and performance of financial plan 3.2 Review quality of ongoing service provided by authorised representative to ensure organisational and regulatory requirements are met 3.3 Issue instructions to internal and external personnel as per plan requirements, including checks and follow ups made on lodgement of documentation to ensure plan timings are met 3.4 Ensure fees and charges are obtained by authorised representative and processed according to organisational and legislative requirements 3.5 Establish clear arrangements for clients to contact representatives at any time with concerns or queries |
Evidence of the ability to:
effectively discuss, negotiate and confirm arrangements for review of a financial plan and ongoing service with clients
develop ongoing service agreements for clients who:
comply with relevant legislation, regulations and industry codes of conduct
follow organisational procedures
review or supervise the review of financial plans, including assessment of:
outcomes against changing client needs
impacts of taxation, social security, economic and other government policy on client investment and financial requirements
maintain accurate documentation of records and data relating to implementation and review.
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:
outline the key features of the financial planning industry, financial products, financial markets and investment characteristics
outline common fees and charges associated with ongoing services
compare and contrast:
financial forecasting techniques
methods of presenting financial data
describe the key features and discuss issues relating to:
government financial and superannuation policy
relevant corporations and consumer legislation
relevant financial legislation
industry codes of practice
identify and outline sources of information on financial products and markets
discuss strategies for the ongoing review and assessment of financial plans
outline the key requirements relating to documenting financial plans.
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.