Assessor Resource

FNSFPL505A
Review financial plans and provide ongoing service

Assessment tool

Version 1.0
Issue Date: May 2024


The unit applies to job roles such as financial planning support staff and financial planners.

This unit describes the performance outcomes, skills and knowledge required to monitor the implementation and progress of financial plans and establish ongoing client service arrangements.

It encompasses discussing and confirming arrangements and procedures for ongoing service with clients, establishing procedures for providing ongoing service and undertaking or supervising review of a financial plan.

This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).

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

Employability Skills

This unit contains employability skills.



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.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

comply withrelevant legislation and regulations and industry codes of conduct and meet organisational operating practises

effectively discuss, negotiateand confirm arrangements for ongoing service with clients including undertaking or supervising review of a financial plan and assessing outcomes against changing needs of the client

use in-depth knowledge of the financial planning industry, industry regulations and codes of practice, financial products, financial markets and investment characteristics

assess impacts of taxation, social security, economic and other government policies on client investment and financial requirements

recognise and act promptly upon signs that modifications to the plan are required and gain client feedback on, and agreement to, modifications

develop ongoing service agreements for clients and maintain accurate documentation of records and data of implementation and review.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills which may include formal examinations

setting and reviewing workplace projects and business simulations/scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

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.

Required skills

well-developed communication skills to:

determine and confirm client and work requirements, using questioning and active listening as required

renegotiate plans with clients and keep them informed of changes as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

numeracy skills to accurately analyse, record and store data in accordance with organisational requirements

literacy skills for analysing information and products to ensure appropriateness to client needs, currency and accuracy

IT skills for accessing and using appropriate software such as spreadsheets and databases and using internet information

well-developed interpersonal skills to establish rapport with clients and to liaise with other planning team members

self-management skills for complying with ethical, legal and procedural requirements

learning skills to maintain knowledge of changes to compliance legislation and requirements

Required knowledge

common fees and charges associated with ongoing services

financial forecasting techniques

government financial and superannuation policies

methods of presenting financial data

relevant corporations and consumer legislation

relevant financial legislation

sources of information on financial products and markets (e.g. banks, financial advisers)

State and Territory charges and taxes

strategies for the ongoing review and assessment of financial plans

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Documentation may include, but is not limited to:

computer and manual applications

disclaimers

disclosures

Eligible Termination Payment (ETP) forms

insurance policies

prospectus

receipts

written advice.

Legislative requirements may include:

Australian Securities and Investments Commission (ASIC) Act, policy and guidelines

Consumer Affairs Act

Consumer Credit Code

contract law

Corporations Act

industry codes of practice

Insurance Act

Life Insurance Act

Privacy Act

social security regulations

State and Territory legislation

Taxation Acts

Trade Practices Act

trust law.

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
Ongoing service options are identified for the client and appropriate options recommended 
The ongoing standard of service is proposed for the client including quality parameters, reporting frequency and arrangements for reviews and client initiated changes 
Fees and charges for ongoing service are explained and confirmed to the client 
An agreement for ongoing service is developed when agreement is reached 
Personnel to implement each action in the ongoing service arrangements are identified and briefed 
Internal and external documentation requirements are identified and followed 
Key revision dates are diarised and client contact arrangements established 
Monitoring procedures are established for critical timings and priorities and client objectives are periodically reviewed 
Arrangements are established for reviewing the ongoing relevance and performance of the financial plan 
Arrangements are made for reviewing quality of ongoing service with the authorised representative ensuring the quality of ongoing service meets organisation and regulatory requirements 
Instructions are issued to internal and external personnel as per plan requirements with checks and follow-ups made on lodgement of documentation to ensure plan timings are met 
Fees and charges are obtained by the authorised representative and processed according to organisation and legislative requirements 
Clear arrangements are established for clients to contact representatives at any time with concerns or queries 

Forms

Assessment Cover Sheet

FNSFPL505A - Review financial plans and provide ongoing service
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

FNSFPL505A - Review financial plans and provide ongoing service

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: