Assessor Resource

FNSFPL606
Implement complex and innovative financial plans

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to implement a complex or innovative financial plan, and successfully present to clients. Complex plans include those which, for commercial relationship reasons, require development to a higher than normal standard.

It applies to experienced individuals who work within a team environment using specialised knowledge, systematic processes and managerial techniques to complete complex work and manage relationships.

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 actions, timings and priorities needed to implement complex and/or innovative financial plan

1.1 Review special features of client situation for implementation implications, including high asset, income or expenditure requirements, complex taxation and/or legal issues, or complex estate planning issues

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

1.3 Clearly explain implementation actions required by client and obtain written agreement to actions

1.4 Ensure implementation actions, including timing and priority, are to maximum advantage for client and establish implementation diaries and other appropriate records

2. Establish procedures for implementation of financial plan

2.1 Identify and brief personnel to implement each action in financial plan

2.2 Identify and follow internal and external documentation requirements

2.3 Coordinate implementation actions that depend on or involve actions by other professionals such as accountants and lawyers

2.4 Establish audit trails and monitoring procedures for critical implementation timings and priorities

3. Undertake and/or supervise implementation of financial plan actions

3.1 Ensure representative briefs client on actions client must undertake and provides assistance where needed

3.2 Ensure representative issues instructions to internal and external personnel as per plan requirements

3.3 Maintain consultation and monitoring with other professionals where joint implementation action is required

3.4 Check and follow up lodgement of documentation to ensure plan timings are met

3.5 Ensure representative obtains fees and charges, and processes according to organisational and legislative requirements

3.6 Debrief client and address any concerns

Evidence of the ability to:

successfully present the plan to clients, clearly explaining implementation actions required and obtaining agreement to the plan

effectively implement or supervise the implementation of complex or innovative financial plans

accurately complete documentation and establish appropriate audit trails of records and data.

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:

describe the key features of and discuss issues relating to:

corporations and consumer legislation

relevant financial legislation

government financial and superannuation policy

compare methods of presenting financial data

identify and categorise:

sources of information on financial products and markets, including banks and other financial advisers

state and territory legislation

describe how the unique features of a client’s situation, including high asset, income or expenditure, complex taxation and/or legal issues, or complex estate planning issues, require special treatment in implementation of financial plans

explain how and when to use professionals such as accountants and lawyers in the implementation of complex 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.

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 actions, timings and priorities needed to implement complex and/or innovative financial plan

1.1 Review special features of client situation for implementation implications, including high asset, income or expenditure requirements, complex taxation and/or legal issues, or complex estate planning issues

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

1.3 Clearly explain implementation actions required by client and obtain written agreement to actions

1.4 Ensure implementation actions, including timing and priority, are to maximum advantage for client and establish implementation diaries and other appropriate records

2. Establish procedures for implementation of financial plan

2.1 Identify and brief personnel to implement each action in financial plan

2.2 Identify and follow internal and external documentation requirements

2.3 Coordinate implementation actions that depend on or involve actions by other professionals such as accountants and lawyers

2.4 Establish audit trails and monitoring procedures for critical implementation timings and priorities

3. Undertake and/or supervise implementation of financial plan actions

3.1 Ensure representative briefs client on actions client must undertake and provides assistance where needed

3.2 Ensure representative issues instructions to internal and external personnel as per plan requirements

3.3 Maintain consultation and monitoring with other professionals where joint implementation action is required

3.4 Check and follow up lodgement of documentation to ensure plan timings are met

3.5 Ensure representative obtains fees and charges, and processes according to organisational and legislative requirements

3.6 Debrief client and address any concerns

Evidence of the ability to:

successfully present the plan to clients, clearly explaining implementation actions required and obtaining agreement to the plan

effectively implement or supervise the implementation of complex or innovative financial plans

accurately complete documentation and establish appropriate audit trails of records and data.

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:

describe the key features of and discuss issues relating to:

corporations and consumer legislation

relevant financial legislation

government financial and superannuation policy

compare methods of presenting financial data

identify and categorise:

sources of information on financial products and markets, including banks and other financial advisers

state and territory legislation

describe how the unique features of a client’s situation, including high asset, income or expenditure, complex taxation and/or legal issues, or complex estate planning issues, require special treatment in implementation of financial plans

explain how and when to use professionals such as accountants and lawyers in the implementation of complex 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.

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
Review special features of client situation for implementation implications, including high asset, income or expenditure requirements, complex taxation and/or legal issues, or complex estate planning issues 
Establish implementation actions which are consistent with client needs, and prioritise specifications and timings for each implementation 
Clearly explain implementation actions required by client and obtain written agreement to actions 
Ensure implementation actions, including timing and priority, are to maximum advantage for client and establish implementation diaries and other appropriate records 
Identify and brief personnel to implement each action in financial plan 
Identify and follow internal and external documentation requirements 
Coordinate implementation actions that depend on or involve actions by other professionals such as accountants and lawyers 
Establish audit trails and monitoring procedures for critical implementation timings and priorities 
Ensure representative briefs client on actions client must undertake and provides assistance where needed 
Ensure representative issues instructions to internal and external personnel as per plan requirements 
Maintain consultation and monitoring with other professionals where joint implementation action is required 
Check and follow up lodgement of documentation to ensure plan timings are met 
Ensure representative obtains fees and charges, and processes according to organisational and legislative requirements 
Debrief client and address any concerns 

Forms

Assessment Cover Sheet

FNSFPL606 - Implement complex and innovative financial plans
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

FNSFPL606 - Implement complex and innovative financial plans

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: