Assessor Resource

FNSFPL606A
Implement complex and innovative financial plans

Assessment tool

Version 1.0
Issue Date: May 2024


This unit applies to senior financial planners, senior para-planners and senior technical staff.

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

It encompasses establishing actions, timings and priorities needed to implement complex and or innovative financial plans, negotiating with clients, establishing procedures and undertaking or supervising implementation of financial plan actions.

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:

effectively implement complex financial plans by applying comprehensive knowledge of the financial planning industry, industry regulations and codes of practice, financial products, financial markets and investment characteristics to the role of financial adviser

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

provide justification and research evidence for all elements of the plan to gain client feedback on, and agreement to, the plan

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

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

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills

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

highly developed communication skills to:

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

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research and analysis skills for:

accessing and managing comprehensive and complex information

interpreting complex documentation

forming a holistic perspective of complex situations and identify implications numeracy skills to accurately analyse, record and store data in accordance with organisational requirements

well-developed literacy skills for analysingcomplex 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

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

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

highly developedproblem solvingand critical reasoning skills to identify any issues that have the potential to impact on the planning process or outcome and to develop options to resolve these issues when they arise

organisational and time management skills to sequence tasks, meet timelines and arrange meetings

Required knowledge

corporations and consumer legislation

financial forecasting techniques

government financial and superannuation policies

methods of presenting financial data

relevant financial legislation

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

State and Territory legislation, charges and taxes

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.

Implementation actions include:

actions that are undertaken by the financial planner as well as actions delegated to internal or external staff

actions undertaken in conjunction with non-financial planning professionals.

Financial plans are:

complex or for commercial relationship reasons identified as requiring development to a higher than normal standard

those covering:

above average sums of money

plans with complex legal, regulatory or estate issues

plans covering an above average range of products

plans for major clients.

Documentation may include but is not limited to:

disclaimers

disclosures

Eligible Termination Payment (ETP) forms

insurance policies

prospectus

receipts

written advice.

Relevant 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
Special features of client situation are reviewed for implementation implications including high asset, income or expenditure requirements, complex taxation and or legal issues, or complex estate planning issues 
Implementation actions are established which are consistent with client needs and specifications are prioritised and timings for each implementation established 
Implementation actions required by the client are clearly explained and written agreement to actions is obtained 
Implementation actions including timing and priority are to maximum advantage for client and implementation diaries and other appropriate records are established 
Personnel to implement each action in the financial plan are identified and briefed 
Internal and external documentation requirements are identified and followed 
Implementation actions that depend on or involve actions by other professional such as accountants and lawyers are coordinated with these professionals 
Audit trails and monitoring procedures are established for critical implementation timings and priorities 
Representative ensures client is briefed on actions they must undertake and assistance is provided where needed 
Representative ensures instructions are issued to internal and external personnel as per plan requirements 
Consultation and monitoring is maintained with other professionals where joint implementation action is required 
Checks and follow-ups are made on lodgement of documentation to ensure plan timings are met 
Representative ensures fees and charges are obtained and processed according to organisation and legislative requirements 
Client is debriefed and any concerns are addressed 

Forms

Assessment Cover Sheet

FNSFPL606A - 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

FNSFPL606A - 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: