Assessor Resource

FNSFPL616
Implement financial plans

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to implement a financial plan and successfully present it to an authorised representative. It involves establishing the actions, timings and priorities needed to implement and monitor or supervise the implementation of financial plan actions.

The unit applies to those experienced in the financial planning industry who use specialised knowledge, systematic processes and managerial techniques to complete complex work and to manage relationships. The implementation of financial plans will be through authorised representatives, including financial advisers, or from shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those 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.

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

implement one different financial plan in at least three of the following practice areas:

aged care

direct investments

estate planning

life insurance

managed investments

retirement planning

social securities

superannuation

taxation.

In the course of the above, the candidate must:

present each plan to client’s authorised representative, explaining required implementation actions and obtaining agreement to the actions

complete documentation and establish relevant audit trails of records and data using applicable technology and software.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative requirements relating to implementing financial plans, including:

corporations and consumer legislation

relevant financial legislation

government financial and superannuation policy

organisational policies and procedures relating to implementing financial plans

common methods of presenting financial data and documenting financial plans

types and key features of financial products and markets relating to implementing financial plans, including banks and other authorised representatives

special features of client situation that have implications when implementing financial plans, including:

complex estate planning issues

complex taxation

unusual or infrequent income and expenditure

high asset

legal issues

roles and responsibilities of other professionals involved in implementing financial plans, including of accountants and lawyers.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

organisational equipment, technology and software.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

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.

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

implement one different financial plan in at least three of the following practice areas:

aged care

direct investments

estate planning

life insurance

managed investments

retirement planning

social securities

superannuation

taxation.

In the course of the above, the candidate must:

present each plan to client’s authorised representative, explaining required implementation actions and obtaining agreement to the actions

complete documentation and establish relevant audit trails of records and data using applicable technology and software.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative requirements relating to implementing financial plans, including:

corporations and consumer legislation

relevant financial legislation

government financial and superannuation policy

organisational policies and procedures relating to implementing financial plans

common methods of presenting financial data and documenting financial plans

types and key features of financial products and markets relating to implementing financial plans, including banks and other authorised representatives

special features of client situation that have implications when implementing financial plans, including:

complex estate planning issues

complex taxation

unusual or infrequent income and expenditure

high asset

legal issues

roles and responsibilities of other professionals involved in implementing financial plans, including of accountants and lawyers.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

organisational equipment, technology and software.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
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
Identify and source financial plan to be implemented 
Review special features of client situation for implementation implications 
Establish implementation actions and confirm they are consistent with client needs and objectives, and prioritise specifications and timings for each action to be implemented 
Explain implementation actions to authorised representative and obtain written agreement to actions 
Establish implementation diary and other required records according to organisational policies and procedures 
Identify and brief required personnel to implement each action in financial plan 
Identify and meet internal and external communication and documentation requirements 
Coordinate implementation actions that depend on and involve actions by other professionals 
Establish audit trails and monitoring procedures for critical implementation timings and priorities 
Ensure authorised representative provides client with information on actions they must undertake 
Confirm authorised representative issues instructions to required internal and external personnel as per financial plan requirements 
Maintain consultation and monitoring with internal and external stakeholders where joint implementation action is required 
Check and follow up lodgement of documentation to ensure plan timings are met 
Obtain fees and charges, and process according to organisational and legislative requirements 
Seek and integrate feedback on implemented actions from relevant stakeholders 

Forms

Assessment Cover Sheet

FNSFPL616 - Implement 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

FNSFPL616 - Implement 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: