Elements and Performance Criteria
- Establish plan objectives and scope
- Research results are reviewed and compared to client requirements and expectations
- Current client situation is analysed to determine opportunities and constraints
- Desired financial resource and market parameters are identified and assessed
- Plan objectives are developed for asset growth, income, risk, taxation and any other objectives developed in consultation with the client
- Develop strategic assumptions
- Develop financial plan strategy
- Initial strategic options are developed based on strategic assumptions and client specifications
- Strategic options are analysed and modelled with any inappropriate options rejected
- Supporting arguments for each final strategic option are developed and included in a draft overall strategy
- Any necessary client checks or consultations are made to verify the plan strategy
- Develop preliminary financial plan
- Specific products and options are selected to meet agreed strategy with cash flow, liquidity and capital preservation or estate planning requirements incorporated as required
- Recommendations for financial asset allocation structure are developed including where provision is required for equities, trusts, partnerships, allocated pensions, and superannuation and planned capital expenditure
- Recommendations for changes to income and taxation arrangements are developed including referral advice to accountants or lawyers as appropriate
- Recommendations on risk management strategies and products are developed and incorporated in the plan
- Anticipated fees and charges are incorporated into the preliminary plan with information on internal and external complaint resolution procedures available to the client
- Preliminary financial plan is documented according to organisation guidelines and procedures
- Ensure compliance of financial plan with regulatory and organisational requirements
- Preliminary financial plan is checked to ensure that the role of the representative/adviser is properly documented and complies with relevant acts, regulations and regulatory guidelines
- Preliminary financial plan is assessed for its ability to successfully achieve objectives
- Preliminary financial plan is checked to ensure that it complies with ethical and regulatory requirements
- Produce completed plan