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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Establish actions, timings and priorities needed to implement financial plan
   • Establish implementation actions which are consistent with client needs and specifications
   • Establish individual implementation actions, including timing and priorities designed to maximise advantage to client
   • Clearly identify implementation actions and obtain written agreement to actions from client
   • Establish implementation diaries and enter appropriate records
2. Establish procedures for implementation of financial plan
   • Identify and brief personnel to implement each action in plan
   • Identify and follow up internal and external documentation requirements and establish audit trails
   • Establish monitoring procedures for critical timings and priorities
3. Undertake and/or supervise implementation of financial plan actions
   • Check that authorised representative ensures clients have information on actions they must undertake and provides assistance where needed
   • Check that authorised representative ensures instructions are issued to internal and external personnel as per plan requirements
   • Check and follow up lodgement of documentation to ensure plan timings are met
   • Check that authorised representative ensures fees and charges are obtained and processed according to organisational and legislative requirements
   • Debrief client and address any concerns promptly and effectively

Performance Evidence

Evidence of the ability to:

establish the actions, timings and priorities needed to implement financial plans, and undertake and/or supervise the implementation of financial plan actions

comply with relevant legislation, regulations, industry codes of practice and organisational procedures

prepare materials and brief personnel for implementing financial plans

gain client feedback on and/or agreement to the plan

accurately document all planning processes and instruments, and establish appropriate audit trails.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

explain the key features of the financial planning industry, financial products, financial markets and investment characteristics

discuss the key features and relevant issues relating to:

financial planning legislation

financial planning documentation requirements

government financial and superannuation policy

industry codes of practice

identify and categorise:

sources of information on financial products and markets

state and territory legislation, charges and taxes

explain the procedure and requirements in establishing audit trails.

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