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Elements and Performance Criteria

1. Discuss and confirm arrangements for ongoing service
   • Ongoing service options are identified for the client and appropriate options recommended
   • The ongoing standard of service is proposed for the client including quality parameters, reporting frequency and arrangements for reviews and client initiated changes
   • Fees and charges for ongoing service are explained and confirmed to the client
   • An agreement for ongoing service is developed when agreement is reached
2. Establish procedures for providing ongoing service
   • Personnel to implement each action in the ongoing service arrangements are identified and briefed
   • Internal and external documentation requirements are identified and followed
   • Key revision dates are diarised and client contact arrangements established
   • Monitoring procedures are established for critical timings and priorities and client objectives are periodically reviewed
3. Undertake and/or supervise review of financial plan
   • Arrangements are established for reviewing the ongoing relevance and performance of the financial plan
   • Arrangements are made for reviewing quality of ongoing service with the authorised representative ensuring the quality of ongoing service meets organisation and regulatory requirements
   • Instructions are issued to internal and external personnel as per plan requirements with checks and follow-ups made on lodgement of documentation to ensure plan timings are met
   • Fees and charges are obtained by the authorised representative and processed according to organisation and legislative requirements
   • Clear arrangements are established for clients to contact representatives at any time with concerns or queries

Required Skills

Required skills

welldeveloped communication skills to determine and confirm client and work requirements using questioning and active listening as required renegotiate plans with clients and keep them informed of changes as required liaise with others share information listen and understand use language and concepts appropriate to cultural differences numeracy skills to accurately analyse record and store data in accordance with organisational requirements literacy skills for analysing 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 welldeveloped interpersonal skills to establish rapport with clients and to liaise with other planning team members selfmanagement skills for complying with ethical legal and procedural requirements learning skills to maintain knowledge of changes to compliance legislation and requirements

Required knowledge

common fees and charges associated with ongoing services financial forecasting techniques government financial and superannuation policies methods of presenting financial data relevant corporations and consumer legislation relevant financial legislation sources of information on financial products and markets eg banks financial advisers State and Territory charges and taxes strategies for the ongoing review and assessment of financial plans

Evidence Required

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 comply withrelevant legislation and regulations and industry codes of conduct and meet organisational operating practises effectively discuss negotiateand confirm arrangements for ongoing service with clients including undertaking or supervising review of a financial plan and assessing outcomes against changing needs of the client use indepth knowledge of the financial planning industry industry regulations and codes of practice financial products financial markets and investment characteristics assess impacts of taxation social security economic and other government policies on client investment and financial requirements recognise and act promptly upon signs that modifications to the plan are required and gain client feedback on and agreement to modifications develop ongoing service agreements for clients and maintain accurate documentation of records and data of implementation and review
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 verbal or written questioning on underpinning knowledge and skills which may include formal examinations setting and reviewing workplace projects and business simulationsscenarios evaluating samples of work accessing and validating third party reports
Guidance information for assessment

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Range Statement

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.
Documentation may include, but is not limited to:	computer and manual applications disclaimers disclosures Eligible Termination Payment (ETP) forms insurance policies prospectus receipts written advice.
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.

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