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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. Discuss and confirm arrangements for ongoing service
   • Confirm with authorised representative that financial targets to be reviewed and allocation of responsibilities have been defined and agreed with client
   • Confirm with authorised representative client agreement on provision of ongoing service
   • Identify and document fees and charges for ongoing service according to organisational policies and procedures
   • Obtain signed client agreement for ongoing service from authorised representative
   • Establish arrangements for client contact regarding concerns and queries
2. Establish procedures for providing ongoing service
   • Identify and brief required personnel to implement actions in agreed ongoing service arrangements
   • Identify and follow internal and external documentation requirements according to organisational procedures and protocols
   • Record key revision dates for financial targets and confirm client contact arrangements with authorised representative
   • Develop procedures for unscheduled review requests by client
   • Establish procedures to monitor critical timings and priorities
3. Monitor or supervise monitoring of financial plan
   • Establish arrangements for monitoring ongoing performance of financial plan and its compliance with regulatory and organisational requirements
   • Implement procedures for monitoring quality of ongoing client service
   • Confirm that authorised representative issues instructions to internal and external personnel as per plan requirements
   • Check and follow up lodgement of required documentation to ensure plan timings are met
   • Confirm authorised representative obtains and processes fees and charges according to legislative, taxation and organisational requirements
   • Monitor client satisfaction against performance indicators of the practice

Performance Evidence

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:

monitor the performance of the financial plan of at least three different clients and provide required associated ongoing services.

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Knowledge Evidence

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 and taxation requirements relating to providing financial planning services, including:

corporations and consumer legislation

financial legislation

government financial and superannuation policy

state and territory charges and taxes relating to clients’ financial plans

key features of financial planning industry, financial products, financial markets, investment characteristics and the role of authorised representatives

key features of codes of practice relating to the role of authorised representatives, including of financial planners

effective organisational and communication skills

types and categories of:

fees and charges associated with ongoing financial planning services

matters to be considered in fees and charges for services rendered

best practice strategies for ongoing monitoring and assessment of financial plans, including:

quality parameters

reporting frequency

key features of sales and marketing media and methodologies that align with provision of services to financial planning clients.

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