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Elements and Performance Criteria

  1. Establish actions, timings and priorities needed to implement financial plan
  2. Establish procedures for implementing financial plan
  3. Undertake and/or supervise implementation of actions associated with financial plan

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:

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.


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 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.