Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSFPL402 Mapping and Delivery Guide
Prepare financial plans to set strategies and guidelines

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFPL402 - Prepare financial plans to set strategies and guidelines
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to determine and prepare a financial plan according to organisational guidelines, where a client’s preferred strategies and key parameters have already been established by a qualified financial planner. It encompasses confirming financial plan objectives and scope, testing strategic assumptions, reviewing and settling a draft strategy and options according to organisational guidelines, and developing preliminary financial plans.It applies to individuals who work within a team and use specialised knowledge and systematic approaches to recommend customised solutions for a diverse range of clients.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial planning field of work and include access to:

office equipment, technology, software and consumables.

Assessors must satisfy NVR/AQTF assessor requirements.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Confirm plan objectives and scope
  • Check plan strategy and key parameters with qualified financial planner and client
  • Establish research topics and review and compare research results to client requirements and expectations, as set out in strategy and key parameters
  • Analyse current client situation to determine opportunities and constraints within strategy boundaries
  • Develop plan objectives for asset growth, income, risk, taxation and any other objectives set out in plan strategy
       
Element: Test strategic assumptions
  • Test client related key assumptions against draft strategy
  • Test and review economic key assumptions in strategy as required
  • Test legislative and regulatory assumptions, including taxation assumptions, against strategy
  • Obtain clarification from strategy author on any identified discrepancies
       
Element: Develop financial plan to set strategy
  • Analyse and model strategic options set by financial planner
  • Identify and discuss inconsistencies in strategic options with strategy author
  • Develop financial plan according to established organisational guidelines
       
Element: Review and settle draft strategy and options
  • Select strategic options for review and mode of presentation according to organisational guidelines
  • Review each strategic option with strategy author, including positives, negatives and risks for each option
  • Establish broad agreement on strategies with strategy author
       
Element: Develop preliminary financial plan
  • Select specific products and options that meet given strategy and key parameters
  • Incorporate cash flow and liquidity, and set capital preservation and/or estate planning requirements consistent with given strategy and key parameters
  • Develop recommendations for financial asset allocation structure according to organisational guidelines
  • Develop recommendations for changes to income and taxation arrangements, including referral advice to accountants and/or lawyers as appropriate
  • Develop recommendations on risk management strategies and products, and incorporate according to organisational guidelines
  • Check all recommendations to ensure consistency with given strategy and key parameters, and that they meet specific objectives with high dependability of outcome
  • Incorporate description of anticipated fees and charges, and information on internal and external complaints resolution procedures into the plan, where appropriate
  • Document preliminary financial plan according to organisational guidelines and procedures
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Confirm plan objectives and scope

1.1 Check plan strategy and key parameters with qualified financial planner and client

1.2 Establish research topics and review and compare research results to client requirements and expectations, as set out in strategy and key parameters

1.3 Analyse current client situation to determine opportunities and constraints within strategy boundaries

1.4 Develop plan objectives for asset growth, income, risk, taxation and any other objectives set out in plan strategy

2. Test strategic assumptions

2.1 Test client related key assumptions against draft strategy

2.2 Test and review economic key assumptions in strategy as required

2.3 Test legislative and regulatory assumptions, including taxation assumptions, against strategy

2.4 Obtain clarification from strategy author on any identified discrepancies

3. Develop financial plan to set strategy

3.1 Analyse and model strategic options set by financial planner

3.2 Identify and discuss inconsistencies in strategic options with strategy author

3.3 Develop financial plan according to established organisational guidelines

4. Review and settle draft strategy and options

4.1 Select strategic options for review and mode of presentation according to organisational guidelines

4.2 Review each strategic option with strategy author, including positives, negatives and risks for each option

4.3 Establish broad agreement on strategies with strategy author

5. Develop preliminary financial plan

5.1 Select specific products and options that meet given strategy and key parameters

5.2 Incorporate cash flow and liquidity, and set capital preservation and/or estate planning requirements consistent with given strategy and key parameters

5.3 Develop recommendations for financial asset allocation structure according to organisational guidelines

5.4 Develop recommendations for changes to income and taxation arrangements, including referral advice to accountants and/or lawyers as appropriate

5.5 Develop recommendations on risk management strategies and products, and incorporate according to organisational guidelines

5.6 Check all recommendations to ensure consistency with given strategy and key parameters, and that they meet specific objectives with high dependability of outcome

5.7 Incorporate description of anticipated fees and charges, and information on internal and external complaints resolution procedures into the plan, where appropriate

5.8 Document preliminary financial plan according to organisational guidelines and procedures

Evidence of the ability to:

develop a preliminary financial plan for clients that:

complies with relevant legislative requirements, industry codes of practice and organisational procedures

confirms financial plan objectives and scope, and tests strategic assumptions

assesses the impact of taxation, social security, economic and other government policy on client investment and financial requirements

provides recommendations on risks and financial outlays

work with other associated financial advisers

accurately document a preliminary financial plan according to organisational procedures.

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

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

describe the key features of:

generic products available in the financial services industry

investment and savings vehicles, financial markets, asset classes and investment characteristics

analyse investment risk factors and relationship to return expectations

describe the key features of relevant industry codes of practice

explain the requirements related to the disclosure of capacity

explain the general impact of relevant economic, taxation and social security policy on a client's financial planning needs

describe the general impact of relevant estate planning considerations on a client's financial planning needs

outline the role of the financial planning adviser and the financial planning practice

describe the key terms of relevant legislation and regulations affecting the financial planning industry.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Confirm plan objectives and scope

1.1 Check plan strategy and key parameters with qualified financial planner and client

1.2 Establish research topics and review and compare research results to client requirements and expectations, as set out in strategy and key parameters

1.3 Analyse current client situation to determine opportunities and constraints within strategy boundaries

1.4 Develop plan objectives for asset growth, income, risk, taxation and any other objectives set out in plan strategy

2. Test strategic assumptions

2.1 Test client related key assumptions against draft strategy

2.2 Test and review economic key assumptions in strategy as required

2.3 Test legislative and regulatory assumptions, including taxation assumptions, against strategy

2.4 Obtain clarification from strategy author on any identified discrepancies

3. Develop financial plan to set strategy

3.1 Analyse and model strategic options set by financial planner

3.2 Identify and discuss inconsistencies in strategic options with strategy author

3.3 Develop financial plan according to established organisational guidelines

4. Review and settle draft strategy and options

4.1 Select strategic options for review and mode of presentation according to organisational guidelines

4.2 Review each strategic option with strategy author, including positives, negatives and risks for each option

4.3 Establish broad agreement on strategies with strategy author

5. Develop preliminary financial plan

5.1 Select specific products and options that meet given strategy and key parameters

5.2 Incorporate cash flow and liquidity, and set capital preservation and/or estate planning requirements consistent with given strategy and key parameters

5.3 Develop recommendations for financial asset allocation structure according to organisational guidelines

5.4 Develop recommendations for changes to income and taxation arrangements, including referral advice to accountants and/or lawyers as appropriate

5.5 Develop recommendations on risk management strategies and products, and incorporate according to organisational guidelines

5.6 Check all recommendations to ensure consistency with given strategy and key parameters, and that they meet specific objectives with high dependability of outcome

5.7 Incorporate description of anticipated fees and charges, and information on internal and external complaints resolution procedures into the plan, where appropriate

5.8 Document preliminary financial plan according to organisational guidelines and procedures

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Check plan strategy and key parameters with qualified financial planner and client 
Establish research topics and review and compare research results to client requirements and expectations, as set out in strategy and key parameters 
Analyse current client situation to determine opportunities and constraints within strategy boundaries 
Develop plan objectives for asset growth, income, risk, taxation and any other objectives set out in plan strategy 
Test client related key assumptions against draft strategy 
Test and review economic key assumptions in strategy as required 
Test legislative and regulatory assumptions, including taxation assumptions, against strategy 
Obtain clarification from strategy author on any identified discrepancies 
Analyse and model strategic options set by financial planner 
Identify and discuss inconsistencies in strategic options with strategy author 
Develop financial plan according to established organisational guidelines 
Select strategic options for review and mode of presentation according to organisational guidelines 
Review each strategic option with strategy author, including positives, negatives and risks for each option 
Establish broad agreement on strategies with strategy author 
Select specific products and options that meet given strategy and key parameters 
Incorporate cash flow and liquidity, and set capital preservation and/or estate planning requirements consistent with given strategy and key parameters 
Develop recommendations for financial asset allocation structure according to organisational guidelines 
Develop recommendations for changes to income and taxation arrangements, including referral advice to accountants and/or lawyers as appropriate 
Develop recommendations on risk management strategies and products, and incorporate according to organisational guidelines 
Check all recommendations to ensure consistency with given strategy and key parameters, and that they meet specific objectives with high dependability of outcome 
Incorporate description of anticipated fees and charges, and information on internal and external complaints resolution procedures into the plan, where appropriate 
Document preliminary financial plan according to organisational guidelines and procedures 

Forms

Assessment Cover Sheet

FNSFPL402 - Prepare financial plans to set strategies and guidelines
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSFPL402 - Prepare financial plans to set strategies and guidelines

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: