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

FNSFPL504 Mapping and Delivery Guide
Implement financial plan

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency FNSFPL504 - Implement financial plan
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to prepare and provide financial planning advice, which may include products, services and strategies. It encompasses establishing the actions, timings and priorities needed to implement and monitor or supervise the implementation of financial plan actions.It applies to individuals who work within a team environment using specialised knowledge, systematic processes and managerial techniques to complete required work.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: 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
       
Element: 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
       
Element: 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
       


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. Establish actions, timings and priorities needed to implement financial plan

1.1 Establish implementation actions which are consistent with client needs and specifications

1.2 Establish individual implementation actions, including timing and priorities designed to maximise advantage to client

1.3 Clearly identify implementation actions and obtain written agreement to actions from client

1.4 Establish implementation diaries and enter appropriate records

2. Establish procedures for implementation of financial plan

2.1 Identify and brief personnel to implement each action in plan

2.2 Identify and follow up internal and external documentation requirements and establish audit trails

2.3 Establish monitoring procedures for critical timings and priorities

3. Undertake and/or supervise implementation of financial plan actions

3.1 Check that authorised representative ensures clients have information on actions they must undertake and provides assistance where needed

3.2 Check that authorised representative ensures instructions are issued to internal and external personnel as per plan requirements

3.3 Check and follow up lodgement of documentation to ensure plan timings are met

3.4 Check that authorised representative ensures fees and charges are obtained and processed according to organisational and legislative requirements

3.5 Debrief client and address any concerns promptly and effectively

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.

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.

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. Establish actions, timings and priorities needed to implement financial plan

1.1 Establish implementation actions which are consistent with client needs and specifications

1.2 Establish individual implementation actions, including timing and priorities designed to maximise advantage to client

1.3 Clearly identify implementation actions and obtain written agreement to actions from client

1.4 Establish implementation diaries and enter appropriate records

2. Establish procedures for implementation of financial plan

2.1 Identify and brief personnel to implement each action in plan

2.2 Identify and follow up internal and external documentation requirements and establish audit trails

2.3 Establish monitoring procedures for critical timings and priorities

3. Undertake and/or supervise implementation of financial plan actions

3.1 Check that authorised representative ensures clients have information on actions they must undertake and provides assistance where needed

3.2 Check that authorised representative ensures instructions are issued to internal and external personnel as per plan requirements

3.3 Check and follow up lodgement of documentation to ensure plan timings are met

3.4 Check that authorised representative ensures fees and charges are obtained and processed according to organisational and legislative requirements

3.5 Debrief client and address any concerns promptly and effectively

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
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 
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 
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 

Forms

Assessment Cover Sheet

FNSFPL504 - Implement financial plan
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

FNSFPL504 - Implement financial plan

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: