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

FNSFPL505 Mapping and Delivery Guide
Review financial plans and provide ongoing service

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFPL505 - Review financial plans and provide ongoing service
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to monitor the implementation and progress of financial plans and establish ongoing client service arrangements. It encompasses discussing and confirming arrangements and procedures for ongoing service with clients, establishing procedures for providing ongoing service, and undertaking or supervising review of a financial plan.It applies to individuals, working within a team, who use specialised knowledge and managerial techniques to monitor and complete their own work and/or the work of others and to build relationships and rapport with others.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: Discuss and confirm arrangements for ongoing service
  • Identify ongoing service options for client and recommend appropriate options
  • Propose ongoing standard of service for client, including quality parameters, reporting frequency and arrangements for reviews and client initiated changes
  • Explain and confirm fees and charges for ongoing service to client
  • Develop agreement for ongoing service when agreement is reached
       
Element: Establish procedures for providing ongoing service
  • Identify and brief personnel to implement each action in ongoing service arrangements
  • Identify and follow internal and external documentation requirements
  • Diarise key revision dates and establish client contact arrangements
  • Establish monitoring procedures for critical timings and priorities, and periodically review client objectives
       
Element: Undertake and/or supervise review of financial plan
  • Establish arrangements for reviewing ongoing relevance and performance of financial plan
  • Review quality of ongoing service provided by authorised representative to ensure organisational and regulatory requirements are met
  • Issue instructions to internal and external personnel as per plan requirements, including checks and follow ups made on lodgement of documentation to ensure plan timings are met
  • Ensure fees and charges are obtained by authorised representative and processed according to organisational and legislative requirements
  • Establish clear arrangements for clients to contact representatives at any time with concerns or queries
       


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. Discuss and confirm arrangements for ongoing service

1.1 Identify ongoing service options for client and recommend appropriate options

1.2 Propose ongoing standard of service for client, including quality parameters, reporting frequency and arrangements for reviews and client initiated changes

1.3 Explain and confirm fees and charges for ongoing service to client

1.4 Develop agreement for ongoing service when agreement is reached

2. Establish procedures for providing ongoing service

2.1 Identify and brief personnel to implement each action in ongoing service arrangements

2.2 Identify and follow internal and external documentation requirements

2.3 Diarise key revision dates and establish client contact arrangements

2.4 Establish monitoring procedures for critical timings and priorities, and periodically review client objectives

3. Undertake and/or supervise review of financial plan

3.1 Establish arrangements for reviewing ongoing relevance and performance of financial plan

3.2 Review quality of ongoing service provided by authorised representative to ensure organisational and regulatory requirements are met

3.3 Issue instructions to internal and external personnel as per plan requirements, including checks and follow ups made on lodgement of documentation to ensure plan timings are met

3.4 Ensure fees and charges are obtained by authorised representative and processed according to organisational and legislative requirements

3.5 Establish clear arrangements for clients to contact representatives at any time with concerns or queries

Evidence of the ability to:

effectively discuss, negotiate and confirm arrangements for review of a financial plan and ongoing service with clients

develop ongoing service agreements for clients who:

comply with relevant legislation, regulations and industry codes of conduct

follow organisational procedures

review or supervise the review of financial plans, including assessment of:

outcomes against changing client needs

impacts of taxation, social security, economic and other government policy on client investment and financial requirements

maintain accurate documentation of records and data relating to implementation and review.

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:

outline the key features of the financial planning industry, financial products, financial markets and investment characteristics

outline common fees and charges associated with ongoing services

compare and contrast:

financial forecasting techniques

methods of presenting financial data

describe the key features and discuss issues relating to:

government financial and superannuation policy

relevant corporations and consumer legislation

relevant financial legislation

industry codes of practice

identify and outline sources of information on financial products and markets

discuss strategies for the ongoing review and assessment of financial plans

outline the key requirements relating to documenting financial plans.

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. Discuss and confirm arrangements for ongoing service

1.1 Identify ongoing service options for client and recommend appropriate options

1.2 Propose ongoing standard of service for client, including quality parameters, reporting frequency and arrangements for reviews and client initiated changes

1.3 Explain and confirm fees and charges for ongoing service to client

1.4 Develop agreement for ongoing service when agreement is reached

2. Establish procedures for providing ongoing service

2.1 Identify and brief personnel to implement each action in ongoing service arrangements

2.2 Identify and follow internal and external documentation requirements

2.3 Diarise key revision dates and establish client contact arrangements

2.4 Establish monitoring procedures for critical timings and priorities, and periodically review client objectives

3. Undertake and/or supervise review of financial plan

3.1 Establish arrangements for reviewing ongoing relevance and performance of financial plan

3.2 Review quality of ongoing service provided by authorised representative to ensure organisational and regulatory requirements are met

3.3 Issue instructions to internal and external personnel as per plan requirements, including checks and follow ups made on lodgement of documentation to ensure plan timings are met

3.4 Ensure fees and charges are obtained by authorised representative and processed according to organisational and legislative requirements

3.5 Establish clear arrangements for clients to contact representatives at any time with concerns or queries

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
Identify ongoing service options for client and recommend appropriate options 
Propose ongoing standard of service for client, including quality parameters, reporting frequency and arrangements for reviews and client initiated changes 
Explain and confirm fees and charges for ongoing service to client 
Develop agreement for ongoing service when agreement is reached 
Identify and brief personnel to implement each action in ongoing service arrangements 
Identify and follow internal and external documentation requirements 
Diarise key revision dates and establish client contact arrangements 
Establish monitoring procedures for critical timings and priorities, and periodically review client objectives 
Establish arrangements for reviewing ongoing relevance and performance of financial plan 
Review quality of ongoing service provided by authorised representative to ensure organisational and regulatory requirements are met 
Issue instructions to internal and external personnel as per plan requirements, including checks and follow ups made on lodgement of documentation to ensure plan timings are met 
Ensure fees and charges are obtained by authorised representative and processed according to organisational and legislative requirements 
Establish clear arrangements for clients to contact representatives at any time with concerns or queries 

Forms

Assessment Cover Sheet

FNSFPL505 - Review financial plans and provide ongoing service
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

FNSFPL505 - Review financial plans and provide ongoing service

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: