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

FNSFPL603 Mapping and Delivery Guide
Provide comprehensive monitoring and ongoing service

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFPL603 - Provide comprehensive monitoring and ongoing service
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to comprehensively monitor the implementation and progress of financial plans and establish ongoing client service arrangements. It encompasses discussing and confirming arrangements for ongoing service with clients, establishing procedures for that service, undertaking and/or supervising financial plans and establishing long-term professional relationships with clients.It applies to experienced individuals who use strong organisational and communication skills and systematic approaches to manage relationships and monitor organisational services. 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 with client arrangements for ongoing service
  • Prepare ongoing service options for presentation to client and recommend most appropriate option
  • Ensure prepared options include provision for best practice in ongoing service delivery in terms of frequency of contact, quality and thoroughness of assessment against performance targets in financial plan
  • Clearly define and agree on areas and targets to be reviewed and allocation of responsibilities
  • Agree on ongoing standard of service with client, including quality parameters, reporting frequency and arrangements for reviews and client initiated changes
  • Explain and confirm fees and charges for ongoing service with client, including costs of service needs outside requirements of agreement
  • Ensure agreement for ongoing service is signed by client
       
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
  • Develop procedures for client to request unscheduled reviews
  • Establish monitoring procedures for critical timings and priorities
       
Element: Undertake and/or supervise monitoring of financial plan
  • Establish arrangements for monitoring ongoing performance of financial plan
  • Monitor quality of ongoing client service
  • Ensure representative provides quality ongoing service that meets industry best practice, and organisational and regulatory requirements
  • Ensure representative issues instructions to internal and external personnel as per plan requirements
  • Check and follow up lodgement of documentation to ensure plan timings are met
  • Ensure representative obtains fees and charges, and processes according to organisational and legislative requirements
  • Establish clear arrangements for client to contact representative at any time with concerns and queries
       
Element: Establish long-term professional relationship with client
  • Ensure regular communication arrangements between representative and client, and include scheduled meetings
  • Monitor client satisfaction against performance indicators of the practice
       


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 with client arrangements for ongoing service

1.1 Prepare ongoing service options for presentation to client and recommend most appropriate option

1.2 Ensure prepared options include provision for best practice in ongoing service delivery in terms of frequency of contact, quality and thoroughness of assessment against performance targets in financial plan

1.3 Clearly define and agree on areas and targets to be reviewed and allocation of responsibilities

1.4 Agree on ongoing standard of service with client, including quality parameters, reporting frequency and arrangements for reviews and client initiated changes

1.5 Explain and confirm fees and charges for ongoing service with client, including costs of service needs outside requirements of agreement

1.6 Ensure agreement for ongoing service is signed by client

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 Develop procedures for client to request unscheduled reviews

2.5 Establish monitoring procedures for critical timings and priorities

3. Undertake and/or supervise monitoring of financial plan

3.1 Establish arrangements for monitoring ongoing performance of financial plan

3.2 Monitor quality of ongoing client service

3.3 Ensure representative provides quality ongoing service that meets industry best practice, and organisational and regulatory requirements

3.4 Ensure representative issues instructions to internal and external personnel as per plan requirements

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

3.6 Ensure representative obtains fees and charges, and processes according to organisational and legislative requirements

3.7 Establish clear arrangements for client to contact representative at any time with concerns and queries

4. Establish long-term professional relationship with client

4.1 Ensure regular communication arrangements between representative and client, and include scheduled meetings

4.2 Monitor client satisfaction against performance indicators of the practice

Evidence of the ability to:

effectively monitor and assess the success of the financial plan

gain client agreement to or feedback on modifications and negotiate ongoing service agreements with clients

effectively document records of meetings and data on plan implementation and monitoring.

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, investment characteristics and the role of a financial adviser

describe the key features and discuss issues relating to:

corporations and consumer legislation

current financial legislation

government financial and superannuation policy

state and territory charges and taxes

codes of practice relating to the role of the financial planner

analyse the key features of sales and marketing media and methodologies to ensure it is in line with the provision of service to clients

identify and categorise fees and charges associated with ongoing services, and describe matters to be considered in fees and charges for services rendered

identify and categorise sources of information on current financial products and markets, including banks and other financial advisers

analyse best practice strategies for the ongoing monitoring and assessment of complex 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 with client arrangements for ongoing service

1.1 Prepare ongoing service options for presentation to client and recommend most appropriate option

1.2 Ensure prepared options include provision for best practice in ongoing service delivery in terms of frequency of contact, quality and thoroughness of assessment against performance targets in financial plan

1.3 Clearly define and agree on areas and targets to be reviewed and allocation of responsibilities

1.4 Agree on ongoing standard of service with client, including quality parameters, reporting frequency and arrangements for reviews and client initiated changes

1.5 Explain and confirm fees and charges for ongoing service with client, including costs of service needs outside requirements of agreement

1.6 Ensure agreement for ongoing service is signed by client

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 Develop procedures for client to request unscheduled reviews

2.5 Establish monitoring procedures for critical timings and priorities

3. Undertake and/or supervise monitoring of financial plan

3.1 Establish arrangements for monitoring ongoing performance of financial plan

3.2 Monitor quality of ongoing client service

3.3 Ensure representative provides quality ongoing service that meets industry best practice, and organisational and regulatory requirements

3.4 Ensure representative issues instructions to internal and external personnel as per plan requirements

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

3.6 Ensure representative obtains fees and charges, and processes according to organisational and legislative requirements

3.7 Establish clear arrangements for client to contact representative at any time with concerns and queries

4. Establish long-term professional relationship with client

4.1 Ensure regular communication arrangements between representative and client, and include scheduled meetings

4.2 Monitor client satisfaction against performance indicators of the practice

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
Prepare ongoing service options for presentation to client and recommend most appropriate option 
Ensure prepared options include provision for best practice in ongoing service delivery in terms of frequency of contact, quality and thoroughness of assessment against performance targets in financial plan 
Clearly define and agree on areas and targets to be reviewed and allocation of responsibilities 
Agree on ongoing standard of service with client, including quality parameters, reporting frequency and arrangements for reviews and client initiated changes 
Explain and confirm fees and charges for ongoing service with client, including costs of service needs outside requirements of agreement 
Ensure agreement for ongoing service is signed by client 
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 
Develop procedures for client to request unscheduled reviews 
Establish monitoring procedures for critical timings and priorities 
Establish arrangements for monitoring ongoing performance of financial plan 
Monitor quality of ongoing client service 
Ensure representative provides quality ongoing service that meets industry best practice, and organisational and regulatory requirements 
Ensure representative issues instructions to internal and external personnel as per plan requirements 
Check and follow up lodgement of documentation to ensure plan timings are met 
Ensure representative obtains fees and charges, and processes according to organisational and legislative requirements 
Establish clear arrangements for client to contact representative at any time with concerns and queries 
Ensure regular communication arrangements between representative and client, and include scheduled meetings 
Monitor client satisfaction against performance indicators of the practice 

Forms

Assessment Cover Sheet

FNSFPL603 - Provide comprehensive monitoring and 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

FNSFPL603 - Provide comprehensive monitoring and 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: