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

FNSFPL613 Mapping and Delivery Guide
Monitor financial plans and provide ongoing service

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFPL613 - Monitor financial plans and provide 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 involves discussing and confirming arrangements for ongoing service with authorised representatives, establishing procedures for that service, monitoring or supervising the monitoring of financial plans, and implementing procedures that establish long-term professional relationships with clients.The unit applies to those experienced in the financial planning industry who use strong organisational and communication skills and systematic approaches to manage relationships and monitor organisational services. Client information may be provided by authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

organisational equipment, technology, software and peripherals.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
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
  • Confirm with authorised representative that financial targets to be reviewed and allocation of responsibilities have been defined and agreed with client
  • Confirm with authorised representative client agreement on provision of ongoing service
  • Identify and document fees and charges for ongoing service according to organisational policies and procedures
  • Obtain signed client agreement for ongoing service from authorised representative
  • Establish arrangements for client contact regarding concerns and queries
       
Element: Establish procedures for providing ongoing service
  • Identify and brief required personnel to implement actions in agreed ongoing service arrangements
  • Identify and follow internal and external documentation requirements according to organisational procedures and protocols
  • Record key revision dates for financial targets and confirm client contact arrangements with authorised representative
  • Develop procedures for unscheduled review requests by client
  • Establish procedures to monitor critical timings and priorities
       
Element: Monitor or supervise monitoring of financial plan
  • Establish arrangements for monitoring ongoing performance of financial plan and its compliance with regulatory and organisational requirements
  • Implement procedures for monitoring quality of ongoing client service
  • Confirm that authorised representative issues instructions to internal and external personnel as per plan requirements
  • Check and follow up lodgement of required documentation to ensure plan timings are met
  • Confirm authorised representative obtains and processes fees and charges according to legislative, taxation and organisational requirements
  • 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.

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:

monitor the performance of the financial plan of at least three different clients and provide required associated ongoing services.

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 and taxation requirements relating to providing financial planning services, including:

corporations and consumer legislation

financial legislation

government financial and superannuation policy

state and territory charges and taxes relating to clients’ financial plans

key features of financial planning industry, financial products, financial markets, investment characteristics and the role of authorised representatives

key features of codes of practice relating to the role of authorised representatives, including of financial planners

effective organisational and communication skills

types and categories of:

fees and charges associated with ongoing financial planning services

matters to be considered in fees and charges for services rendered

best practice strategies for ongoing monitoring and assessment of financial plans, including:

quality parameters

reporting frequency

key features of sales and marketing media and methodologies that align with provision of services to financial planning clients.

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.
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
Confirm with authorised representative that financial targets to be reviewed and allocation of responsibilities have been defined and agreed with client 
Confirm with authorised representative client agreement on provision of ongoing service 
Identify and document fees and charges for ongoing service according to organisational policies and procedures 
Obtain signed client agreement for ongoing service from authorised representative 
Establish arrangements for client contact regarding concerns and queries 
Identify and brief required personnel to implement actions in agreed ongoing service arrangements 
Identify and follow internal and external documentation requirements according to organisational procedures and protocols 
Record key revision dates for financial targets and confirm client contact arrangements with authorised representative 
Develop procedures for unscheduled review requests by client 
Establish procedures to monitor critical timings and priorities 
Establish arrangements for monitoring ongoing performance of financial plan and its compliance with regulatory and organisational requirements 
Implement procedures for monitoring quality of ongoing client service 
Confirm that authorised representative issues instructions to internal and external personnel as per plan requirements 
Check and follow up lodgement of required documentation to ensure plan timings are met 
Confirm authorised representative obtains and processes fees and charges according to legislative, taxation and organisational requirements 
Monitor client satisfaction against performance indicators of the practice 

Forms

Assessment Cover Sheet

FNSFPL613 - Monitor 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

FNSFPL613 - Monitor 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: