This unit applies to administrative job roles involved in implementing and reviewing financial plans such as a financial planner.

ELEMENT

PERFORMANCE CRITERIA

1. Establish administrative actions needed to implement financial plan

1.1. Financial plan is checked to verify that implementation actions are within the planner's skills, knowledge and authority

1.2. Implementation actions are established which are consistent with client needs and specifications and prioritised with timings for each action established to maximise advantage to the client

1.3. Implementation diaries and other appropriate records are established

2. Undertake required actions for implementation of financial plan

2.1. Implementation instructions are issued to internal and external personnel as per plan requirements

2.2. Checks and follow up actions are made on lodgement of documentation to ensure plan timings are met

2.3. Fees and charges are obtained and processed according to organisation and legislative requirements and codes of practice

2.4. Implementation actions are completed an documented

3. Establish administrative actions needed to review financial plan

3.1. Standard operating procedures are established for reviewing ongoing performance of the plan

3.2. The quality of ongoing service meets organisation and regulatory requirements with any special arrangements agreed to with the client

3.3. Review instructions are issued to internal and external personnel as per plan requirements

3.4. Arrangements are made for checks and follow-up on lodgement of documentation to ensure plan timings are met

3.5. Fees and charges are obtained and processed according to organisation and legislative requirements

Required skills

communication skills to:

determine and confirm work requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

read and interpret documentation from a variety of sources

use language and concepts appropriate to cultural differences

research skills such as:

accessing and managing information

interpreting documentation

coordinating tasks

numeracy skills to accurately analyse, record and store data in accordance with organisational requirements

IT skills for accessing and using appropriate software such as spreadsheets and databases and using internet information

literacy skills for analysing information and products to ensure appropriateness to client needs, currency and accuracy

interpersonal skills to establish rapport with clients and to liaise with other planning team members

self-management skills for complying with ethical, legal and procedural requirements

learning skills to maintain knowledge of changes to compliance legislation and requirements

Required knowledge

financial forecasting techniques

government financial and superannuation policies

methods of presenting financial data

relevant legislation for financial planning activities

relevant knowledge of corporations and consumer legislation

sources of information on financial products and markets (e.g. banks, financial advisers)

State and Territory charges and taxes

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

Interpret and comply with relevant legislative requirements

effectively implement the financial plan

apply knowledge of the financial planning industry, industry regulations and codes of practice to planning tasks

apply knowledge of financial products, financial markets and investment characteristics

apply knowledge of roles of associated financial advisers, impacts of taxation, social security, economic and other government policies on client investment and financial requirements

establish appropriate audit trails and effectively compile records and data.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills which may include formal examinations

setting and reviewing workplace projects and business simulations/scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Implementation actions include

actions delegated to internal or external staff

those undertaken by the financial planner.

Documentation may include:

computer and manual applications

disclaimers

disclosures

Eligible Termination Payment (ETP) forms

insurance policies

prospectus

receipts

written advice.

Legislative requirements and codes of practice may include:

Australian Securities and Investments Commission (ASIC) Act, policies and guidelines

Consumer Affairs Act

Consumer Credit Code

contract law

Corporations Act

industry codes of practice

Insurance Act

Life Act

Privacy Act

social security regulations

State and Territory legislation

Taxation Acts

Trade Practices Act

trust law.

Unit sector

Financial planning

This unit contains employability skills.