This unit has application to financial planners.

ELEMENT

PERFORMANCE CRITERIA

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

1.1. Implementation actions are established which are consistent with client needs and specifications

1.2. Individual implementation actions including timing and priorities designed to maximise advantage to the client are established

1.3. Implementation actions are clearly identified and written agreement to actions from the client is obtained

1.4. Implementation diaries and other appropriate records are established and entered

2. Establish procedures for implementation of financial plan

2.1. Personnel to implement each action in the plan are identified and briefed

2.2. Internal and external documentation requirements are identified and followed and audit trails are established

2.3. Monitoring procedures are established for critical timings and priorities

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

3.1. Authorised representative ensures client has information on actions they must undertake and assistance is provided where needed

3.2. Authorised representative ensures instructions are issued to internal and external personnel as per plan requirements

3.3. Checks and follow-ups are made on lodgement of documentation to ensure plan timings are met

3.4. Authorised representative ensures fees and charges are obtained and processed according to organisation and legislative requirements

3.5. Client is debriefed and any concerns addressed promptly and effectively

Required skills

well-developed communication skills to:

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

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research skills such as:

accessing and managing information

interpreting documentation

coordinating tasks

well-developed numeracy skills to accurately analyse, record and store complex data in accordance with client and 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

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

organisational and time management skills to sequence tasks, meet timelines and arrange meetings

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

corporations and consumer legislation

financial planning documentation requirements

financial forecasting techniques

government financial and superannuation policies

methods of presenting financial data

procedure and requirements in establishing audit trails

relevant financial legislation

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

State and Territory legislation, 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:

Comply with relevant legislation and regulations and industry codes of practice and meet organisational operating practices, policies and procedures

establish the necessary actions, timings and priorities needed to implement financial plans and undertake and/or supervise implementation of financial plan actions

prepare materials and brief personnel for implementing financial plans

maintain and use in-depth knowledge of the financial planning industry, industry regulations and codes of practice, financial products, financial markets and investment characteristics

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

gain client feedback on and or agreement to the plan

establish appropriate audit trails and accurately document all planning process and instruments.

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

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:

those undertaken by the financial planner

those delegated to internal or external staff.

Documentation may include but is not limited to:

computer and manual applications

copies of cheques

disclaimers

disclosures

Eligible Termination Payment (ETP) forms

insurance policies

prospectus

receipts

written advice.

Legislative requirements may include:

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

Consumer Affairs Act

Consumer Credit Code

contract law

Corporations Act

industry codes of practice

Insurance Act

Life Insurance 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.