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.
Elements and Performance Criteria
1. Discuss and confirm arrangements for ongoing service | 1.1 Confirm with authorised representative that financial targets to be reviewed and allocation of responsibilities have been defined and agreed with client 1.2 Confirm with authorised representative client agreement on provision of ongoing service 1.3 Identify and document fees and charges for ongoing service according to organisational policies and procedures 1.4 Obtain signed client agreement for ongoing service from authorised representative 1.5 Establish arrangements for client contact regarding concerns and queries |
2. Establish procedures for providing ongoing service | 2.1 Identify and brief required personnel to implement actions in agreed ongoing service arrangements 2.2 Identify and follow internal and external documentation requirements according to organisational procedures and protocols 2.3 Record key revision dates for financial targets and confirm client contact arrangements with authorised representative 2.4 Develop procedures for unscheduled review requests by client 2.5 Establish procedures to monitor critical timings and priorities |
3. Monitor or supervise monitoring of financial plan | 3.1 Establish arrangements for monitoring ongoing performance of financial plan and its compliance with regulatory and organisational requirements 3.2 Implement procedures for monitoring quality of ongoing client service 3.3 Confirm that authorised representative issues instructions to internal and external personnel as per plan requirements 3.4 Check and follow up lodgement of required documentation to ensure plan timings are met 3.5 Confirm authorised representative obtains and processes fees and charges according to legislative, taxation and organisational requirements 3.6 Monitor client satisfaction against performance indicators of the practice |
Evidence of Performance
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.
Evidence of Knowledge
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.
Assessment Conditions
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.
Foundation Skills
Numeracy | Uses mathematical equations to perform calculations, make comparisons and check the accuracy of financial data Analyses, records and stores complex financial data and information |
Oral communication | Effectively participates in verbal exchanges using active listening and questioning techniques to share, convey and clarify information Uses language, tone and concepts appropriate to audience and purpose |
Reading | Interprets and analyses information and products from a variety of sources to ensure appropriateness to client needs |
Writing | Uses clear language, correct spelling and grammar and appropriate terminology to convey information to a range of personnel |
Planning and organising | Takes responsibility for planning, sequencing and prioritising complex tasks to achieve client requirements according to legislative and organisational requirements Systematically analyses and evaluates complex information to make informed decisions |
Self-management | Adapts personal communication style to show respect for the opinions, values and needs of others Takes responsibility for ensuring that documentation and processes comply with legislative and organisational requirements |
Teamwork | Selects and uses appropriate conventions and protocols when communicating with diverse internal and external stakeholders to provide or seek information Uses collaboration techniques to negotiate agreement about service provision |
Technology | Uses the main features and functions of digital tools to complete work tasks |
Sectors
Financial planning