Application
This unit describes the skills and knowledge required to implement a financial plan and successfully present it to an authorised representative. It involves establishing the actions, timings and priorities needed to implement and monitor or supervise the implementation of financial plan actions.
The unit applies to those experienced in the financial planning industry who use specialised knowledge, systematic processes and managerial techniques to complete complex work and to manage relationships. The implementation of financial plans will be through authorised representatives, including financial advisers, or from 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. Establish actions, timings and priorities needed to implement financial plan | 1.1 Identify and source financial plan to be implemented 1.2 Review special features of client situation for implementation implications 1.3 Establish implementation actions and confirm they are consistent with client needs and objectives, and prioritise specifications and timings for each action to be implemented 1.4 Explain implementation actions to authorised representative and obtain written agreement to actions 1.5 Establish implementation diary and other required records according to organisational policies and procedures |
2. Establish procedures for implementing financial plan | 2.1 Identify and brief required personnel to implement each action in financial plan 2.2 Identify and meet internal and external communication and documentation requirements 2.3 Coordinate implementation actions that depend on and involve actions by other professionals 2.4 Establish audit trails and monitoring procedures for critical implementation timings and priorities |
3. Undertake and/or supervise implementation of actions associated with financial plan | 3.1 Ensure authorised representative provides client with information on actions they must undertake 3.2 Confirm authorised representative issues instructions to required internal and external personnel as per financial plan requirements 3.3 Maintain consultation and monitoring with internal and external stakeholders where joint implementation action is required 3.4 Check and follow up lodgement of documentation to ensure plan timings are met 3.5 Obtain fees and charges, and process according to organisational and legislative requirements 3.6 Seek and integrate feedback on implemented actions from relevant stakeholders |
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:
implement one different financial plan in at least three of the following practice areas:
aged care
direct investments
estate planning
life insurance
managed investments
retirement planning
social securities
superannuation
taxation.
In the course of the above, the candidate must:
present each plan to client’s authorised representative, explaining required implementation actions and obtaining agreement to the actions
complete documentation and establish relevant audit trails of records and data using applicable technology and software.
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 requirements relating to implementing financial plans, including:
corporations and consumer legislation
relevant financial legislation
government financial and superannuation policy
organisational policies and procedures relating to implementing financial plans
common methods of presenting financial data and documenting financial plans
types and key features of financial products and markets relating to implementing financial plans, including banks and other authorised representatives
special features of client situation that have implications when implementing financial plans, including:
complex estate planning issues
complex taxation
unusual or infrequent income and expenditure
high asset
legal issues
roles and responsibilities of other professionals involved in implementing financial plans, including of accountants and lawyers.
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 and software.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Foundation Skills
Learning | Maintains knowledge of compliance legislation and regulatory environment necessary to perform role |
Numeracy | Uses mathematical equations to perform calculations and check accuracy of fees and financial data Analyses, records and stores complex financial data and information |
Oral communication | Participates in verbal exchanges, choosing relevant language to explain complex concepts to audiences Uses active listening and questioning techniques to confirm understanding |
Reading | Researches and manages information and products to determine currency, accuracy and appropriateness to client needs Consolidates and evaluates information from a range of sources to form a holistic perspective of complex situations and to identify implications |
Writing | Completes documentation following organisational procedures and protocols Uses clear language, relevant terminology and correct spelling and grammar to convey information to a range of stakeholders |
Teamwork | Selects and uses relevant conventions and protocols when communicating with internal and external stakeholders to provide or seek information Uses collaboration techniques to build trust and encourage stakeholders to voice concerns Adapts personal communication style to show respect for the opinions, values and needs of others |
Planning and organising | Plans, sequences and implements processes and tasks to meet legislative, organisational and client requirements |
Problem solving | Systematically evaluates complex information to make informed decisions about relevant services |
Technology | Uses the main features and functions of digital tools to complete work tasks |
Sectors
Financial planning