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Evidence Guide: FNSFPL403 - Implement financial plans to predetermined guidelines

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSFPL403 - Implement financial plans to predetermined guidelines

What evidence can you provide to prove your understanding of each of the following citeria?

Establish administrative actions needed to implement financial plan

  1. Check financial plan to verify that implementation actions are within planner’s skills, knowledge and authority
  2. Establish implementation actions which are consistent with client needs and specifications, and prioritise timings for each action to maximise advantage to client
  3. Establish implementation diaries and other appropriate records
Check financial plan to verify that implementation actions are within planner’s skills, knowledge and authority

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish implementation actions which are consistent with client needs and specifications, and prioritise timings for each action to maximise advantage to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish implementation diaries and other appropriate records

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake required actions for implementation of financial plan

  1. Issue implementation instructions to internal and external personnel as per plan requirements
  2. Check and follow up actions on lodgement of documentation to ensure plan timings are met
  3. Obtain and process fees and charges according to organisational and legislative requirements and codes of practice
  4. Complete and document implementation actions
Issue implementation instructions to internal and external personnel as per plan requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check and follow up actions on lodgement of documentation to ensure plan timings are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain and process fees and charges according to organisational and legislative requirements and codes of practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete and document implementation actions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish administrative actions needed to review financial plan

  1. Establish standard operating procedures for reviewing ongoing performance of plan
  2. Ensure quality of ongoing service meets organisational and regulatory requirements, with any special arrangements agreed to with client
  3. Issue review instructions to internal and external personnel as per plan requirements
  4. Establish system to monitor lodged documentation to ensure plan timings are met
  5. Establish process for ensuring fees and charges are recovered according to organisational and legislative requirements
  6. Establish audit trails to ensure financial plans are in line with client requirements and managed in accordance with organisational procedures
Establish standard operating procedures for reviewing ongoing performance of plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure quality of ongoing service meets organisational and regulatory requirements, with any special arrangements agreed to with client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Issue review instructions to internal and external personnel as per plan requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish system to monitor lodged documentation to ensure plan timings are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish process for ensuring fees and charges are recovered according to organisational and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish audit trails to ensure financial plans are in line with client requirements and managed in accordance with organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Establish administrative actions needed to implement financial plan

1.1 Check financial plan to verify that implementation actions are within planner’s skills, knowledge and authority

1.2 Establish implementation actions which are consistent with client needs and specifications, and prioritise timings for each action to maximise advantage to client

1.3 Establish implementation diaries and other appropriate records

2. Undertake required actions for implementation of financial plan

2.1 Issue implementation instructions to internal and external personnel as per plan requirements

2.2 Check and follow up actions on lodgement of documentation to ensure plan timings are met

2.3 Obtain and process fees and charges according to organisational and legislative requirements and codes of practice

2.4 Complete and document implementation actions

3. Establish administrative actions needed to review financial plan

3.1 Establish standard operating procedures for reviewing ongoing performance of plan

3.2 Ensure quality of ongoing service meets organisational and regulatory requirements, with any special arrangements agreed to with client

3.3 Issue review instructions to internal and external personnel as per plan requirements

3.4 Establish system to monitor lodged documentation to ensure plan timings are met

3.5 Establish process for ensuring fees and charges are recovered according to organisational and legislative requirements

3.6 Establish audit trails to ensure financial plans are in line with client requirements and managed in accordance with organisational procedures

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Establish administrative actions needed to implement financial plan

1.1 Check financial plan to verify that implementation actions are within planner’s skills, knowledge and authority

1.2 Establish implementation actions which are consistent with client needs and specifications, and prioritise timings for each action to maximise advantage to client

1.3 Establish implementation diaries and other appropriate records

2. Undertake required actions for implementation of financial plan

2.1 Issue implementation instructions to internal and external personnel as per plan requirements

2.2 Check and follow up actions on lodgement of documentation to ensure plan timings are met

2.3 Obtain and process fees and charges according to organisational and legislative requirements and codes of practice

2.4 Complete and document implementation actions

3. Establish administrative actions needed to review financial plan

3.1 Establish standard operating procedures for reviewing ongoing performance of plan

3.2 Ensure quality of ongoing service meets organisational and regulatory requirements, with any special arrangements agreed to with client

3.3 Issue review instructions to internal and external personnel as per plan requirements

3.4 Establish system to monitor lodged documentation to ensure plan timings are met

3.5 Establish process for ensuring fees and charges are recovered according to organisational and legislative requirements

3.6 Establish audit trails to ensure financial plans are in line with client requirements and managed in accordance with organisational procedures

Evidence of the ability to:

effectively administer, implement and review financial plans, including:

effectively compiling records and data

processing fees and charges for preparation and monitoring of financial plans

monitoring to ensure adherence to client needs and expectations

establishing appropriate audit trails.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

identify sources of information on financial products and markets

describe the key features of:

financial products, financial markets and investment characteristics

government financial and superannuation policy

relevant legislation and regulations for financial planning activities

corporations and consumer legislation

industry codes of practice

compare and contrast financial forecasting techniques

describe methods of presenting financial data

identify state and territory charges and taxes

describe the skills, knowledge and levels of authority necessary to administer and implement financial plans developed to predetermined guidelines

describe the concept of duty of care relating to personnel nominated to implement financial plans

discuss the possible impacts of the following on client investment and financial requirements:

roles of associated financial advisers

taxation

social security

economic and other government policy.