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Evidence Guide: FNSFPL504 - Implement financial plan

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

 

FNSFPL504 - Implement financial plan

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

Establish actions, timings and priorities needed to implement financial plan

  1. Establish implementation actions which are consistent with client needs and specifications
  2. Establish individual implementation actions, including timing and priorities designed to maximise advantage to client
  3. Clearly identify implementation actions and obtain written agreement to actions from client
  4. Establish implementation diaries and enter appropriate records
Establish implementation actions which are consistent with client needs and specifications

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish individual implementation actions, including timing and priorities designed to maximise advantage to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clearly identify implementation actions and obtain written agreement to actions from client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish implementation diaries and enter appropriate records

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish procedures for implementation of financial plan

  1. Identify and brief personnel to implement each action in plan
  2. Identify and follow up internal and external documentation requirements and establish audit trails
  3. Establish monitoring procedures for critical timings and priorities
Identify and brief personnel to implement each action in plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and follow up internal and external documentation requirements and establish audit trails

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish monitoring procedures for critical timings and priorities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake and/or supervise implementation of financial plan actions

  1. Check that authorised representative ensures clients have information on actions they must undertake and provides assistance where needed
  2. Check that authorised representative ensures instructions are issued to internal and external personnel as per plan requirements
  3. Check and follow up lodgement of documentation to ensure plan timings are met
  4. Check that authorised representative ensures fees and charges are obtained and processed according to organisational and legislative requirements
  5. Debrief client and address any concerns promptly and effectively
Check that authorised representative ensures clients have information on actions they must undertake and provides assistance where needed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check that authorised representative ensures instructions are issued to internal and external personnel as per plan requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check that authorised representative ensures fees and charges are obtained and processed according to organisational and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Debrief client and address any concerns promptly and effectively

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 actions, timings and priorities needed to implement financial plan

1.1 Establish implementation actions which are consistent with client needs and specifications

1.2 Establish individual implementation actions, including timing and priorities designed to maximise advantage to client

1.3 Clearly identify implementation actions and obtain written agreement to actions from client

1.4 Establish implementation diaries and enter appropriate records

2. Establish procedures for implementation of financial plan

2.1 Identify and brief personnel to implement each action in plan

2.2 Identify and follow up internal and external documentation requirements and establish audit trails

2.3 Establish monitoring procedures for critical timings and priorities

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

3.1 Check that authorised representative ensures clients have information on actions they must undertake and provides assistance where needed

3.2 Check that authorised representative ensures instructions are issued to internal and external personnel as per plan requirements

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

3.4 Check that authorised representative ensures fees and charges are obtained and processed according to organisational and legislative requirements

3.5 Debrief client and address any concerns promptly and effectively

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 actions, timings and priorities needed to implement financial plan

1.1 Establish implementation actions which are consistent with client needs and specifications

1.2 Establish individual implementation actions, including timing and priorities designed to maximise advantage to client

1.3 Clearly identify implementation actions and obtain written agreement to actions from client

1.4 Establish implementation diaries and enter appropriate records

2. Establish procedures for implementation of financial plan

2.1 Identify and brief personnel to implement each action in plan

2.2 Identify and follow up internal and external documentation requirements and establish audit trails

2.3 Establish monitoring procedures for critical timings and priorities

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

3.1 Check that authorised representative ensures clients have information on actions they must undertake and provides assistance where needed

3.2 Check that authorised representative ensures instructions are issued to internal and external personnel as per plan requirements

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

3.4 Check that authorised representative ensures fees and charges are obtained and processed according to organisational and legislative requirements

3.5 Debrief client and address any concerns promptly and effectively

Evidence of the ability to:

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

comply with relevant legislation, regulations, industry codes of practice and organisational procedures

prepare materials and brief personnel for implementing financial plans

gain client feedback on and/or agreement to the plan

accurately document all planning processes and instruments, and establish 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:

explain the key features of the financial planning industry, financial products, financial markets and investment characteristics

discuss the key features and relevant issues relating to:

financial planning legislation

financial planning documentation requirements

government financial and superannuation policy

industry codes of practice

identify and categorise:

sources of information on financial products and markets

state and territory legislation, charges and taxes

explain the procedure and requirements in establishing audit trails.