NTISthis.com

Evidence Guide: FNSFPL505A - Review financial plans and provide ongoing service

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

 

FNSFPL505A - Review financial plans and provide ongoing service

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

Discuss and confirm arrangements for ongoing service

  1. Ongoing service options are identified for the client and appropriate options recommended
  2. The ongoing standard of service is proposed for the client including quality parameters, reporting frequency and arrangements for reviews and client initiated changes
  3. Fees and charges for ongoing service are explained and confirmed to the client
  4. An agreement for ongoing service is developed when agreement is reached
Ongoing service options are identified for the client and appropriate options recommended

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The ongoing standard of service is proposed for the client including quality parameters, reporting frequency and arrangements for reviews and client initiated changes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Fees and charges for ongoing service are explained and confirmed to the client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

An agreement for ongoing service is developed when agreement is reached

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish procedures for providing ongoing service

  1. Personnel to implement each action in the ongoing service arrangements are identified and briefed
  2. Internal and external documentation requirements are identified and followed
  3. Key revision dates are diarised and client contact arrangements established
  4. Monitoring procedures are established for critical timings and priorities and client objectives are periodically reviewed
Personnel to implement each action in the ongoing service arrangements are identified and briefed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Internal and external documentation requirements are identified and followed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Key revision dates are diarised and client contact arrangements established

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitoring procedures are established for critical timings and priorities and client objectives are periodically reviewed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake and/or supervise review of financial plan

  1. Arrangements are established for reviewing the ongoing relevance and performance of the financial plan
  2. Arrangements are made for reviewing quality of ongoing service with the authorised representative ensuring the quality of ongoing service meets organisation and regulatory requirements
  3. Instructions are issued to internal and external personnel as per plan requirements with checks and follow-ups made on lodgement of documentation to ensure plan timings are met
  4. Fees and charges are obtained by the authorised representative and processed according to organisation and legislative requirements
  5. Clear arrangements are established for clients to contact representatives at any time with concerns or queries
Arrangements are established for reviewing the ongoing relevance and performance of the financial plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Arrangements are made for reviewing quality of ongoing service with the authorised representative ensuring the quality of ongoing service meets organisation and regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Instructions are issued to internal and external personnel as per plan requirements with checks and follow-ups made on lodgement of documentation to ensure plan timings are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Fees and charges are obtained by the authorised representative and processed according to organisation and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clear arrangements are established for clients to contact representatives at any time with concerns or queries

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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 withrelevant legislation and regulations and industry codes of conduct and meet organisational operating practises

effectively discuss, negotiateand confirm arrangements for ongoing service with clients including undertaking or supervising review of a financial plan and assessing outcomes against changing needs of the client

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

recognise and act promptly upon signs that modifications to the plan are required and gain client feedback on, and agreement to, modifications

develop ongoing service agreements for clients and maintain accurate documentation of records and data of implementation and review.

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

Required Skills and Knowledge

Required skills

well-developed communication skills to:

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

renegotiate plans with clients and keep them informed of changes as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

numeracy skills to accurately analyse, record and store data in accordance with organisational requirements

literacy skills for analysing information and products to ensure appropriateness to client needs, currency and accuracy

IT skills for accessing and using appropriate software such as spreadsheets and databases and using internet information

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

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

common fees and charges associated with ongoing services

financial forecasting techniques

government financial and superannuation policies

methods of presenting financial data

relevant corporations and consumer legislation

relevant financial legislation

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

State and Territory charges and taxes

strategies for the ongoing review and assessment of financial plans

Range Statement

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.

Documentation may include, but is not limited to:

computer and manual applications

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.