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Evidence Guide: FNSFPL606 - Implement complex and innovative financial plans

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

 

FNSFPL606 - Implement complex and innovative financial plans

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

Establish actions, timings and priorities needed to implement complex and/or innovative financial plan

  1. Review special features of client situation for implementation implications, including high asset, income or expenditure requirements, complex taxation and/or legal issues, or complex estate planning issues
  2. Establish implementation actions which are consistent with client needs, and prioritise specifications and timings for each implementation
  3. Clearly explain implementation actions required by client and obtain written agreement to actions
  4. Ensure implementation actions, including timing and priority, are to maximum advantage for client and establish implementation diaries and other appropriate records
Review special features of client situation for implementation implications, including high asset, income or expenditure requirements, complex taxation and/or legal issues, or complex estate planning issues

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clearly explain implementation actions required by client and obtain written agreement to actions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure implementation actions, including timing and priority, are to maximum advantage for client and establish implementation diaries and other appropriate records

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish procedures for implementation of financial plan

  1. Identify and brief personnel to implement each action in financial plan
  2. Identify and follow internal and external documentation requirements
  3. Coordinate implementation actions that depend on or involve actions by other professionals such as accountants and lawyers
  4. Establish audit trails and monitoring procedures for critical implementation timings and priorities
Identify and brief personnel to implement each action in financial plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and follow internal and external documentation requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Coordinate implementation actions that depend on or involve actions by other professionals such as accountants and lawyers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish audit trails and monitoring procedures for critical implementation timings and priorities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake and/or supervise implementation of financial plan actions

  1. Ensure representative briefs client on actions client must undertake and provides assistance where needed
  2. Ensure representative issues instructions to internal and external personnel as per plan requirements
  3. Maintain consultation and monitoring with other professionals where joint implementation action is required
  4. Check and follow up lodgement of documentation to ensure plan timings are met
  5. Ensure representative obtains fees and charges, and processes according to organisational and legislative requirements
  6. Debrief client and address any concerns
Ensure representative briefs client on actions client must undertake and provides assistance where needed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure representative issues instructions to internal and external personnel as per plan requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain consultation and monitoring with other professionals where joint implementation action is required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure representative obtains fees and charges, and processes according to organisational and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Debrief client and address any concerns

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 complex and/or innovative financial plan

1.1 Review special features of client situation for implementation implications, including high asset, income or expenditure requirements, complex taxation and/or legal issues, or complex estate planning issues

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

1.3 Clearly explain implementation actions required by client and obtain written agreement to actions

1.4 Ensure implementation actions, including timing and priority, are to maximum advantage for client and establish implementation diaries and other appropriate records

2. Establish procedures for implementation of financial plan

2.1 Identify and brief personnel to implement each action in financial plan

2.2 Identify and follow internal and external documentation requirements

2.3 Coordinate implementation actions that depend on or involve actions by other professionals such as accountants and lawyers

2.4 Establish audit trails and monitoring procedures for critical implementation timings and priorities

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

3.1 Ensure representative briefs client on actions client must undertake and provides assistance where needed

3.2 Ensure representative issues instructions to internal and external personnel as per plan requirements

3.3 Maintain consultation and monitoring with other professionals where joint implementation action is required

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

3.5 Ensure representative obtains fees and charges, and processes according to organisational and legislative requirements

3.6 Debrief client and address any concerns

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 complex and/or innovative financial plan

1.1 Review special features of client situation for implementation implications, including high asset, income or expenditure requirements, complex taxation and/or legal issues, or complex estate planning issues

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

1.3 Clearly explain implementation actions required by client and obtain written agreement to actions

1.4 Ensure implementation actions, including timing and priority, are to maximum advantage for client and establish implementation diaries and other appropriate records

2. Establish procedures for implementation of financial plan

2.1 Identify and brief personnel to implement each action in financial plan

2.2 Identify and follow internal and external documentation requirements

2.3 Coordinate implementation actions that depend on or involve actions by other professionals such as accountants and lawyers

2.4 Establish audit trails and monitoring procedures for critical implementation timings and priorities

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

3.1 Ensure representative briefs client on actions client must undertake and provides assistance where needed

3.2 Ensure representative issues instructions to internal and external personnel as per plan requirements

3.3 Maintain consultation and monitoring with other professionals where joint implementation action is required

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

3.5 Ensure representative obtains fees and charges, and processes according to organisational and legislative requirements

3.6 Debrief client and address any concerns

Evidence of the ability to:

successfully present the plan to clients, clearly explaining implementation actions required and obtaining agreement to the plan

effectively implement or supervise the implementation of complex or innovative financial plans

accurately complete documentation and establish appropriate audit trails of records and data.

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:

describe the key features of and discuss issues relating to:

corporations and consumer legislation

relevant financial legislation

government financial and superannuation policy

compare methods of presenting financial data

identify and categorise:

sources of information on financial products and markets, including banks and other financial advisers

state and territory legislation

describe how the unique features of a client’s situation, including high asset, income or expenditure, complex taxation and/or legal issues, or complex estate planning issues, require special treatment in implementation of financial plans

explain how and when to use professionals such as accountants and lawyers in the implementation of complex financial plans.