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Evidence Guide: FNSFPL616 - Implement 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

 

FNSFPL616 - Implement 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 financial plan

  1. Identify and source financial plan to be implemented
  2. Review special features of client situation for implementation implications
  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
  4. Explain implementation actions to authorised representative and obtain written agreement to actions
  5. Establish implementation diary and other required records according to organisational policies and procedures
Identify and source financial plan to be implemented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review special features of client situation for implementation implications

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish implementation actions and confirm they are consistent with client needs and objectives, and prioritise specifications and timings for each action to be implemented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain implementation actions to authorised representative and obtain written agreement to actions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish implementation diary and other required records according to organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish procedures for implementing financial plan

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and meet internal and external communication and documentation requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Coordinate implementation actions that depend on and involve actions by other professionals

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 actions associated with financial plan

  1. Ensure authorised representative provides client with information on actions they must undertake
  2. Confirm authorised representative issues instructions to required internal and external personnel as per financial plan requirements
  3. Maintain consultation and monitoring with internal and external stakeholders where joint implementation action is required
  4. Check and follow up lodgement of documentation to ensure plan timings are met
  5. Obtain fees and charges, and process according to organisational and legislative requirements
  6. Seek and integrate feedback on implemented actions from relevant stakeholders
Ensure authorised representative provides client with information on actions they must undertake

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm authorised representative issues instructions to required internal and external personnel as per financial plan requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain consultation and monitoring with internal and external stakeholders 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:

 

 

 

 

 

 

 

Obtain fees and charges, and process according to organisational and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek and integrate feedback on implemented actions from relevant stakeholders

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Required Skills and Knowledge

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.

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.