Develop and prepare financial plan

Formats and tools

Unit Description
Reconstruct the unit from the xml and display it as an HTML page.
Assessment Tool
an assessor resource that builds a framework for writing an assessment tool
Assessment Template
generate a spreadsheet for marking this unit in a classroom environment. Put student names in the top row and check them off as they demonstrate competenece for each of the unit's elements and performance criteria.
Assessment Matrix
a slightly different format than the assessment template. A spreadsheet with unit names, elements and performance criteria in separate columns. Put assessment names in column headings to track which performance criteria each one covers. Good for ensuring that you've covered every one of the performance criteria with your assessment instrument (all assessement tools together).
Wiki Markup
mark up the unit in a wiki markup codes, ready to copy and paste into a wiki page. The output will work in most wikis but is designed to work particularly well as a Wikiversity learning project.
Evidence Guide
create an evidence guide for workplace assessment and RPL applicants
Competency Mapping Template
Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners. A template for developing assessments for a unit, which will help you to create valid, fair and reliable assessments for the unit, ready to give to trainers and students
Observation Checklist
create an observation checklist for workplace assessment and RPL applicants. This is similar to the evidence guide above, but a little shorter and friendlier on your printer. You will also need to create a seperate Assessor Marking Guide for guidelines on gathering evidence and a list of key points for each activity observed using the unit's range statement, required skills and evidence required (see the unit's html page for details)

Self Assessment Survey
A form for students to assess thier current skill levels against each of the unit's performance criteria. Cut and paste into a web document or print and distribute in hard copy.
Moodle Outcomes
Create a csv file of the unit's performance criteria to import into a moodle course as outcomes, ready to associate with each of your assignments. Here's a quick 'how to' for importing these into moodle 2.x
Registered Training Organisations
Trying to find someone to train or assess you? This link lists all the RTOs that are currently registered to deliver FNSFPL503, 'Develop and prepare financial plan'.
Google Links
links to google searches, with filtering in place to maximise the usefulness of the returned results
Books
Reference books for 'Develop and prepare financial plan' on fishpond.com.au. This online store has a huge range of books, pretty reasonable prices, free delivery in Australia *and* they give a small commission to ntisthis.com for every purchase, so go nuts :)


Elements and Performance Criteria

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Establish plan objectives and scope

1.1 Review research results and compare to client requirements and expectations

1.2 Analyse current client situation to determine opportunities and constraints

1.3 Identify and assess desired financial resource and market parameters

1.4 Develop plan objectives for asset growth, income, risk, taxation and any other objectives developed in consultation with client

2. Develop strategic assumptions

2.1 Develop and test client related and economic key assumptions

2.2 Identify and test legislative and regulatory requirements, including taxation assumptions

2.3 Seek clarification from client or other professionals as required and document strategic assumptions for client review

3. Develop financial plan strategy

3.1 Develop initial options based on strategic assumptions and client specifications

3.2 Analyse and model strategic options and reject any inappropriate options

3.3 Develop supporting arguments for each final strategic option and include in draft overall strategy

3.4 Conduct any necessary client checks or consultations to verify plan strategy

4. Develop preliminary financial plan

4.1 Select specific products and options to meet agreed strategy with cash flow, liquidity and capital preservation or estate planning requirements incorporated as required

4.2 Develop recommendations for financial asset allocation structure, including where provision is required for equities, trusts, partnerships, allocated pensions and superannuation, and planned capital expenditure

4.3 Develop recommendations for changes to income and taxation arrangements, including referral advice to accountants or lawyers as appropriate

4.4 Develop recommendations on risk management strategies and products, and incorporate in plan

4.5 Incorporate anticipated fees and charges into preliminary plan

4.6 Incorporate information on internal and external complaints and dispute resolution procedures available to client

4.7 Document preliminary financial plan according to organisational guidelines and procedures

5. Ensure compliance of financial plan with regulatory and organisational requirements

5.1 Check preliminary financial plan to ensure that role of representative or adviser is properly documented and complies with relevant Acts, regulations and regulatory guidelines

5.2 Assess preliminary financial plan for its ability to successfully achieve objectives

5.3 Check preliminary financial plan to ensure that it complies with ethical and regulatory requirements

6. Produce completed plan

6.1 Produce financial plan in accordance with organisational quality control requirements

6.2 Attach relevant supporting documentation relating to products, regulatory considerations and organisational processes, including internal and external complaints procedures


Qualifications and Skillsets

FNSFPL503 appears in the following qualifications:

  • FNS40710 - Certificate IV in Financial Practice Support
  • FNS50610 - Diploma of Financial Planning
  • FNS50611 - Diploma of Financial Planning
  • FNS40715 - Certificate IV in Financial Practice Support
  • FNS60415 - Advanced Diploma of Financial Planning
  • FNS50615 - Diploma of Financial Planning