Implement complex and innovative financial plans

This unit describes the performance outcomes, skills and knowledge required to implement a complex or innovative financial plan, and successfully present complex financial plans to clients. Complex plans include those which for commercial relationship reasons require development to a higher than normal standard.It encompasses establishing actions, timings and priorities needed to implement complex and or innovative financial plans, negotiating with clients, establishing procedures and undertaking or supervising implementation of financial plan actions.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).


This unit applies to senior financial planners, senior para-planners and senior technical staff.

Elements and Performance Criteria



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

1.1. Special features of client situation are reviewed for implementation implications including high asset, income or expenditure requirements, complex taxation and or legal issues, or complex estate planning issues

1.2. Implementation actions are established which are consistent with client needs and specifications are prioritised and timings for each implementation established

1.3. Implementation actions required by the client are clearly explained and written agreement to actions is obtained

1.4. Implementation actions including timing and priority are to maximum advantage for client and implementation diaries and other appropriate records are established

2. Establish procedures for implementation of financial plan

2.1. Personnel to implement each action in the financial plan are identified and briefed

2.2. Internal and external documentation requirements are identified and followed

2.3. Implementation actions that depend on or involve actions by other professional such as accountants and lawyers are coordinated with these professionals

2.4. Audit trails and monitoring procedures are established for critical implementation timings and priorities

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

3.1. Representative ensures client is briefed on actions they must undertake and assistance is provided where needed

3.2. Representative ensures instructions are issued to internal and external personnel as per plan requirements

3.3. Consultation and monitoring is maintained with other professionals where joint implementation action is required

3.4. Checks and follow-ups are made on lodgement of documentation to ensure plan timings are met

3.5. Representative ensures fees and charges are obtained and processed according to organisation and legislative requirements

3.6. Client is debriefed and any concerns are addressed

Required Skills

Required skills

highly developed communication skills to:

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

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research and analysis skills for:

accessing and managing comprehensive and complex information

interpreting complex documentation

forming a holistic perspective of complex situations and identify implications numeracy skills to accurately analyse, record and store data in accordance with organisational requirements

well-developed literacy skills for analysingcomplex 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

self-management skills for complying with ethical, legal and procedural requirements

learning skills to maintain knowledge of changes to compliance legislation and requirements

highly developedproblem solvingand critical reasoning skills to identify any issues that have the potential to impact on the planning process or outcome and to develop options to resolve these issues when they arise

organisational and time management skills to sequence tasks, meet timelines and arrange meetings

Required knowledge

corporations and consumer legislation

financial forecasting techniques

government financial and superannuation policies

methods of presenting financial data

relevant financial legislation

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

State and Territory legislation, charges and taxes

Evidence Required

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:

effectively implement complex financial plans by applying comprehensive knowledge of the financial planning industry, industry regulations and codes of practice, financial products, financial markets and investment characteristics to the role of financial adviser

assess impacts of taxation, social security, economic and other government policies on client investment and financial requirements

provide justification and research evidence for all elements of the plan to gain client feedback on, and agreement to, the plan

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

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

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business simulations/scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

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.

Implementation actions include:

actions that are undertaken by the financial planner as well as actions delegated to internal or external staff

actions undertaken in conjunction with non-financial planning professionals.

Financial plans are:

complex or for commercial relationship reasons identified as requiring development to a higher than normal standard

those covering:

above average sums of money

plans with complex legal, regulatory or estate issues

plans covering an above average range of products

plans for major clients.

Documentation may include but is not limited to:



Eligible Termination Payment (ETP) forms

insurance policies



written advice.

Relevant 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.


Unit sector

Financial planning

Employability Skills

This unit contains employability skills.

Licensing Information

Not applicable.