Google Links

Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Discuss and confirm with client arrangements for ongoing service
   • Prepare ongoing service options for presentation to client and recommend most appropriate option
   • Ensure prepared options include provision for best practice in ongoing service delivery in terms of frequency of contact, quality and thoroughness of assessment against performance targets in financial plan
   • Clearly define and agree on areas and targets to be reviewed and allocation of responsibilities
   • Agree on ongoing standard of service with client, including quality parameters, reporting frequency and arrangements for reviews and client initiated changes
   • Explain and confirm fees and charges for ongoing service with client, including costs of service needs outside requirements of agreement
   • Ensure agreement for ongoing service is signed by client
2. Establish procedures for providing ongoing service
   • Identify and brief personnel to implement each action in ongoing service arrangements
   • Identify and follow internal and external documentation requirements
   • Diarise key revision dates and establish client contact arrangements
   • Develop procedures for client to request unscheduled reviews
   • Establish monitoring procedures for critical timings and priorities
3. Undertake and/or supervise monitoring of financial plan
   • Establish arrangements for monitoring ongoing performance of financial plan
   • Monitor quality of ongoing client service
   • Ensure representative provides quality ongoing service that meets industry best practice, and organisational and regulatory requirements
   • Ensure representative issues instructions to internal and external personnel as per plan requirements
   • Check and follow up lodgement of documentation to ensure plan timings are met
   • Ensure representative obtains fees and charges, and processes according to organisational and legislative requirements
   • Establish clear arrangements for client to contact representative at any time with concerns and queries
4. Establish long-term professional relationship with client
   • Ensure regular communication arrangements between representative and client, and include scheduled meetings
   • Monitor client satisfaction against performance indicators of the practice

Performance Evidence

Evidence of the ability to:

effectively monitor and assess the success of the financial plan

gain client agreement to or feedback on modifications and negotiate ongoing service agreements with clients

effectively document records of meetings and data on plan implementation and monitoring.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

---

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

explain the key features of the financial planning industry, financial products, financial markets, investment characteristics and the role of a financial adviser

describe the key features and discuss issues relating to:

corporations and consumer legislation

current financial legislation

government financial and superannuation policy

state and territory charges and taxes

codes of practice relating to the role of the financial planner

analyse the key features of sales and marketing media and methodologies to ensure it is in line with the provision of service to clients

identify and categorise fees and charges associated with ongoing services, and describe matters to be considered in fees and charges for services rendered

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

analyse best practice strategies for the ongoing monitoring and assessment of complex financial plans.

---