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Evidence Guide: FNSFPL505 - Review financial plans and provide ongoing service

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

 

FNSFPL505 - Review financial plans and provide ongoing service

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

Discuss and confirm arrangements for ongoing service

  1. Identify ongoing service options for client and recommend appropriate options
  2. Propose ongoing standard of service for client, including quality parameters, reporting frequency and arrangements for reviews and client initiated changes
  3. Explain and confirm fees and charges for ongoing service to client
  4. Develop agreement for ongoing service when agreement is reached
Identify ongoing service options for client and recommend appropriate options

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Propose ongoing standard of service for client, including quality parameters, reporting frequency and arrangements for reviews and client initiated changes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain and confirm fees and charges for ongoing service to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop agreement for ongoing service when agreement is reached

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish procedures for providing ongoing service

  1. Identify and brief personnel to implement each action in ongoing service arrangements
  2. Identify and follow internal and external documentation requirements
  3. Diarise key revision dates and establish client contact arrangements
  4. Establish monitoring procedures for critical timings and priorities, and periodically review client objectives
Identify and brief personnel to implement each action in ongoing service arrangements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and follow internal and external documentation requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Diarise key revision dates and establish client contact arrangements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish monitoring procedures for critical timings and priorities, and periodically review client objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake and/or supervise review of financial plan

  1. Establish arrangements for reviewing ongoing relevance and performance of financial plan
  2. Review quality of ongoing service provided by authorised representative to ensure organisational and regulatory requirements are met
  3. Issue instructions to internal and external personnel as per plan requirements, including checks and follow ups made on lodgement of documentation to ensure plan timings are met
  4. Ensure fees and charges are obtained by authorised representative and processed according to organisational and legislative requirements
  5. Establish clear arrangements for clients to contact representatives at any time with concerns or queries
Establish arrangements for reviewing ongoing relevance and performance of financial plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review quality of ongoing service provided by authorised representative to ensure organisational and regulatory requirements are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Issue instructions to internal and external personnel as per plan requirements, including checks and follow ups made on lodgement of documentation to ensure plan timings are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure fees and charges are obtained by authorised representative and processed according to organisational and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish clear arrangements for clients to contact representatives at any time with concerns or queries

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. Discuss and confirm arrangements for ongoing service

1.1 Identify ongoing service options for client and recommend appropriate options

1.2 Propose ongoing standard of service for client, including quality parameters, reporting frequency and arrangements for reviews and client initiated changes

1.3 Explain and confirm fees and charges for ongoing service to client

1.4 Develop agreement for ongoing service when agreement is reached

2. Establish procedures for providing ongoing service

2.1 Identify and brief personnel to implement each action in ongoing service arrangements

2.2 Identify and follow internal and external documentation requirements

2.3 Diarise key revision dates and establish client contact arrangements

2.4 Establish monitoring procedures for critical timings and priorities, and periodically review client objectives

3. Undertake and/or supervise review of financial plan

3.1 Establish arrangements for reviewing ongoing relevance and performance of financial plan

3.2 Review quality of ongoing service provided by authorised representative to ensure organisational and regulatory requirements are met

3.3 Issue instructions to internal and external personnel as per plan requirements, including checks and follow ups made on lodgement of documentation to ensure plan timings are met

3.4 Ensure fees and charges are obtained by authorised representative and processed according to organisational and legislative requirements

3.5 Establish clear arrangements for clients to contact representatives at any time with concerns or queries

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. Discuss and confirm arrangements for ongoing service

1.1 Identify ongoing service options for client and recommend appropriate options

1.2 Propose ongoing standard of service for client, including quality parameters, reporting frequency and arrangements for reviews and client initiated changes

1.3 Explain and confirm fees and charges for ongoing service to client

1.4 Develop agreement for ongoing service when agreement is reached

2. Establish procedures for providing ongoing service

2.1 Identify and brief personnel to implement each action in ongoing service arrangements

2.2 Identify and follow internal and external documentation requirements

2.3 Diarise key revision dates and establish client contact arrangements

2.4 Establish monitoring procedures for critical timings and priorities, and periodically review client objectives

3. Undertake and/or supervise review of financial plan

3.1 Establish arrangements for reviewing ongoing relevance and performance of financial plan

3.2 Review quality of ongoing service provided by authorised representative to ensure organisational and regulatory requirements are met

3.3 Issue instructions to internal and external personnel as per plan requirements, including checks and follow ups made on lodgement of documentation to ensure plan timings are met

3.4 Ensure fees and charges are obtained by authorised representative and processed according to organisational and legislative requirements

3.5 Establish clear arrangements for clients to contact representatives at any time with concerns or queries

Evidence of the ability to:

effectively discuss, negotiate and confirm arrangements for review of a financial plan and ongoing service with clients

develop ongoing service agreements for clients who:

comply with relevant legislation, regulations and industry codes of conduct

follow organisational procedures

review or supervise the review of financial plans, including assessment of:

outcomes against changing client needs

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

maintain accurate documentation of records and data relating to implementation and review.

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:

outline the key features of the financial planning industry, financial products, financial markets and investment characteristics

outline common fees and charges associated with ongoing services

compare and contrast:

financial forecasting techniques

methods of presenting financial data

describe the key features and discuss issues relating to:

government financial and superannuation policy

relevant corporations and consumer legislation

relevant financial legislation

industry codes of practice

identify and outline sources of information on financial products and markets

discuss strategies for the ongoing review and assessment of financial plans

outline the key requirements relating to documenting financial plans.