| Your Competencies |
FNS50615 Diploma of Financial Planning
The FNS50615 Diploma of Financial Planning is a nationally recognised vocational qualification.
In Australia, vocational education and training is delivered within a competency framework.
This means three things for you:
1. The units of competency are prescribed in the Financial Services Training Package
2. The units are embedded in your course, with each subject having a different collection of units
3. To pass each subject in this course, you need to demonstrate your competency in specific tasks,
to the required level of performance, as documented in the units of competency.
For more information about the units of competency in your course, go to the Kaplan Professional
website at: <https://www.kaplanprofessional.edu.au/courses>.
What is in a ‘unit of competency’?
A unit of competency is a description of what somebody must be able to do to be assessed as
competent (i.e. capable) in that task. The unit sets out the steps (the elements) in a task and the
level to which they must be performed (the performance criteria).
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Your Competencies | FNS50615_DFP1-3_YC_v3 © Kaplan Education Pty Ltd. All rights reserved.
The units of competency in your FNS50615 Diploma of Financial Planning are:
| Subject | Unit code | Unit name |
| Introduction to Finance Principles (optional) | No units of competency are awarded for this subject. This is an optional subject for students who are new to industry | |
| DFP1 Financial Planning Fundamentals | FNSFPL501 | Comply with financial planning practice ethical and operational guidelines and regulations |
| FNSFPL502 | Conduct financial planning analysis and research | |
| FNSFPL506 | Determine client financial requirements and expectations | |
| FNSINC401 | Apply principles of professional practice to work in the financial services industry | |
| BSBITU402 | Develop and use complex spreadsheets | |
| FNSIAD501 | Provide appropriate services, advice and products to clients | |
| FNSINC501 | Conduct product research to support recommendations | |
| FNSCUS505 | Determine client requirements and expectations | |
| FNSCUS506 | Record and implement client instructions | |
| DFP2 Insurance and Risk Protection | FNSASICX503 | Provide advice in life insurance |
| DFP3 Superannuation and Retirement Planning | FNSASICU503 | Provide advice in superannuation |
| FNSASICZ503 | Provide advice in financial planning | |
| FNSFPL503 | Develop and prepare financial plan | |
| FNSFPL504 | Implement financial plan | |
| FNSFPL505 | Review financial plans and provide ongoing service |
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Your Competencies | FNS50615_DFP1-3_YC_v3 © Kaplan Education Pty Ltd. All rights reserved.
FNSFPL501 Comply with financial planning practice ethical and operational
guidelines and regulations
| Element | Performance Criteria |
| 1. Identify and comply with legislative and regulatory requirements | 1.1 Identify sources of information on legislative, regulatory and industry codes of practice requirements 1.2 Adhere to compliance requirements in financial planning practice 1.3 Regularly access sources of relevant information, including updated memorandums, web pages and journals 1.4 Identify experts within practice and external regulatory advisory services, and access for advice and guidance when required |
| 2. Apply standards of ethical behaviour | 2.1 Identify principles and standards of ethical behaviours from training programs, peers, industry codes of practice and organisational guidelines 2.2 Continually monitor work to ensure it meets ethical standards 2.3 Check tasks to be completed that may raise doubt regarding their propriety, and clear with an expert source |
| 3. Identify and comply with organisational operation guidelines | 3.1 Identify and regularly check updates to operational guidelines and apply to own work 3.2 Identify experts within organisation responsible for interpretation of guidelines, and seek their assistance and contact when needed 3.3 Establish personal monitoring system, including checklists and peer review mechanisms, to ensure compliance 3.4 Identify and act on opportunities for professional development |
FNSFPL502 Conduct financial planning analysis and research
| Element | Performance Criteria |
| 1. Evaluate client’s current situation and identify issues | 1.1 Analyse integrity of information provided by client 1.2 Identify, quantify and test client objectives for viability 1.3 Establish basis for strategy development in line with confirmed objectives |
| 2. Identify research requirements and parameters | 2.1 Establish aims and objectives of research including strategy, product and performance parameters against client requirements and expectations, with all issues identified 2.2 Identify and access wide range of relevant internal and external information resources required for research 2.3 Establish timeframes and prioritise requests for information to ensure milestones are met |
| 3. Extract and analyse information according to research requirements and parameters | 3.1 Establish data extraction criteria that are relevant to intended use and client requirements 3.2 Identify trends to provide meaningful information on performance of possible strategies, products and markets 3.3 Identify taxation and other government legislation that needs to be considered in choice of financial planning strategies 3.4 Conduct risk assessment of strategies and products identified through research 3.5 Analyse financial products within appropriate timeframes to ensure currency of decision making 3.6 Prioritise information according to client requirements and expectations 3.7 Identify issues that require specialist research or advice and obtain appropriate advice |
| 4. Summarise research information | 4.1 Collate and check information on financial strategies and products against research specification 4.2 Prepare and check written performance, trend and risk analyses against research specification 4.3 Document any qualifications or issues for further research |
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FNSFPL506 Determine client financial requirements and expectations
| Element | Performance Criteria |
| 1. Inform client of financial planning process and services | 1.1 Explain to client financial planning process and role, and any limits of authority of representative 1.2 Explain to client organisation’s licensees, principals, services and capacity, including any relationship to other financial services 1.3 Explain fees and charges to client and confirm client’s understanding of these before proceeding with delivery of service 1.4 Identify clients with special needs and take appropriate action or make referral 1.5 Explain procedures for internal and external complaints handling and resolution to client |
| 2. Obtain relevant information on client’s existing financial situation | 2.1 Obtain and confirm facts and information relevant to client’s particular service request 2.2 Identify client expectations, requirements and objectives, and encourage client to disclose relevant information to determine client’s personal financial situation and any special needs 2.3 Obtain relevant information on investments and assets held by client, and client’s current income, expenditure and liabilities situation 2.4 Develop summary analysis of client’s financial position based on extent of client disclosure and requirements 2.5 Accurately and consistently identify risk and fraud indicators, and check all information for consistency and potential conflict |
| 3. Determine client expectations and requirements with respect to financial planning service offered by representative | 3.1 Encourage client to express and clarify expectations from financial planning process, and identify and promptly and appropriately respond to any concerns 3.2 Establish client’s income and investment needs, preferences and priorities 3.3 Explore risk issues and tolerance comprehensively and ethically with client 3.4 Determine that service being sought is within capability and authority of authorised representative 3.5 Refer to another internal representative if service required by client is beyond scope of representative 3.6 Seek specialist advice where necessary or refer client to appropriate personnel or organisation where required services are not available or cannot be provided by the practice |
| 4. Prepare and update necessary documentation where required | 4.1 Document and check with client all relevant client facts, information and financial and personal histories, and manage confidentially in accordance with company policy and guidelines, and relevant legislation and industry codes of practice 4.2 Create or update client records when necessary 4.3 File client documentation, information and histories in format and location that is readily accessible |
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Your Competencies | FNS50615_DFP1-3_YC_v3 © Kaplan Education Pty Ltd. All rights reserved.
FNSINC401 Apply principles of professional practice to work in the financial
services industry
| Element | Performance Criteria |
| 1. Identify scope, sectors and responsibilities of industry | 1.1 Identify and consider external forces impacting on financial services industry while carrying out activities 1.2 Identify main sectors of financial services industry and interrelationship between sectors in carrying out activities 1.3 Identify roles and responsibilities of other participants in financial services industry in carrying out activities |
| 2. Identify and apply guidelines, procedures and legislation | 2.1 Collect, apply and analyse information on relevant legislation, regulations and codes of practice as applied to financial services industry 2.2 Clarify own work practice and regularly refine in light of relevant legislation, regulations and codes of practice, and organisational policy, guidelines and procedures 2.3 Apply relevant codes of practice in an ethical approach to workplace practice and decisions |
| 3. Identify sustainability issues | 3.1 Obtain and analyse information on sustainability policies, strategies and impacts on industry from a range of sources 3.2 Identify and promote environmental sustainability as an integral part of business planning and business opportunity 3.3 Incorporate and support triple bottom line principles in work planning |
| 4. Manage information | 4.1 Read and discuss with appropriate persons relevant documents and reports that could impact on work effectiveness and compliance 4.2 Analyse, evaluate and check documents, reports, data and numerical calculations to meet customer and organisational requirements 4.3 Present information in format appropriate for audience |
| 5. Participate in and facilitate work team activities | 5.1 Provide feedback to team members to encourage, value and reward individual and team efforts, and contributions 5.2 Actively encourage team members to participate in and take responsibility for team activities and communication processes 5.3 Support team to identify and resolve problems which impede its performance 5.4 Ensure own work serves as role model for others and enhances organisation’s image and financial services industry |
| 6. Plan work to be completed | 6.1 Determine tasks to be done and identify relevant conditions to work autonomously or in team environment 6.2 Plan work to manage resources, time and priorities 6.3 Contribute to organisational planning process as required to achieve service improvement 6.4 Adapt to changes in technology and work organisation in timely manner |
| 7. Develop and maintain personal competency | 7.1 Identify and review personal professional development needs and goals on regular basis 7.2 Clarify and comply with competency, authorisation and licensing requirements 7.3 Seek professional development opportunities that reflect needs and goals in agreed timeframe |
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Your Competencies | FNS50615_DFP1-3_YC_v3 © Kaplan Education Pty Ltd. All rights reserved.
BSBITU402 Develop and use complex spreadsheets
| Element | Performance Criteria |
| 1. Prepare to develop spreadsheet | 1.1 Organise personal work environment in accordance with ergonomic requirements 1.2 Analyse task and determine specifications for spreadsheets 1.3 Identify organisational and task requirements of data entry, storage, output, reporting and presentation requirements 1.4 Apply work organisation strategies and energy and resource conservation techniques to plan work activities |
| 2. Develop a linked spreadsheet solution | 2.1 Utilise spreadsheet design software functions and formulae to meet identified requirements 2.2 Link spreadsheets in accordance with software procedures 2.3 Format cells and use data attributes assigned with relative and/or absolute cell references, in accordance with task specifications 2.4 Test formulae to confirm output meets task requirements |
| 3. Automate and standardise spreadsheet operation | 3.1 Evaluate tasks to identify those where automation would increase efficiency 3.2 Create, use and edit macros to fulfil requirements of task and automate spreadsheet operation 3.3 Develop, edit and use templates to ensure consistency of design and layout for forms and reports, in accordance with organisational requirements |
| 4. Use spreadsheets | 4.1 Enter, check and amend data in accordance with organisational and task requirements 4.2 Import and export data between compatible spreadsheets and adjust host documents, in accordance with software and system procedures 4.3 Use manuals, user documentation and online help to overcome problems with spreadsheet design and production 4.4 Preview, adjust and print spreadsheet in accordance with organisational and task requirements 4.5 Name and store spreadsheet in accordance with organisational requirements and exit application without data loss or damage |
| 5. Represent numerical data in graphic form | 5.1 Determine style of graph to meet specified requirements and manipulate spreadsheet data if necessary to suit graph requirements 5.2 Create graphs with labels and titles from numerical data contained in a spreadsheet file 5.3 Save, view and print graph within designated timelines |
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Your Competencies | FNS50615_DFP1-3_YC_v3 © Kaplan Education Pty Ltd. All rights reserved.
FNSIAD501 Provide appropriate services, advice and products to clients
| Element | Performance Criteria |
| 1. Create rapport with clients | 1.1 Disclose capacity and capability to clients consistent with code of practice and legislative and regulatory requirements, and identify and respond appropriately to any client concerns 1.2 Demonstrate active listening skills in dealings with clients and explain services to them orally or, if necessary, in writing in a clear and unambiguous way, avoiding jargon and in language appropriate to the receiver |
| 2. Identify client needs, objectives and financial situation | 2.1 Encourage clients to express and clarify their attitudes, views, feelings and objectives 2.2 Collect relevant personal, financial and business details from clients using appropriate organisational tool such as a fact finder 2.3 Identify clients’ short-term, medium-term and long-term objectives and investment risk profile using an appropriate fact finder 2.4 Identify client preferences and concerns regarding options, using appropriate fact finder where applicable and priorities identified and agreed on 2.5 Complete fact finder in accordance with code of practice |
| 3. Analyse client needs, objectives and financial situation to identify appropriate solutions | 3.1 Use all information from fact finder process to analyse client needs and determine appropriate strategy to provide for identified needs and outcomes 3.2 Seek specialist advice if required to address issues that professional judgement indicates may require further consideration |
| 4. Present appropriate solutions to clients | 4.1 Explain and discuss recommendations and features of client advice record with clients in a clear and unambiguous way and demonstrate product knowledge appropriate for service or advice offered 4.2 Disclose impact of key aspects of recommendations in a clear and concise manner, and guide clients through key aspects of client information brochure prior to signing proposal 4.3 Explain requirements to put recommended program into effect to clients and provide copy of fact finder to clients if requested 4.4 Seek confirmation from clients that they understand recommendations presented 4.5 Assist clients to make informed choices using relevant documentation so that their needs and objectives are addressed, consistent with their budgetary constraints 4.6 Obtain agreement in principle to proceed from clients |
| 5. Negotiate effectively | 5.1 Explain decisions clearly to clients in accordance with company policy and assist them to make appropriate decisions regarding solutions to their needs and objectives 5.2 Exercise restraint and composure when dealing with conflict situations involving clients 5.3 Follow complaint handling procedures and maintain communication channels when dealing with complaints |
| 6. Complete and maintain necessary documentation | 6.1 Complete proposal and other documents and, where appropriate, obtain sign off 6.2 Create or update client records 6.3 Complete contract variations where applicable 6.4 Provide confirmation, including relevant documentation and contract variation, to clients and implement final plan 6.5 Organise reference material in a form which facilitates the selection of appropriate products to meet client needs, and update on a regular basis |
| 7. Provide after sales service | 7.1 Define and communicate after sales service to be provided to clients and execute as needed 7.2 Periodically review fact finder, recommendations and client advice records 7.3 Identify and act on any changes to clients’ situation since previous recommendations were made at subsequent reviews 7.4 Act on areas of client dissatisfaction in an ethical and timely manner that addresses code of practice requirements |
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FNSINC501 Conduct product research to support recommendations
| Element | Performance Criteria |
| 1. Interpret available information and conduct research | 1.1 Establish timelines to meet research deadlines 1.2 Identify relevant sources of information accurately and consistently, and source and retrieve required information readily and promptly 1.3 Constantly review sources of research information and documentation to ensure currency and accuracy 1.4 Prepare research findings that logically flow from interpretation of information available in detailed, clear and accurate format, and in timely manner |
| 2. Analyse and review research findings and activities | 2.1 Carry out research activities and outcomes in accordance with organisational policy and guidelines, confidentiality requirements, and relevant legislation or industry codes of practice 2.2 Analyse and review research findings and activities to ensure accuracy and thoroughness 2.3 Review statutory disclosures to maintain consistency and compliance 2.4 Seek feedback regularly to monitor effectiveness and appropriateness of research activities |
| 3. Document research and distribute to relevant parties | 3.1 Check research to ensure compliance with organisational policy and guidelines, and with relevant legislation or industry codes of practice, and ensure it is authorised before release 3.2 Distribute research to all relevant parties as required in timely manner 3.3 Obtain confirmation of receipt of research information where relevant to complete organisational records of compliance |
FNSCUS505 Determine client requirements and expectations
| Element | Performance Criteria |
| 1. Develop awareness of clients’ situation | 1.1 Obtain relevant facts and information courteously and professionally to determine clients’ situation prior to defining their expectations, requirements and objectives 1.2 Encourage clients to disclose relevant information to determine their personal and financial situation and special needs 1.3 Develop summary analysis of clients’ financial position and determine their contact category based on extent of client disclosure 1.4 Determine if clients require execution or settlement only action and, if that is the case, do not offer or provide further advice |
| 2. Obtain relevant knowledge of clients’ financial position and risk profile | 2.1 Ascertain client’s financial position where relevant 2.2 Identify risk and fraud indicators accurately and consistently |
| 3. Determine client expectations and requirements with respect to financial markets advice | 3.1 Encourage clients to express and clarify their requirements, expectations and concerns, andrespond promptly and appropriately to any identified concerns 3.2 Determine clients’ investment needs and preferences with respect to financial product selection or portfolio 3.3 Obtain specialist advice where necessary or refer clients to appropriate personnel or organisation if required services are not available or cannot be provided 3.4 Analyse all information and facts provided by clients and determine appropriate risk or reward and asset allocation strategies in accordance with client requirements, organisational policy and guidelines, and relevant legislation or industry codes of practice |
| 4. Prepare and update necessary documentation | 4.1 Complete all relevant client facts, financial and personal histories and disclosure documents, and file in accordance with organisational policy and guidelines and relevant legislation and regulatory requirements 4.2 Create or update client records where necessary, and file client documentation and information in a format and location readily accessible to other advisers |
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FNSCUS506 Record and implement client instructions
| Element | Performance Criteria |
| 1. Execute instructions to satisfy client requirements | 1.1 Identify clients adequately, obtain client requirements and confirm instructions are given in good faith 1.2 Document client instructions promptly and accurately in accordance with organisational policy and guidelines, confidentiality requirements, and with relevant legislation or industry codes of practice 1.3 Action client instructions with relevant personnel or section in accordance with client requirements, organisational policy and guidelines, confidentiality requirements, and relevant legislation or industry codes of practice |
| 2. Review and monitor implementation of client instructions | 2.1 Review and monitor terms and conditions of agreed options and investment strategies for consistency with client instructions 2.2 Monitor and review implementation strategies and actions regularly to ensure compliance with client instructions 2.3 Update clients regularly on the implementation and administration of their agreed investment strategies and instructions to ensure no breaches of agreement or anomalies occur 2.4 Advise clients of changes to markets, legislative or organisational requirements or guidelines where appropriate |
| 3. Provide additional/after sales service | 3.1 Review client documentation and information periodically to determine areas and extent of additional after sales service that can be provided 3.2 Use identified marketing strategies to communicate potential additional after sales service to clients 3.3 Provide defined additional after sales service with client agreement 3.4 Identify and address areas of client dissatisfaction promptly in a professional and ethical manner, in accordance with organisational policy and guidelines, confidentiality requirements, and relevant legislation or industry codes of practice |
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Your Competencies | FNS50615_DFP1-3_YC_v3 © Kaplan Education Pty Ltd. All rights reserved.
FNSASICX503 Provide advice in life insurance
| Element | Performance Criteria |
| 1. Establish relationship with client and identify client’s objectives, needs and financial situation | 1.1 Establish client’s knowledge about financial products and services 1.2 Respond to enquiries about life insurance products and services by explaining range of products and services available and their relevant fee and charging methodology 1.3 Inform client about role of adviser and licensee or principal responsible for adviser’s conduct, including procedures for complaints handling and circumstances in which they should be engaged 1.4 Ask client about objectives and goals, and obtain personal, financial and business details to identify client needs 1.5 Establish product risk profile about client, including expectations of cash flow and relevant taxation obligations |
| 2. Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions | 2.1 Undertake assessment of client needs using all information gathered, taking into account client’s product expectations and specific needs 2.2 Consult client throughout analysis for further clarification where necessary 2.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required 2.4 Assess and confirm product risk profile of client, demonstrating ASIC identified generic and specialist knowledge relevant to products being offered 2.5 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs 2.6 Conduct relevant research, analysis and product modelling, and draft appropriate solution, plan, policy or transaction for presentation to client |
| 3. Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction | 3.1 Apply appropriate knowledge for service or product offered when presenting product 3.2 Clearly and unambiguously explain proposed transaction to client 3.3 Reinforce all relevant details, terms and conditions of product and service 3.4 Disclose impacts and possible risks of solution in clear and concise manner 3.5 Provide supporting written documentation and guide client through key aspects of documentation 3.6 Discuss and clarify any concerns or issues client has regarding proposed plan, policy or transaction 3.7 Confirm that client understands proposed plan, policy or transaction |
| 4. Agree to plan, policy or transaction and complete documentation | 4.1 Obtain client’s formal agreement to proposed plan, policy or transaction 4.2 Clearly explain and confirm that client understands all associated fees, cost structures and timeframes for execution and processing 4.3 Ensure that proposal and all other statutory and transactional documents are completed and signed off by client 4.4 Exchange copies of signed agreement and other appropriate documentation |
| 5. Provide ongoing service where requested by client | 5.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client 5.2 Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details 5.3 Provide ongoing service as required |
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Your Competencies | FNS50615_DFP1-3_YC_v3 © Kaplan Education Pty Ltd. All rights reserved.
FNSASICU503 Provide advice in superannuation
| Element | Performance Criteria |
| 1. Establish relationship with client and identify client’s objectives, needs and financial situation | 1.1 Establish client’s knowledge about financial products and services 1.2 Respond to enquiries about superannuation products and services by explaining range of products and services available and their relevant fee and charging methodology 1.3 Inform client about role of adviser and licensee or principal responsible for adviser’s conduct, including procedures for complaints handling and circumstances in which they should be engaged 1.4 Ask about client’s objectives and goals and obtain personal, financial and business details to identify client needs 1.5 Establish product risk profile of client, including expectations of cash flow and relevant taxation obligations |
| 2. Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions | 2.1 Undertake assessment of client needs using all information gathered, taking into account client’s product expectations and specific needs 2.2 Consult client throughout analysis for further clarification where necessary 2.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required 2.4 Assess and confirm product risk profile of client, demonstrating ASIC identified generic and specialist knowledge relevant to products being offered 2.5 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client’s needs 2.6 Conduct relevant research, analysis and product modelling and draft appropriate solution, plan, policy or transaction for presentation to client |
| 3. Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction | 3.1 Apply appropriate knowledge for service or product offered when presenting product 3.2 Clearly and unambiguously explain proposed transaction to client 3.3 Reinforce all relevant details, terms and conditions of product and/or service 3.4 Disclose impacts and possible risks of solution in clear and concise manner 3.5 Provide supporting written documentation and guide client through key aspects of documentation 3.6 Discuss and clarify any concerns or issues client has regarding proposed plan, policy or transaction 3.7 Confirm that client understands proposed plan, policy or transaction |
| 4. Agree to plan, policy or transaction and complete documentation | 4.1 Obtain client’s formal agreement to proposed plan, policy or transaction 4.2 Clearly explain and confirm client understands all associated fees, cost structures and timeframes for execution and processing 4.3 Ensure that proposal and all other statutory and transactional documents are completed and signed off by client 4.4 Exchange copies of signed agreement and other appropriate documentation |
| 5. Provide ongoing service where requested by client | 5.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client 5.2 Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details 5.3 Provide ongoing service as required |
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Your Competencies | FNS50615_DFP1-3_YC_v3 © Kaplan Education Pty Ltd. All rights reserved.
FNSASICZ503 Provide advice in financial planning
| Element | Performance Criteria |
| 1. Establish relationship with client | 1.1 Establish client’s knowledge about financial products and services by using range of communication and interpersonal skills 1.2 Respond to enquiries about financial planning products and services by explaining range of products and services available and their relevant fee and charging methodology 1.3 Inform client about role of adviser and licensee or principal responsible for adviser’s conduct 1.4 Inform client about procedures for handling complaints and circumstances in which they should be engaged |
| 2. Identify client’s objectives, needs and financial situation | 2.1 Use range of communication and interpersonal skills to gather client’s personal, financial and business details 2.2 Ask about client’s short-term, medium-term and long-term objectives and goals relating to product 2.3 Identify product risk profile of client 2.4 Obtain understanding of client’s attitudes and expectations of cash flow and relevant taxation obligations |
| 3. Analyse client’s objectives, needs, financial situation and risk profile | 3.1 Undertake assessment of client needs, using all information gathered and taking into account client’s product expectations and specific needs 3.2 Consult client throughout analysis and seek further clarification where necessary 3.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required 3.4 Conduct product risk profile assessment and obtain agreement from client about assessment 3.5 Apply ASIC generic and specialist knowledge in analysing client needs and risk profile |
| 4. Develop appropriate strategies and solutions | 4.1 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs 4.2 Undertake relevant research, analysis and product modelling as required 4.3 Draft and present appropriate solution (plan, policy or transaction) to client |
| 5. Present appropriate strategies and solutions to client | 5.1 Demonstrate appropriate product knowledge when presenting product or service 5.2 Explain and discuss proposed transaction with client in clear and unambiguous way 5.3 Reinforce all relevant details, terms and conditions of product and service with client 5.4 Disclose all impacts and possible risks of solution in clear and concise manner 5.5 Provide written supporting documentation and guide client through key aspects of documentation |
| 6. Negotiate financial plan, policy and/or transaction with client | 6.1 Clarify and discuss any concerns and/or issues client has regarding proposed plan, policy and/or transaction 6.2 Seek confirmation that client understands proposed plan, policy and/or transaction |
| 7. Coordinate implementation of agreed plan, policy and/or transaction | 7.1 Obtain client’s formal agreement to proposed plan, policy and/or transaction 7.2 Clearly explain and confirm associated fee and cost structures and confirm client understands these details 7.3 Clearly explain and confirm timeframes for execution and processing, and confirm client understands these details |
| 8. Complete and maintain necessary documentation | 8.1 Ensure all statutory, transactional and proposal documents are completed and signed off by client 8.2 Ensure that copies of signed agreement and other relevant documentation are exchanged |
| 9. Provide ongoing service where requested by client | 9.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client 9.2 Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details 9.3 Provide ongoing service as required |
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Your Competencies | FNS50615_DFP1-3_YC_v3 © Kaplan Education Pty Ltd. All rights reserved.
FNSFPL503 Develop and prepare financial plan
| Element | Performance Criteria |
| 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 |
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Your Competencies | FNS50615_DFP1-3_YC_v3 © Kaplan Education Pty Ltd. All rights reserved.
FNSFPL504 Implement financial plan
| Element | Performance Criteria |
| 1. Establish actions, timings and priorities needed to implement financial plan | 1.1 Establish implementation actions which are consistent with client needs and specifications 1.2 Establish individual implementation actions, including timing and priorities designed to maximise advantage to client 1.3 Clearly identify implementation actions and obtain written agreement to actions from client 1.4 Establish implementation diaries and enter appropriate records |
| 2. Establish procedures for implementation of financial plan | 2.1 Identify and brief personnel to implement each action in plan 2.2 Identify and follow up internal and external documentation requirements and establish audit trails 2.3 Establish monitoring procedures for critical timings and priorities |
| 3. Undertake and/or supervise implementation of financial plan actions | 3.1 Check that authorised representative ensures clients have information on actions they must undertake and provides assistance where needed 3.2 Check that authorised representative ensures instructions are issued to internal and external personnel as per plan requirements 3.3 Check and follow up lodgement of documentation to ensure plan timings are met 3.4 Check that authorised representative ensures fees and charges are obtained and processed according to organisational and legislative requirements 3.5 Debrief client and address any concerns promptly and effectively |
FNSFPL505 Review financial plans and provide ongoing service
| Element | Performance Criteria |
| 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 |