Unit of competency Outline

Date retreived
23/07/2026 5:38 AM AWST

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Implement complex and innovative financial plans

Implement complex and innovative financial plans

Unit of competency
National Code
FNSFPL606
State Code
AUR31
TGA Status
Replaced
DTWD Status
Transition (Replaced)
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081105 - Investment And Securities
Original Release Date
16/09/2015
Nominal Hours
50
Description
This unit describes the skills and knowledge required to implement a complex or innovative financial plan, and successfully present to clients. Complex plans include those which, for commercial relationship reasons, require development to a higher than normal standard.It applies to experienced individuals who work within a team environment using specialised knowledge, systematic processes and managerial techniques to complete complex work and manage relationships.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Establish actions, timings and priorities needed to implement complex and/or innovative financial plan
  • 1.1 Review special features of client situation for implementation implications, including high asset, income or expenditure requirements, complex taxation and/or legal issues, or complex estate planning issues
  • 1.2 Establish implementation actions which are consistent with client needs, and prioritise specifications and timings for each implementation
  • 1.3 Clearly explain implementation actions required by client and obtain written agreement to actions
  • 1.4 Ensure implementation actions, including timing and priority, are to maximum advantage for client and establish implementation diaries and other appropriate records
2. Establish procedures for implementation of financial plan
  • 2.1 Identify and brief personnel to implement each action in financial plan
  • 2.2 Identify and follow internal and external documentation requirements
  • 2.3 Coordinate implementation actions that depend on or involve actions by other professionals such as accountants and lawyers
  • 2.4 Establish audit trails and monitoring procedures for critical implementation timings and priorities
3. Undertake and/or supervise implementation of financial plan actions
  • 3.1 Ensure representative briefs client on actions client must undertake and provides assistance where needed
  • 3.2 Ensure representative issues instructions to internal and external personnel as per plan requirements
  • 3.3 Maintain consultation and monitoring with other professionals where joint implementation action is required
  • 3.4 Check and follow up lodgement of documentation to ensure plan timings are met
  • 3.5 Ensure representative obtains fees and charges, and processes according to organisational and legislative requirements
  • 3.6 Debrief client and address any concerns
No information
No information
Replaces
State Code National Code Title Type
D4152 FNSFPL606A Implement complex and innovative financial plans Unit of competency
Replaced By
State Code National Code Title Type
OCI48 FNSFPL616 Implement financial plans Unit of competency
State Code National Code Title Type
AWD6 FNS60415 Advanced Diploma of Financial Planning Qualification