Unit of competency Outline
Date retreived
22/07/2026 11:10 PM AWST
22/07/2026 11:10 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Provide comprehensive monitoring and ongoing service
Provide comprehensive monitoring and ongoing service
Unit of competency
National Code
FNSFPL603A
FNSFPL603A
State Code
D4149
D4149
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/05/2011
Field of Education
081105 - Investment And Securities
Original Release Date
31/05/2011
Nominal Hours
40
Description
This unit describes the performance outcomes, skills and knowledge required to comprehensively monitor the implementation and progress of financial plans and establish ongoing client service arrangements.It encompasses discussing and confirming with clients arrangements for ongoing service, establishing procedures for that service, undertaking and or supervising financial plans and establishing long-term professional relationships with clients.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).
Notes
Elements and Performance Criteria
1. Discuss and confirm with client arrangements for ongoing service
- 1.1. Ongoing service options are prepared for presentation to client and most appropriate option recommended
- 1.2. 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 the financial plan
- 1.3. Areas and targets to be reviewed and allocation of responsibilities are clearly defined and agreed upon
- 1.4. Ongoing standard of service is agreed with client including quality parameters, reporting frequency and arrangements for reviews and client initiated changes
- 1.5. Fees and charges for ongoing service are explained and confirmed with client including the costs of service needs outside the requirements of the agreement
- 1.6. An agreement for ongoing service is signed by the client
2. Establish procedures for providing ongoing service
- 2.1. Personnel to implement each action in the ongoing service arrangements are identified and briefed
- 2.2. Internal and external documentation requirements are identified and followed
- 2.3. Key revision dates are diarised and client contact arrangements are established
- 2.4. Procedures for client to request unscheduled reviews are made
- 2.5. Monitoring procedures are established for critical timings and priorities
3. Undertake and/or supervise monitoring of financial plan
- 3.1. Arrangements are established for monitoring ongoing performance of the financial plan
- 3.2. Arrangements are made for monitoring quality of ongoing client service
- 3.3. Representative ensures quality of ongoing service meets industry best practice and organisation and regulatory requirements
- 3.4. Representative ensures instructions are issued to internal and external personnel as per plan requirements
- 3.5. Checks and follow-ups are made on lodgement of documentation to ensure plan timings are met
- 3.6. Representative ensures fees and charges are obtained and processed according to organisation and legislative requirements
- 3.7. Clear arrangements are established for client to contact representative at any time with concerns/queries
4. Establish long-term professional relationship with client
- 4.1. Communication arrangements between representative and client are regular and include scheduled meetings
- 4.2. Client satisfaction is monitored against performance indicators of the practice
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.
Documentation may include but is not limited to:
disclaimers
disclosures
Eligible Termination Payment (ETP) forms
insurance policies
prospectus
receipts
written advice.
Financial plan monitoring actions include:
those undertaken by the financial planner
those delegated to internal or external staff.
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
Life Insurance Act
Privacy Act
social security regulations
State and Territory legislation
Taxation Acts
Trade Practices Act
trust law.
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.
Documentation may include but is not limited to:
disclaimers
disclosures
Eligible Termination Payment (ETP) forms
insurance policies
prospectus
receipts
written advice.
Financial plan monitoring actions include:
those undertaken by the financial planner
those delegated to internal or external staff.
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
Life Insurance Act
Privacy Act
social security regulations
State and Territory legislation
Taxation Acts
Trade Practices Act
trust law.
EVIDENCE GUIDE
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 monitor and assess the success of the financial plan
apply comprehensive knowledge of the financial planning industry, industry regulations and codes of practice, financial products, financial markets and investment characteristics to the role of a financial adviser
assess impacts of taxation, social security, economic and other government policies on client investment and financial requirements
use knowledge of sales and marketing media and methodologies
assess outcomes of the plan against changing needs of the client to recognise and act upon signs that modifications to the plan are required and gain client feedback on and or agreement to modifications, negotiating ongoing service agreements with clients
effectively document records of meetings and data on plan implementation and monitoring.
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 which may include formal examinations
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
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 monitor and assess the success of the financial plan
apply comprehensive knowledge of the financial planning industry, industry regulations and codes of practice, financial products, financial markets and investment characteristics to the role of a financial adviser
assess impacts of taxation, social security, economic and other government policies on client investment and financial requirements
use knowledge of sales and marketing media and methodologies
assess outcomes of the plan against changing needs of the client to recognise and act upon signs that modifications to the plan are required and gain client feedback on and or agreement to modifications, negotiating ongoing service agreements with clients
effectively document records of meetings and data on plan implementation and monitoring.
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 which may include formal examinations
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR33 | FNSFPL603 | Provide comprehensive monitoring and ongoing service | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S737 | FNS60410 | Advanced Diploma of Financial Planning | Qualification |