Develop complex and innovative financial planning strategies

Unit of competency Outline

Date retreived
22/07/2026 11:23 AM 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.

Unit of competency

National Code
FNSFPL604

State Code
AUR34

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

Description

This unit describes the skills and knowledge required to determine and prepare a complex or innovative financial plan or plans which are, for commercial relationship reasons, identified as requiring development to a higher than normal standard. It encompasses establishing plan objectives and scope, and developing strategic assumptions and innovative or complex financial strategies.It applies to experienced individuals who use specialised knowledge, systematic approaches and strong analytical skills to develop recommendations and solutions to meet complex requirements.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 plan objectives and scope

1.1 Review and compare research results with client requirements and expectations, and analyse current client situation to determine opportunities and constraints
1.2 Review special features of client situation such as high asset, income or expenditure requirements, complex taxation and/or legal issues, or complex estate planning issues
1.3 Identify desired financial resource and market parameters and develop plan objectives for asset growth, income, risk, estate planning and any other objectives developed in consultation with client
1.4 Identify taxation or estate objectives and discuss with client

2. Develop strategic assumptions

2.1 Develop and test client related and economic key assumptions
2.2 Develop and test legislative, regulatory and taxation assumptions
2.3 Seek clarification from client or other financial services professionals as required and document strategic assumptions for client review

3. Develop innovative or complex financial strategy

3.1 Develop initial options based on strategic assumptions and client specifications
3.2 Analyse, model and prioritise strategic options and reject inappropriate strategic options
3.3 Develop supporting arguments for each strategic option and include in draft overall strategy
3.4 Integrate strategy, where required, into taxation, legal, estate or insurance and asset strategies being developed for client by other professional advisers for financial plan to achieve maximum synergy and benefit for client
3.5 Review strategy for best practice compliance and risk management
3.6 Include fee and charge analysis for strategy options
3.7 Maintain best practice ethical behaviour, including full disclosure of any potential conflicts of interest and areas where advice should be sought from other professionals

4. Review and settle draft strategy and options with client

4.1 Select strategic options for review with client and suitable mode of presentation
4.2 Fully review each strategic option with client, including positives, negatives and risks for each option
4.3 Ensure that implication of each option, including regulatory and legal implications for client’s situation, needs and goals, is explained to client and understood
4.4 Ensure that client understands where additional professional advice is needed
4.5 Establish broad agreement on strategies with client and resolve any concerns and issues raised by client

5. Develop preliminary financial plan for client

5.1 Conduct full investigation of products and options, including non-standard and/or innovative products, and select products and options to meet agreed strategy
5.2 Identify complex or innovative products and develop or obtain explanatory material
5.3 Incorporate requirements for cash flow, liquidity, capital preservation or estate planning
5.4 Develop recommendations for financial asset allocation structure including, where required, provision for equities, trusts, partnerships, allocated pensions and superannuation
5.5 Develop recommendations for changes to income and taxation arrangements, taxation consequences and estate planning issues relating to client strategy, and provide referral advice to accountants or lawyers as appropriate
5.6 Develop recommendations on risk management strategies and products, and incorporate into plan
5.7 Incorporate description of anticipated fees and charges into plan
5.8 Incorporate information on internal and external complaints resolution procedures into preliminary plan
5.9 Document preliminary financial plan according to organisational guidelines and procedures

6. Ensure compliance of financial plan with regulatory and organisational requirements

6.1 Check preliminary financial plan to ensure that role of representative or adviser is properly documented
6.2 Check preliminary financial plan to ensure compliance with relevant Acts, legislation and regulatory guidelines
6.3 Assess preliminary financial plan for its ability to successfully achieve stated objectives
6.4 Check preliminary financial plan to ensure that it complies with ethical and regulatory requirements

7. Produce client financial plan

7.1 Produce financial plan in accordance with organisational presentation requirements
7.2 Attach supporting organisation and product explanatory documentation, and regulatory and complaints information where required

No information

Replaces

State Code	National Code	Title	Type
D4150	FNSFPL604A	Develop complex and innovative financial planning strategies	Unit of competency

Replaced By

State Code	National Code	Title	Type
OCI07	FNSFPL614	Develop financial plans	Unit of competency

State Code	National Code	Title	Type
AWD6	FNS60415	Advanced Diploma of Financial Planning	Qualification