Unit of competency Outline
Date retreived
22/07/2026 11:30 AM AWST
22/07/2026 11:30 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.
Implement financial plan
Implement financial plan
Unit of competency
National Code
FNSFPL504A
FNSFPL504A
State Code
D4142
D4142
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
19/03/2012
Field of Education
081105 - Investment And Securities
Original Release Date
19/03/2012
Nominal Hours
50
Description
This unit describes the performance outcomes, skills and knowledge required to prepare and provide financial planning advice, which may include products, services and strategies. It encompasses establishing actions, timings and priorities needed to implement a financial plan, and procedures for implementation monitoring or supervising implementation of financial plan actions.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. Establish actions, timings and priorities needed to implement financial plan
- 1.1. Implementation actions are established which are consistent with client needs and specifications
- 1.2. Individual implementation actions including timing and priorities designed to maximise advantage to the client are established
- 1.3. Implementation actions are clearly identified and written agreement to actions from the client is obtained
- 1.4. Implementation diaries and other appropriate records are established and entered
2. Establish procedures for implementation of financial plan
- 2.1. Personnel to implement each action in the plan are identified and briefed
- 2.2. Internal and external documentation requirements are identified and followed and audit trails are established
- 2.3. Monitoring procedures are established for critical timings and priorities
3. Undertake and/or supervise implementation of financial plan actions
- 3.1. Authorised representative ensures client has information on actions they must undertake and assistance is provided where needed
- 3.2. Authorised representative ensures instructions are issued to internal and external personnel as per plan requirements
- 3.3. Checks and follow-ups are made on lodgement of documentation to ensure plan timings are met
- 3.4. Authorised representative ensures fees and charges are obtained and processed according to organisation and legislative requirements
- 3.5. Client is debriefed and any concerns addressed promptly and effectively
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.
Implementation actions include:
those undertaken by the financial planner
those delegated to internal or external staff.
Documentation may include but is not limited to:
computer and manual applications
copies of cheques
disclaimers
disclosures
Eligible Termination Payment (ETP) forms
insurance policies
prospectus
receipts
written advice.
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
Insurance Act
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.
Implementation actions include:
those undertaken by the financial planner
those delegated to internal or external staff.
Documentation may include but is not limited to:
computer and manual applications
copies of cheques
disclaimers
disclosures
Eligible Termination Payment (ETP) forms
insurance policies
prospectus
receipts
written advice.
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
Insurance Act
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:
Comply with relevant legislation and regulations and industry codes of practice and meet organisational operating practices, policies and procedures
establish the necessary actions, timings and priorities needed to implement financial plans and undertake and/or supervise implementation of financial plan actions
prepare materials and brief personnel for implementing financial plans
maintain and use in-depth knowledge of the financial planning industry, industry regulations and codes of practice, financial products, financial markets and investment characteristics
assess impacts of taxation, social security, economic and other government policies on client investment and financial requirements
gain client feedback on and or agreement to the plan
establish appropriate audit trails and accurately document all planning process and instruments.
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
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:
Comply with relevant legislation and regulations and industry codes of practice and meet organisational operating practices, policies and procedures
establish the necessary actions, timings and priorities needed to implement financial plans and undertake and/or supervise implementation of financial plan actions
prepare materials and brief personnel for implementing financial plans
maintain and use in-depth knowledge of the financial planning industry, industry regulations and codes of practice, financial products, financial markets and investment characteristics
assess impacts of taxation, social security, economic and other government policies on client investment and financial requirements
gain client feedback on and or agreement to the plan
establish appropriate audit trails and accurately document all planning process and instruments.
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
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
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9697 | FNSFPLN504B | Implement financial plan | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR25 | FNSFPL504 | Implement financial plan | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S722 | FNS50610 | Diploma of Financial Planning | Qualification |
| D719 | FNS50611 | Diploma of Financial Planning | Qualification |
| S706 | FNS40710 | Certificate IV in Financial Practice Support | Qualification |