Unit of competency Outline

Date retreived
22/07/2026 2:58 PM AWST

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Prepare financial plans to set strategies and guidelines

Prepare financial plans to set strategies and guidelines

Unit of competency
National Code
FNSFPL402
State Code
AUR21
TGA Status
Deleted
DTWD Status
Deleted
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 determine and prepare a financial plan according to organisational guidelines, where a client’s preferred strategies and key parameters have already been established by a qualified financial planner. It encompasses confirming financial plan objectives and scope, testing strategic assumptions, reviewing and settling a draft strategy and options according to organisational guidelines, and developing preliminary financial plans.It applies to individuals who work within a team and use specialised knowledge and systematic approaches to recommend customised solutions for a diverse range of clients.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. Confirm plan objectives and scope
  • 1.1 Check plan strategy and key parameters with qualified financial planner and client
  • 1.2 Establish research topics and review and compare research results to client requirements and expectations, as set out in strategy and key parameters
  • 1.3 Analyse current client situation to determine opportunities and constraints within strategy boundaries
  • 1.4 Develop plan objectives for asset growth, income, risk, taxation and any other objectives set out in plan strategy
2. Test strategic assumptions
  • 2.1 Test client related key assumptions against draft strategy
  • 2.2 Test and review economic key assumptions in strategy as required
  • 2.3 Test legislative and regulatory assumptions, including taxation assumptions, against strategy
  • 2.4 Obtain clarification from strategy author on any identified discrepancies
3. Develop financial plan to set strategy
  • 3.1 Analyse and model strategic options set by financial planner
  • 3.2 Identify and discuss inconsistencies in strategic options with strategy author
  • 3.3 Develop financial plan according to established organisational guidelines
4. Review and settle draft strategy and options
  • 4.1 Select strategic options for review and mode of presentation according to organisational guidelines
  • 4.2 Review each strategic option with strategy author, including positives, negatives and risks for each option
  • 4.3 Establish broad agreement on strategies with strategy author
5. Develop preliminary financial plan
  • 5.1 Select specific products and options that meet given strategy and key parameters
  • 5.2 Incorporate cash flow and liquidity, and set capital preservation and/or estate planning requirements consistent with given strategy and key parameters
  • 5.3 Develop recommendations for financial asset allocation structure according to organisational guidelines
  • 5.4 Develop recommendations for changes to income and taxation arrangements, including referral advice to accountants and/or lawyers as appropriate
  • 5.5 Develop recommendations on risk management strategies and products, and incorporate according to organisational guidelines
  • 5.6 Check all recommendations to ensure consistency with given strategy and key parameters, and that they meet specific objectives with high dependability of outcome
  • 5.7 Incorporate description of anticipated fees and charges, and information on internal and external complaints resolution procedures into the plan, where appropriate
  • 5.8 Document preliminary financial plan according to organisational guidelines and procedures
No information
No information
Replaces
State Code National Code Title Type
D4137 FNSFPL402A Prepare financial plans to set strategies and guidelines Unit of competency
State Code National Code Title Type
AWC4 FNS40715 Certificate IV in Financial Practice Support Qualification