Unit of competency Outline

Date retreived
23/07/2026 5:36 AM AWST

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Present and negotiate financial plans

Present and negotiate financial plans

Unit of competency
National Code
FNSFPL615
State Code
OCI74
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
04/11/2020
View on TGA
State Implementation and Classification
Approved Date
11/03/2021
Field of Education
081105 - Investment And Securities
Original Release Date
11/03/2021
Nominal Hours
35
Description
This unit describes the skills and knowledge required to present preliminary, amended and final drafts of financial plans to authorised representatives. It includes engaging with authorised representatives, establishing and negotiating implementation actions relating to plans, handling complaints, and completing and maintaining necessary documentation.The unit applies to those experienced in the financial planning industry who use specialised knowledge and experience, and strong communication and interpersonal skills, to manage relationships and convey complex information and requirements. The negotiation of financial plans will be through authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Analyse available information on financial plans and identify client needs
  • 1.1 Identify and assess available information on client needs and objectives and address capacity and roles of relevant stakeholders
  • 1.2 Identify and document client concerns and enquiries according to organisational policies and procedures
  • 1.3 Identify services that meet client needs and objectives
  • 1.4 Identify and explain client strategies and recommendations in financial plan and discuss impact of recommendations with authorised representative
2. Present financial plan
  • 2.1 Prepare and discuss financial plan with authorised representative according to organisational policies and procedures
  • 2.2 Guide authorised representative through assumptions used in formulating plan and discuss degree to which variations in assumptions may impact on expected outcomes
  • 2.3 Discuss proposed actions with authorised representative and obtain written agreement of actions according to organisational policies and procedures
  • 2.4 Explain fees, charges and commissions in financial plan according to organisational policies and procedures
3. Establish and negotiate implementation actions
  • 3.1 Disclose any commercial relationships of representative and organisation to products and services mentioned in plan
  • 3.2 Identify and negotiate issues that may require further consideration and refer to relevant financial services professionals and specialists
  • 3.3 Provide copies of research and other documentation to authorised representative and confirm understanding of recommendations presented
4. Negotiate plan-related matters effectively
  • 4.1 Assist authorised representative regarding solutions to client needs and objectives, and present alternatives to recommendations when requested
  • 4.2 Identify and assess any complaints according to organisational policies and procedures and professional protocols
  • 4.3 Maintain communication channels when dealing with complaints and observe internal and external complaint handling procedures and professional protocols
  • 4.4 Obtain agreement in principle from authorised representative to proceed
5. Finalise plan and maintain required documentation
  • 5.1 Seek feedback from authorised representative on financial plan
  • 5.2 Adjust financial plan according to feedback, complete proposal and related documentation, and obtain sign-off to agreed plan
  • 5.3 Create and update client records and complete contract variations if required according to organisational procedures
  • 5.4 Confirm completion with authorised representative
  • 5.5 Record client advice according to current industry documentation requirements and organisational policies and procedures
  • 5.6 Ensure instructing or purchasing documentation is signed by client where required
No information
No information
Replaces
State Code National Code Title Type
AUR35 FNSFPL605 Present and negotiate complex and innovative financial plans Unit of competency
State Code National Code Title Type
BFX2 FNS60920 Advanced Diploma of Paraplanning Qualification