Unit of competency Outline

Date retreived
22/07/2026 4:12 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
FNSFPL603
State Code
AUR33
TGA Status
Replaced
DTWD Status
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
40
Description
This unit describes the 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 arrangements for ongoing service with clients, establishing procedures for that service, undertaking and/or supervising financial plans and establishing long-term professional relationships with clients.It applies to experienced individuals who use strong organisational and communication skills and systematic approaches to manage relationships and monitor organisational services. 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. Discuss and confirm with client arrangements for ongoing service
  • 1.1 Prepare ongoing service options for presentation to client and recommend most appropriate option
  • 1.2 Ensure 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 financial plan
  • 1.3 Clearly define and agree on areas and targets to be reviewed and allocation of responsibilities
  • 1.4 Agree on ongoing standard of service with client, including quality parameters, reporting frequency and arrangements for reviews and client initiated changes
  • 1.5 Explain and confirm fees and charges for ongoing service with client, including costs of service needs outside requirements of agreement
  • 1.6 Ensure agreement for ongoing service is signed by client
2. Establish procedures for providing ongoing service
  • 2.1 Identify and brief personnel to implement each action in ongoing service arrangements
  • 2.2 Identify and follow internal and external documentation requirements
  • 2.3 Diarise key revision dates and establish client contact arrangements
  • 2.4 Develop procedures for client to request unscheduled reviews
  • 2.5 Establish monitoring procedures for critical timings and priorities
3. Undertake and/or supervise monitoring of financial plan
  • 3.1 Establish arrangements for monitoring ongoing performance of financial plan
  • 3.2 Monitor quality of ongoing client service
  • 3.3 Ensure representative provides quality ongoing service that meets industry best practice, and organisational and regulatory requirements
  • 3.4 Ensure representative issues instructions to internal and external personnel as per plan requirements
  • 3.5 Check and follow up lodgement of documentation to ensure plan timings are met
  • 3.6 Ensure representative obtains fees and charges, and processes according to organisational and legislative requirements
  • 3.7 Establish clear arrangements for client to contact representative at any time with concerns and queries
4. Establish long-term professional relationship with client
  • 4.1 Ensure regular communication arrangements between representative and client, and include scheduled meetings
  • 4.2 Monitor client satisfaction against performance indicators of the practice
No information
No information
Replaces
State Code National Code Title Type
D4149 FNSFPL603A Provide comprehensive monitoring and ongoing service Unit of competency
Replaced By
State Code National Code Title Type
OCI67 FNSFPL613 Monitor financial plans and provide ongoing service Unit of competency
State Code National Code Title Type
AWD6 FNS60415 Advanced Diploma of Financial Planning Qualification