Present and negotiate complex and innovative financial plans

Unit of competency Outline

Date retreived
22/07/2026 2:35 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.

Unit of competency

National Code
FNSFPL605

State Code
AUR35

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 present and negotiate a complex or innovative preliminary, amended or final financial plan to a client. It encompasses creating rapport with clients, presenting financial plans to clients, negotiating effectively, and completing and maintaining necessary documentation.It applies to experienced individuals who use specialised knowledge and strong communication and interpersonal skills to manage relationships and convey complex information and 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. Create rapport with client

1.1 Ensure disclosure of capacity to client is consistent with industry requirements and organisational guidelines
1.2 Identify client concerns, if any, and respond appropriately
1.3 Explain services to client orally and in writing in clear and unambiguous way, avoiding jargon and using language appropriate to receiver
1.4 Assist client to make informed choices using relevant documentation
1.5 Address client’s needs and objectives in manner consistent with client's level of financial understanding

2. Present financial plan to client

2.1 Explain strategies and recommendations in financial plan and discuss with client in clear and unambiguous way
2.2 Prepare, explain and discuss financial plan document with client in clear and unambiguous way
2.3 Guide client through assumptions used in formulating plan and discuss degree to which variations in assumptions may impact on expected outcomes
2.4 Clearly and comprehensively discuss impact of recommendations with client, including advantages, risks and any disadvantages of particular proposals
2.5 Clearly explain implementation actions required by client and obtain written agreement to actions
2.6 Clearly explain fees, charges and commissions to client
2.7 Disclose any commercial relationship of representative and organisation to products and/or services mentioned in plan to client
2.8 Identify and address issues that in adviser’s professional judgement may require further consideration or consultation with other financial services professionals
2.9 Provide copies of research and other documentation to client as required or when requested, and seek confirmation that client understands recommendations presented
2.10 Demonstrate product knowledge appropriate for service or advice offered in discussion with client
2.11 Clearly define and communicate after sales service to be provided to client

3. Negotiate effectively

3.1 Assist clients to make appropriate decisions regarding solutions to their needs and objectives, and present alternatives to recommendations when requested
3.2 Observe limits imposed by regulatory requirements or organisational guidelines
3.3 Exercise restraint and composure when dealing with conflict situations involving clients
3.4 Maintain communication channels when dealing with complaints and observe internal and external complaint handling procedures
3.5 Obtain agreement in principle to proceed from client

4. Complete and maintain necessary documentation

4.1 Adjust financial plan according to changes agreed to with client, complete proposal and related documents, and obtain sign off when plan is agreed
4.2 Create or update client records and complete contract variations if required
4.3 Provide confirmation, including relevant documentation and contract variation, to client and implement final plan
4.4 Record client advice in accordance with current industry documentation requirements
4.5 Ensure instructing or purchasing documents where required are signed by client

No information

Replaces

State Code	National Code	Title	Type
D4151	FNSFPL605A	Present and negotiate complex and innovative financial plans	Unit of competency

Replaced By

State Code	National Code	Title	Type
OCI74	FNSFPL615	Present and negotiate financial plans	Unit of competency

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