Unit of competency Outline

Date retreived
22/07/2026 6:04 PM AWST

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Implement financial plans

Implement financial plans

Unit of competency
National Code
FNSFPL616
State Code
OCI48
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
50
Description
This unit describes the skills and knowledge required to implement a financial plan and successfully present it to an authorised representative. It involves establishing the actions, timings and priorities needed to implement and monitor or supervise the implementation of financial plan actions.The unit applies to those experienced in the financial planning industry who use specialised knowledge, systematic processes and managerial techniques to complete complex work and to manage relationships. The implementation of financial plans will be through authorised representatives, including financial advisers, or from 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. Establish actions, timings and priorities needed to implement financial plan
  • 1.1 Identify and source financial plan to be implemented
  • 1.2 Review special features of client situation for implementation implications
  • 1.3 Establish implementation actions and confirm they are consistent with client needs and objectives, and prioritise specifications and timings for each action to be implemented
  • 1.4 Explain implementation actions to authorised representative and obtain written agreement to actions
  • 1.5 Establish implementation diary and other required records according to organisational policies and procedures
2. Establish procedures for implementing financial plan
  • 2.1 Identify and brief required personnel to implement each action in financial plan
  • 2.2 Identify and meet internal and external communication and documentation requirements
  • 2.3 Coordinate implementation actions that depend on and involve actions by other professionals
  • 2.4 Establish audit trails and monitoring procedures for critical implementation timings and priorities
3. Undertake and/or supervise implementation of actions associated with financial plan
  • 3.1 Ensure authorised representative provides client with information on actions they must undertake
  • 3.2 Confirm authorised representative issues instructions to required internal and external personnel as per financial plan requirements
  • 3.3 Maintain consultation and monitoring with internal and external stakeholders where joint implementation action is required
  • 3.4 Check and follow up lodgement of documentation to ensure plan timings are met
  • 3.5 Obtain fees and charges, and process according to organisational and legislative requirements
  • 3.6 Seek and integrate feedback on implemented actions from relevant stakeholders
No information
No information
Replaces
State Code National Code Title Type
AUR31 FNSFPL606 Implement complex and innovative financial plans Unit of competency
State Code National Code Title Type
BFX2 FNS60920 Advanced Diploma of Paraplanning Qualification