Unit of competency Outline

Date retreived
22/07/2026 8:54 AM AWST

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Implement financial plan

Implement financial plan

Unit of competency
National Code
FNSFPL504
State Code
AUR25
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 prepare and provide financial planning advice, which may include products, services and strategies. It encompasses establishing the actions, timings and priorities needed to implement and monitor or supervise the implementation of financial plan actions.It applies to individuals who work within a team environment using specialised knowledge, systematic processes and managerial techniques to complete required work.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. Establish actions, timings and priorities needed to implement financial plan
  • 1.1 Establish implementation actions which are consistent with client needs and specifications
  • 1.2 Establish individual implementation actions, including timing and priorities designed to maximise advantage to client
  • 1.3 Clearly identify implementation actions and obtain written agreement to actions from client
  • 1.4 Establish implementation diaries and enter appropriate records
2. Establish procedures for implementation of financial plan
  • 2.1 Identify and brief personnel to implement each action in plan
  • 2.2 Identify and follow up internal and external documentation requirements and establish audit trails
  • 2.3 Establish monitoring procedures for critical timings and priorities
3. Undertake and/or supervise implementation of financial plan actions
  • 3.1 Check that authorised representative ensures clients have information on actions they must undertake and provides assistance where needed
  • 3.2 Check that authorised representative ensures instructions are issued to internal and external personnel as per plan requirements
  • 3.3 Check and follow up lodgement of documentation to ensure plan timings are met
  • 3.4 Check that authorised representative ensures fees and charges are obtained and processed according to organisational and legislative requirements
  • 3.5 Debrief client and address any concerns promptly and effectively
No information
No information
Replaces
State Code National Code Title Type
D4142 FNSFPL504A Implement financial plan Unit of competency
State Code National Code Title Type
AVX5 FNS50615 Diploma of Financial Planning Qualification
AWC4 FNS40715 Certificate IV in Financial Practice Support Qualification