Unit of competency Outline
Date retreived
23/07/2026 2:32 AM AWST
23/07/2026 2:32 AM 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.
Implement complex and innovative financial plans
Implement complex and innovative financial plans
Unit of competency
National Code
FNSFPL606A
FNSFPL606A
State Code
D4152
D4152
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/05/2011
Field of Education
081105 - Investment And Securities
Original Release Date
31/05/2011
Nominal Hours
50
Description
This unit describes the performance outcomes, skills and knowledge required to implement a complex or innovative financial plan, and successfully present complex financial plans to clients. Complex plans include those which for commercial relationship reasons require development to a higher than normal standard.It encompasses establishing actions, timings and priorities needed to implement complex and or innovative financial plans, negotiating with clients, establishing procedures and undertaking or supervising implementation of financial plan actions.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Notes
Elements and Performance Criteria
1. Establish actions, timings and priorities needed to implement complex and/or innovative financial plan
- 1.1. Special features of client situation are reviewed for implementation implications including high asset, income or expenditure requirements, complex taxation and or legal issues, or complex estate planning issues
- 1.2. Implementation actions are established which are consistent with client needs and specifications are prioritised and timings for each implementation established
- 1.3. Implementation actions required by the client are clearly explained and written agreement to actions is obtained
- 1.4. Implementation actions including timing and priority are to maximum advantage for client and implementation diaries and other appropriate records are established
2. Establish procedures for implementation of financial plan
- 2.1. Personnel to implement each action in the financial plan are identified and briefed
- 2.2. Internal and external documentation requirements are identified and followed
- 2.3. Implementation actions that depend on or involve actions by other professional such as accountants and lawyers are coordinated with these professionals
- 2.4. Audit trails and monitoring procedures are established for critical implementation timings and priorities
3. Undertake and/or supervise implementation of financial plan actions
- 3.1. Representative ensures client is briefed on actions they must undertake and assistance is provided where needed
- 3.2. Representative ensures instructions are issued to internal and external personnel as per plan requirements
- 3.3. Consultation and monitoring is maintained with other professionals where joint implementation action is required
- 3.4. Checks and follow-ups are made on lodgement of documentation to ensure plan timings are met
- 3.5. Representative ensures fees and charges are obtained and processed according to organisation and legislative requirements
- 3.6. Client is debriefed and any concerns are addressed
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Implementation actions include:
actions that are undertaken by the financial planner as well as actions delegated to internal or external staff
actions undertaken in conjunction with non-financial planning professionals.
Financial plans are:
complex or for commercial relationship reasons identified as requiring development to a higher than normal standard
those covering:
above average sums of money
plans with complex legal, regulatory or estate issues
plans covering an above average range of products
plans for major clients.
Documentation may include but is not limited to:
disclaimers
disclosures
Eligible Termination Payment (ETP) forms
insurance policies
prospectus
receipts
written advice.
Relevant legislative requirements may include:
Australian Securities and Investments Commission (ASIC) Act, policy and guidelines
Consumer Affairs Act
Consumer Credit Code
contract law
Corporations Act
industry codes of practice
Insurance Act
Life Insurance Act
Privacy Act
social security regulations
State and Territory legislation
Taxation Acts
Trade Practices Act
trust law.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Implementation actions include:
actions that are undertaken by the financial planner as well as actions delegated to internal or external staff
actions undertaken in conjunction with non-financial planning professionals.
Financial plans are:
complex or for commercial relationship reasons identified as requiring development to a higher than normal standard
those covering:
above average sums of money
plans with complex legal, regulatory or estate issues
plans covering an above average range of products
plans for major clients.
Documentation may include but is not limited to:
disclaimers
disclosures
Eligible Termination Payment (ETP) forms
insurance policies
prospectus
receipts
written advice.
Relevant legislative requirements may include:
Australian Securities and Investments Commission (ASIC) Act, policy and guidelines
Consumer Affairs Act
Consumer Credit Code
contract law
Corporations Act
industry codes of practice
Insurance Act
Life Insurance Act
Privacy Act
social security regulations
State and Territory legislation
Taxation Acts
Trade Practices Act
trust law.
EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
effectively implement complex financial plans by applying comprehensive knowledge of the financial planning industry, industry regulations and codes of practice, financial products, financial markets and investment characteristics to the role of financial adviser
assess impacts of taxation, social security, economic and other government policies on client investment and financial requirements
provide justification and research evidence for all elements of the plan to gain client feedback on, and agreement to, the plan
establish appropriate audit trails and complete effective documentation of records and data.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
effectively implement complex financial plans by applying comprehensive knowledge of the financial planning industry, industry regulations and codes of practice, financial products, financial markets and investment characteristics to the role of financial adviser
assess impacts of taxation, social security, economic and other government policies on client investment and financial requirements
provide justification and research evidence for all elements of the plan to gain client feedback on, and agreement to, the plan
establish appropriate audit trails and complete effective documentation of records and data.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR31 | FNSFPL606 | Implement complex and innovative financial plans | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S737 | FNS60410 | Advanced Diploma of Financial Planning | Qualification |