Unit of competency Outline
Date retreived
23/07/2026 6:53 AM AWST
23/07/2026 6:53 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.
Review financial plans and provide ongoing service
Review financial plans and provide ongoing service
Unit of competency
National Code
FNSFPL505
FNSFPL505
State Code
AUR40
AUR40
TGA Status
Deleted
Deleted
DTWD Status
Deleted
Deleted
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 monitor the implementation and progress of financial plans and establish ongoing client service arrangements. It encompasses discussing and confirming arrangements and procedures for ongoing service with clients, establishing procedures for providing ongoing service, and undertaking or supervising review of a financial plan.It applies to individuals, working within a team, who use specialised knowledge and managerial techniques to monitor and complete their own work and/or the work of others and to build relationships and rapport with others.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 arrangements for ongoing service
- 1.1 Identify ongoing service options for client and recommend appropriate options
- 1.2 Propose ongoing standard of service for client, including quality parameters, reporting frequency and arrangements for reviews and client initiated changes
- 1.3 Explain and confirm fees and charges for ongoing service to client
- 1.4 Develop agreement for ongoing service when agreement is reached
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 Establish monitoring procedures for critical timings and priorities, and periodically review client objectives
3. Undertake and/or supervise review of financial plan
- 3.1 Establish arrangements for reviewing ongoing relevance and performance of financial plan
- 3.2 Review quality of ongoing service provided by authorised representative to ensure organisational and regulatory requirements are met
- 3.3 Issue instructions to internal and external personnel as per plan requirements, including checks and follow ups made on lodgement of documentation to ensure plan timings are met
- 3.4 Ensure fees and charges are obtained by authorised representative and processed according to organisational and legislative requirements
- 3.5 Establish clear arrangements for clients to contact representatives at any time with concerns or queries
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| D4143 | FNSFPL505A | Review financial plans and provide ongoing service | 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 |