Monitor financial plans and provide ongoing service

Unit of competency Outline

Date retreived
24/07/2026 12:40 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.

Unit of competency

National Code
FNSFPL613

State Code
OCI67

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

Description

This unit describes the skills and knowledge required to comprehensively monitor the implementation and progress of financial plans and establish ongoing client service arrangements. It involves discussing and confirming arrangements for ongoing service with authorised representatives, establishing procedures for that service, monitoring or supervising the monitoring of financial plans, and implementing procedures that establish long-term professional relationships with clients.The unit applies to those experienced in the financial planning industry who use strong organisational and communication skills and systematic approaches to manage relationships and monitor organisational services. Client information may be provided by authorised representatives, including financial advisers, 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. Discuss and confirm arrangements for ongoing service

1.1 Confirm with authorised representative that financial targets to be reviewed and allocation of responsibilities have been defined and agreed with client
1.2 Confirm with authorised representative client agreement on provision of ongoing service
1.3 Identify and document fees and charges for ongoing service according to organisational policies and procedures
1.4 Obtain signed client agreement for ongoing service from authorised representative
1.5 Establish arrangements for client contact regarding concerns and queries

2. Establish procedures for providing ongoing service

2.1 Identify and brief required personnel to implement actions in agreed ongoing service arrangements
2.2 Identify and follow internal and external documentation requirements according to organisational procedures and protocols
2.3 Record key revision dates for financial targets and confirm client contact arrangements with authorised representative
2.4 Develop procedures for unscheduled review requests by client
2.5 Establish procedures to monitor critical timings and priorities

3. Monitor or supervise monitoring of financial plan

3.1 Establish arrangements for monitoring ongoing performance of financial plan and its compliance with regulatory and organisational requirements
3.2 Implement procedures for monitoring quality of ongoing client service
3.3 Confirm that authorised representative issues instructions to internal and external personnel as per plan requirements
3.4 Check and follow up lodgement of required documentation to ensure plan timings are met
3.5 Confirm authorised representative obtains and processes fees and charges according to legislative, taxation and organisational requirements
3.6 Monitor client satisfaction against performance indicators of the practice

No information

Replaces

State Code	National Code	Title	Type
AUR33	FNSFPL603	Provide comprehensive monitoring and ongoing service	Unit of competency

State Code	National Code	Title	Type
BFX2	FNS60920	Advanced Diploma of Paraplanning	Qualification