Develop and prepare financial plan

Formats and tools

Unit Description
Reconstruct the unit from the xml and display it as an HTML page.
Assessment Tool
an assessor resource that builds a framework for writing an assessment tool
Assessment Template
generate a spreadsheet for marking this unit in a classroom environment. Put student names in the top row and check them off as they demonstrate competenece for each of the unit's elements and performance criteria.
Assessment Matrix
a slightly different format than the assessment template. A spreadsheet with unit names, elements and performance criteria in separate columns. Put assessment names in column headings to track which performance criteria each one covers. Good for ensuring that you've covered every one of the performance criteria with your assessment instrument (all assessement tools together).
Wiki Markup
mark up the unit in a wiki markup codes, ready to copy and paste into a wiki page. The output will work in most wikis but is designed to work particularly well as a Wikiversity learning project.
Evidence Guide
create an evidence guide for workplace assessment and RPL applicants
Competency Mapping Template
Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners. A template for developing assessments for a unit, which will help you to create valid, fair and reliable assessments for the unit, ready to give to trainers and students
Observation Checklist
create an observation checklist for workplace assessment and RPL applicants. This is similar to the evidence guide above, but a little shorter and friendlier on your printer. You will also need to create a seperate Assessor Marking Guide for guidelines on gathering evidence and a list of key points for each activity observed using the unit's range statement, required skills and evidence required (see the unit's html page for details)

Self Assessment Survey
A form for students to assess thier current skill levels against each of the unit's performance criteria. Cut and paste into a web document or print and distribute in hard copy.
Moodle Outcomes
Create a csv file of the unit's performance criteria to import into a moodle course as outcomes, ready to associate with each of your assignments. Here's a quick 'how to' for importing these into moodle 2.x
Registered Training Organisations
Trying to find someone to train or assess you? This link lists all the RTOs that are currently registered to deliver FNSFPL503A, 'Develop and prepare financial plan'.
Google Links
links to google searches, with filtering in place to maximise the usefulness of the returned results
Reference books for 'Develop and prepare financial plan' on This online store has a huge range of books, pretty reasonable prices, free delivery in Australia *and* they give a small commission to for every purchase, so go nuts :)

Elements and Performance Criteria



1. Establish plan objectives and scope

1.1. Research results are reviewed and compared to client requirements and expectations

1.2. Current client situation is analysed to determine opportunities and constraints

1.3. Desired financial resource and market parameters are identified and assessed

1.4. Plan objectives are developed for asset growth, income, risk, taxation and any other objectives developed in consultation with the client

2. Develop strategic assumptions

2.1. Client related and economic key assumptions are developed and tested

2.2. Legislative and regulatory requirements, including taxation assumptions, are identified and tested

2.3. Clarifications are sought from client or other professionals as required and strategic assumptions documented for client review

3. Develop financial plan strategy

3.1. Initial strategic options are developed based on strategic assumptions and client specifications

3.2. Strategic options are analysed and modelled with any inappropriate options rejected

3.3. Supporting arguments for each final strategic option are developed and included in a draft overall strategy

3.4. Any necessary client checks or consultations are made to verify the plan strategy

4. Develop preliminary financial plan

4.1. Specific products and options are selected to meet agreed strategy with cash flow, liquidity and capital preservation or estate planning requirements incorporated as required

4.2. Recommendations for financial asset allocation structure are developed including where provision is required for equities, trusts, partnerships, allocated pensions, and superannuation and planned capital expenditure

4.3. Recommendations for changes to income and taxation arrangements are developed including referral advice to accountants or lawyers as appropriate

4.4. Recommendations on risk management strategies and products are developed and incorporated in the plan

4.5. Anticipated fees and charges are incorporated into the preliminary plan with information on internal and external complaint resolution procedures available to the client

4.6. Preliminary financial plan is documented according to organisation guidelines and procedures

5. Ensure compliance of financial plan with regulatory and organisational requirements

5.1. Preliminary financial plan is checked to ensure that the role of the representative/adviser is properly documented and complies with relevant acts, regulations and regulatory guidelines

5.2. Preliminary financial plan is assessed for its ability to successfully achieve objectives

5.3. Preliminary financial plan is checked to ensure that it complies with ethical and regulatory requirements

6. Produce completed plan

6.1. Financial plan is produced in accordance with organisational quality control requirements

6.2. Supporting organisation and product explanatory information is attached

6.3. Regulatory and complaints information where required is attached

Qualifications and Skillsets

FNSFPL503A appears in the following qualifications:

  • FNS40710 - Certificate IV in Financial Practice Support
  • FNS50610 - Diploma of Financial Planning
  • FNS50611 - Diploma of Financial Planning