Reference no: EM132337606

Implement Financial Plan

Task Assessments

1 Establish actions, timings and priorities needed to implement
2 Establish procedures for implementation and undertake financial plan actions

Objective

The objective of this assessment is to establish actions, timings and priorities needed to implement a financial plan, and procedures for implementation monitoring or supervising implementation of financial plan actions.

Elements to be assessed To achieve this objective, you will need to:
• Establish actions, timings and priorities needed to implement,
• Establish procedures for implementation of financial plan, and
• Undertake and/or supervise implementation of financial plan actions.
The assessment tasks in this assessment will allow you to demonstrate your knowledge and skills in relation to these elements

Assessment Task 1

1.0 Establish actions, timings and priorities needed to implement

Once the final financial plan has been completed and your clients have signed an Authority to Proceed, the next step in the financial services advice process is to establish actions, timings and priorities needed to implement the financial plan.
This will require:
• Implementation actions to be established which are consistent with client needs and specifications,
• Individual implementation actions, including timing and priorities designed to maximise advantage to the client, to be established,
• Implementation actions to be clearly identified and written agreement to actions from the client obtained, and
• Implementation diaries and other appropriate records to be established and entries made.
Please type your answers to the following questions in the space provided.

Assessment Task 1.1

1.1 Identify required actions

In the table below, specify the client's objectives, related recommendations and required implementation actions to be undertaken by:
• the financial planner,
• internal or external staff, and
• the clients.
The next step is for you to prioritise the actions identified in the previous task so as to maximise advantages to the client.You are required to assign responsibility for the action and specify when the action needs to be completed by all internal and external personnel responsible for implementing the Implementation plan.
In preparing your answer, you should refer to your completed financial plan to ensure consistency. Please also ensure that the actions listed are comprehensive and sufficiently detailed to achieve the desired results. An example has been provided for the first recommendation.

Assessment Task 1.2

1.2 Obtain client agreement

Now that you have developed a detailed Implementation Plan, it is important to get client authorisation and involvement in the implementation process.
In this task, you are required to prepare a letter to your clients, referring to the Implementation Plan and requesting that they:
• Authorise the actions to be undertaken the Implementation Plan,
• Undertake any tasks assigned to them in the Implementation Plan,
• Sign and return the attached Investment Savings Bond Application form, and
• Schedule client review dates
The letter should be copied (cc'd) to any other personnel who have responsibility for implementing any actions identified in the Implementation Plan.
To assist the clients with completing the required documents, please complete the attached Investment Savings Bond Application form, and request they sign it. If you are unable to complete the form by typing the information in, then please print it up, complete by hand and forward back with your letter.
You should note that the letter you submit will be assessed using the criteria detailed below.

Assessment Task 1.3

1.3 Diarise implementation review meeting

Now that you have done your planning and obtained client sign-off, the final step is to make those responsible for action items accountable for completing their actions on-time.
Achieving the set objectives will require regular review meetings and adequate documentation. This will allow someone else to take over your implementation responsibilities in your absence and from a compliance perspective, it will provide a paper trail demonstrating that you performed your duty of care.
In this activity, you are required to prepare a File Note (or diary record) of a review meeting held with your client (and any other personnel involved in the implementation) at the end of the first month after commencing the Implementation Plan.
Please ensure that your file note is dated and signed by you and that it relates to an action items identified in yourImplementation Plan:
Please use the space provided below and on the following page for your response.

Assessment Task 2

2.0 Establish procedures for implementation
and undertake financial plan actions
This assessment task involves establishing procedures for implementation of the financial plan.
This will require:
• Personnel responsible for implementing each action in the plan to be identified and briefed,
• Internal and external documentation requirements to be identified and followed and audit trails established, and
• Monitoring procedures to be established which include critical timings and priorities
• The authorised representative ensures client has information on actions they must undertake and assistance is provided where needed
• The authorised representative ensures instructions are issued to internal and external personnel as per plan requirements
• Checks and follow-ups are made on lodgement of documentation to ensure plan timings are met
• The authorised representative ensures fees and charges are obtained and processed according to organisation and legislative requirements
• The client is debriefed and any concerns addressed promptly and effectively.
• Please type your answers to the following questions in the space provided.

2.1 Role descriptions

In the table below, assign the actions from your Implementation Plan to the appropriate roles below.
You should end up with the key responsibilities for each of the internal and external personnel responsible for implementing the Implementation Plan.

2.2 (a) Audit checklist

In the table below, develop an Audit Checklist that you can use to verify that all internal and external documentation requirements have been met.
As part of your Audit Checklist you will need to specify the documents you will review during the internal audit.
Please complete the Audit Checklist in the space provided (attached) below.

2.3 Monitoring checklist

In the table below, update your Implementation Plan after one month, ready for you to present at your monthly internal review meeting.
You can cut-and-paste your original implementation plan from Assessment task 1.1 and remove completed actions.
Ensure that your outstanding actions (minimum of 3) address the following:
• key documents and/or events, critical timings, and priorities.
• instructions that need to be issued to internal and external personnel as per plan requirements,
• checks and follow-ups that need to be made on lodgement of documentation to ensure plan timings are met,
• fees and charges that need to be obtained and processed, and
• client debriefing is scheduled to provide an opportunity to provide status report and promptly and effectively addressany concerns.
Please complete the Monitoring Checklist provided (attached) below.

Attachment:- Implement Financial Plan.rar