FNSFPL503 Develop Financial Plan | Provide Authorities Action

Objective

Scope

·         establish plan objectives and scope,

·         develop strategic assumptions,

·         develop financial plan strategy,

·         develop preliminary financial plan,

·         ensure compliance of financial plan with regulatory and organisational requirements, and

·         produce completed plan.

The assessment tasks in this assessment require you to have successfully completed the Complex Financial Planning Research Spreadsheet [1] in relation to your assigned case study.

Assessment process

1.    Reading the Assessment Task and case study.

2.    Type your answers to the assessment tasks into this template document (hand-written answers are not accepted)

3.    Submit your completed document by emailing it to submissions@men

FNSFPL503 Develop A Financial Plan

Develop a Financial Plan
Assessment Task
FNSFPL503 Your details:

Your assessment task

Keep a copy of your assessment task for a period of 12 months.

Submit your assessment to our Education Team via submissions@mentor.edu.au

No handwritten responses will be accepted.
Plagiarism Statement

All assessments must be your own work and not a result of plagiarism or collaboration with other students or workmates.
Assessment

The pass mark is 70% for each element.

If you do not achieve this, you will receive feedback via your email address and be asked to resubmit your assessment for a second marking.

Assignments will not be returned to you.

                                                                     Assessor’s Initials: ____________________

                                                                     Assessment Date: ____________________

Introduction                                                           Name: ____________________

Assessment Task 1                                             Name: ____________________

35 marks

Assessment Task 1, continued                                                             Name: ____________________

Continued  / 15

Assessment Task 1, continued                                                             Name: ____________________

Assessment Task 2                                             Name: ____________________

21 Marks

Assessment Task 2                                             Name: ____________________

Note: to receive each mark, you must have both the assumption and a related source for verification 

Subtotal         / 13

Continued

Assessment Task 2                                             Name: ____________________

Note: to receive each mark, you must have both the assumption and a related source for verification

Subtotal         / 8

Total     /21

Assessment Task 3                                             Name: ____________________

36 Marks

Assessment Task 3                                               Name: ____________________

         / 12

Continued

Assessment Task 3                                             Name: ____________________

         / 13

Continued

Assessment Task 3                                             Name: ___________________

Note: To receive each mark, you must provide a reason why an option was rejected

Assessment Task 4                                             Name: ____________________

 Assessment Task 4, continued                            Name: ________

Assessment Task 4, continued                            Name: ____________________

 Assessment Task 4, continued                            Name: _______Sub Total      / 3

Continued

Assessment Task 4, continued                            Name: ________________

Sub Total      / 64

Continued

Assessment Task 4, continued                            Name: ____________________

Sub Total      / 53

The final Completed Financial Plan should be emailed to submissions@mentor.edu.au with this completed Assessment Task.

tor.edu.au

Don’t forget to keep a copy and retain it for 12 months.

Need help?

·        Skills Assessment (telephone simulation) to assess your communication and interpersonal skills in relation to presenting your research findings to the financial planner. FNSFPL508.4.4

This assessment will be conducted together with the presentation requirements in relation to implementation FNSFPL504 and ongoing service FNSFPL505

Upon successful completion of these assessments, you will be awarded the unit competency Develop and Prepare Financial Plan FNSFPL503

It requires you to:

·               review and compare research results to client requirements and expectations,

·               analyse current client situation to determine opportunities and constraints,

·               identify and assess desired financial resource and market parameters, and

·               develop plan objectives for asset growth, income, risk, taxation and any other objectives developed in consultation with the client.

For this activity, you should refer to the Financial Planning Research Spreadsheet you prepared in the previous Assessment Task and complete your answers in the space provided in the following page.  An example has been provided in the first line.

ii.     Further $9,100 pa after tax available after mortgage is paid off

ii.     Donna could decide to continue working PT or defer retirement

i.      Pay off mortgage

ii.     Investment for grand children

Retirement Income:

iii.    $40K pa from pension

iv.    $25K from Dennis’s PT work

·               develop and test client related and economic key assumptions,

·               identify and test legislative and regulatory requirements, including taxation assumptions, and

·               seek clarifications from client or other professionals as required and document strategic assumptions for client review.

For this activity, you should refer to the Plan Objectives you prepared in the previous Assessment Task.

·         legislative and regulatory assumptions requiring verification,

·         taxation assumptions requiring verification,

·         client assumptions requiring clarification from your clients,

·         other assumptions requiring clarification from other professionals

Now list in the third column of the table below titled ‘Verification’, the information sources you will research and the stakeholders you will consult to verify the assumptions made. (Website addresses etc.)

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·               develop initial strategic options based on strategic assumptions and client specifications

·               analyse and model strategic options, with any inappropriate options rejected

·               develop supporting arguments for each final strategic option and include in a draft overall strategy, and

·               make any necessary client checks or consultations to verify the plan strategy.

Complete your answers in the space provided in the following pages.

This will involve you developing the supporting arguments for each strategic option, based on the analysis and modelling undertaken in the Paraplanning Research Report

To successfully complete this task, you will have needed to undertake all ‘Verification’ of ‘Assumptions’ developed in the previous activity.

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/ 2

/ 4

/ 4

/ 1

In answering this question, you should refer back to the strategic options you developed earlier in section 1.3 (a) as a brief for the Financial Planning Research Report

Type your answers below in the space provided. An example has been provided in the first line below.

2.     Donna continues to work PT into retirement.

2.     There will be sufficient super

·               select specific products and options to meet agreed strategy with cash flow, liquidity and capital preservation or estate planning requirements incorporated as required,

·               develop recommendations for financial asset allocation structure, including where provision is required for equities, trusts, partnerships, allocated pensions, and superannuation and planned capital expenditure

·               develop recommendations for changes to income and taxation arrangements, including referral advice to accountants or lawyers as appropriate,

·               develop recommendations on risk management strategies and products and incorporate in the plan,

·               incorporate anticipated fees and charges into the plan, with information on internal and external complaint resolution procedures available to the client, and

·               document the financial plan according to organisation guidelines and procedures.

150 Marks

Use portrait unless otherwise specified.

Cover page

Cover page to include your details

·         Name

·         Postal address

·         Phone

·         Company Name

·         Email address

Font style

Type all body text in black Arial font, size 12.

Margins

Set your margins at:

·         Top / bottom / left / right      – 2cm

·         Header / footer                    – 1cm

Headers and footer

Use headers and footers on each page.

·         The header should be in Arial font and contain your full legal name and the name of the organisation you work for, eg.
RG146 Training Australia                                                            Mary Citizen

·         The footer should be in Arial font and contain the name of the assessment task and the page number, eg.

Assessment Task 4                                                                 page 5 of 20

Spacing:

·         Use single spacing within your paragraphs.

·         Use double spacing between your paragraphs

Layout:

This is a document that you would hand to your client so ensure that it is presented in a professional manner and addressed to the clients in the first person.  Ensure all instructions to you (as the student) is deleted and there is no ‘red’ text remaining before you submit your document for assessment.

a.     disclosure of the remuneration to the adviser,

b.     the cost to the client, such as:

                 i.    exit fees or penalties,

                ii.    entry fees and

               iii.    implementation fees

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