FNSFPL614 — Develop financial plans

1 Establish objectives and scope of financial plan

• 1.1Identify client requirements and expectations for plan, risk profile and market parameters as per information provided by an authorised representative
• 1.2Analyse current client situation to determine opportunities and constraints relating to plan
• 1.3Review special features of client’s financial situation
• 1.4Conduct research and review results according to organisational policies and procedures
• 1.5Identify desired financial resource and market parameters and develop plan objectives for asset growth, income, risk, estate planning and other relevant objectives
• 1.6Identify taxation and/or estate objectives and discuss with authorised representative

2 Develop strategic assumptions

• 2.1Develop and test economic, legislative, regulatory and taxation assumptions relevant to client
• 2.2Seek clarification from authorised representative and other financial services professionals as required on strategic assumptions according to organisational policies and procedures
• 2.3Record strategic assumptions according to organisational policies and procedures

3 Develop financial strategy

• 3.1Develop initial options based on strategic assumptions and client specifications
• 3.2Analyse, model and prioritise accepted strategic options according to organisational procedures
• 3.3Develop supporting arguments for each strategic option and include in draft financial strategy
• 3.4Integrate strategy, where required, into taxation, legal, estate or insurance and asset strategies being developed for client by other professional advisers for financial plan to achieve synergy and benefit for client
• 3.5Review draft financial strategy against organisational best practice compliance and risk management requirements and ethical standards
• 3.6Ensure that implications of each option and associated regulatory and legal implications for client’s situation, needs and goals, are explained to client
• 3.7Include fee and charge analysis for draft strategy options
• 3.8Identify areas where advice should be sought from other professionals

4 Review and settle draft strategy and options with authorised representative

• 4.1Communicate initial options to authorised representative
• 4.2Explain implications of each option to authorised representative and seek additional professional advice where required
• 4.3Establish broad agreement on strategies with authorised representative and resolve any concerns and issues
• 4.4Finalise products and options that meet agreed strategy with authorised representative

5 Develop preliminary financial plan

• 5.1Identify comprehensive products and develop and obtain explanatory material for preliminary financial plan
• 5.2Incorporate requirements for cash flow, liquidity, capital preservation and estate planning into preliminary financial plan
• 5.3Develop recommendations for financial asset allocation structure, changes to client’s financial situation and risk management strategies and products
• 5.4Incorporate applicable advice from accountants and lawyers into preliminary financial plan as required
• 5.5Incorporate information on anticipated fees and charges and internal and external complaints resolution procedures into preliminary plan according to organisational policies and procedures

6 Ensure compliance of financial plan with regulatory and organisational requirements

• 6.1Check preliminary financial plan to ensure role of representative or adviser is documented as required
• 6.2Check that preliminary financial plan complies with legislative requirements and ethical and regulatory guidelines
• 6.3Assess whether preliminary financial plan successfully achieves established objectives and scope

7 Finalise financial plan

• 7.1Produce final version of financial plan according to organisational requirements
• 7.2Include supporting information and product information in plan documentation, and regulatory and complaints information where required, according to organisational policies and procedures
• 7.3Store and distribute plan to required personnel according to legislative and organisational requirements

What does an assessment tool for FNSFPL614 need to cover?

To satisfy the Principles of Assessment and Rules of Evidence, an assessment for FNSFPL614 needs to address all 81 unit components: 7 elements with 32 performance criteria, 4 performance evidence requirements, 36 knowledge evidence requirements, and the foundation skills. A coverage matrix mapping each question and task to these components is what an auditor looks for.

How does Auditori generate an assessment tool for FNSFPL614?

Auditori pulls the current release of FNSFPL614 from training.gov.au and generates a complete package: candidate assessment, assessor guide with model answers and observation criteria, and a coverage matrix mapping every component. A suitably qualified person then reviews and approves the draft in a built-in workflow — consistent with ASQA's guidance on AI use in VET — before export as branded PDF and editable Word.

Is the first assessment tool really free?

Yes. Every new account includes one free credit — enough to generate the complete assessment tool for FNSFPL614 — with no card and no subscription required. After that it's pay-as-you-go per unit.

Can I check my existing FNSFPL614 assessment instead of generating a new one?

Yes — upload your existing assessment or learner guide and Auditori maps it against every element, performance criterion, PE and KE of FNSFPL614, showing exactly what's covered and what's missing. Mapping costs a quarter of a credit.