NZQA Expiring unit standard
24773 version 2
Page 1 of 4
Title
Prepare a financial plan for a customer, to predetermined strategies
and guidelines in the financial services industry
Level
4
Credits
5
Purpose
People credited with this unit standard are able to, in the
financial services industry:
– confirm customer objectives and scope of the financial plan;
– analyse and review options against predetermined strategy;
and
– develop a financial plan to predetermined strategy and
guidelines.
Classification
Financial Services > Financial Advice
Available grade
Achieved
Explanatory notes
1
This unit standard has been based on the Australian unit of competency
FNSFPLN402B, Prepare financial plans to set strategies and guidelines available at
http://ntis.gov.au. This is supported and endorsed by the Australian standard setting
body Innovation and Business Services Australia and ETITO (ElectroTechnology
Industry Training Organisation).
2
Assessment against this unit standard may be on job, or off job in a simulated work
environment or a combination of these within the financial services industry context.
3
References
New Zealand Bill of Rights Act 1990;
Commerce Act 1986;
Companies Act 1993;
Consumer Guarantees Act 1993;
Credit Contracts and Consumer Finance Act 2003
Electronic Transactions Act 2002;
Fair Trading Act 1986;
Financial Reporting Act 1993;
Financial Transactions Reporting Act 1996;
Health and Safety in Employment Act 1992;
Human Rights Act 1993;
Income Tax Act 2007;
Insurance Law Reform Act 1977;
Insurance Law Reform Act 1985;
KiwiSaver Act 2006;
Life Insurance Act 1908;
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24773 version 2
Page 2 of 4
NZ IFRS (New Zealand equivalent to International Financial Reporting Standards)
available from http://www.nzica.com;
Privacy Act 1993;
Securities Act 1978;
Securities Markets Act 1988;
Superannuation Schemes Act 1989;
Trustee Act 1956;
Trustee Amendment Act 1988;
Work and Income policy and regulations;
industry codes of practice;
and all subsequent amendments and replacements.
4
All activities must comply with any policies, procedures, and requirements of the
organisations involved; the standards of relevant professional bodies including codes
of ethics; and any relevant legislative and/or regulatory requirements.
5
Definitions
Predetermined strategy – a strategy already established by a qualified financial
adviser, analyst or other suitably qualified person to meet customer objectives in
particular situations.
Predetermined guidelines – guidelines developed by product providers and/or
organisations incorporating recommended usage and practice.
Outcomes and evidence requirements
Outcome 1
Confirm customer objectives and scope of a financial plan in the financial services
industry.
Evidence requirements
1.1
Current customer situation is analysed to determine opportunities and
constraints within predetermined strategy boundaries.
1.2
Research topics are established in accordance with customer information and
objectives.
1.3
Research results are reviewed and compared to customer needs and
expectations in accordance with predetermined strategy.
1.4
The scope of the financial plan is developed and aligned in accordance with
predetermined strategy, and confirmed with a qualified financial adviser.
Outcome 2
Analyse and review options against a predetermined strategy in the financial services
industry.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24773 version 2
Page 3 of 4
Evidence requirements
2.1
Options are analysed and modelled, and any inconsistencies are identified and
discussed with a qualified financial adviser.
Range
may include – customer related key assumptions, economic key
assumptions, legislative and regulatory assumptions, investigation
and assessment of costs, safety, integration of strategies and
solutions, return on investment, volatility of expected income
and/or capital growth, liquidity, flexibility, tax effectiveness and
investment spread of relevant products available to the adviser,
financial management, risk management, debt management,
estate planning.
2.2
Options for review are selected and explained in accordance with
predetermined guidelines.
2.3
Mode of presentation is selected and explained in accordance with
predetermined guidelines.
2.4
Each selected option is evaluated for positives, negatives and risks. Evaluation
is reviewed with a qualified financial adviser in accordance with predetermined
guidelines.
2.5
Broad agreement on development of the financial plan is established with a
qualified financial adviser.
Outcome 3
Develop a financial plan to predetermined strategy and guidelines in the financial services
industry.
Evidence requirements
3.1
Specific products and options are selected that meet predetermined strategy
and key parameters.
Range
3.2
products may include but are not limited to – insurance products,
savings accounts and term deposits, real estate, direct securities,
superannuation, KiwiSaver and other savings and investment
products, lending products.
Recommendations are developed and documented in accordance with
predetermined strategy and guidelines.
Range
The Skills Organisation
SSB Code 100401
includes but is not limited to – risk management strategies and
products, income and taxation arrangements, financial asset
allocation structure, capital preservation and/or estate planning
requirements, cash flow/liquidity requirements;
evidence may be provided through one or more financial plans.
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24773 version 2
Page 4 of 4
3.3
All recommendations are consistent with predetermined guidelines,
predetermined strategy, and give effect to specific objectives.
3.4
Description of anticipated fees and charges are incorporated into the financial
plan where appropriate in accordance with predetermined guidelines.
3.5
Information on complaints resolution procedures (internal and external) is
incorporated into the financial plan in accordance with predetermined
guidelines.
This unit standard is expiring. Assessment against the standard must take place by
the last date for assessment set out below.
Status information and last date for assessment for superseded versions
Process
Version Date
Last Date for Assessment
Registration
1
20 June 2008
31 December 2017
Review
2
18 June 2014
31 December 2017
Consent and Moderation Requirements (CMR) reference
0003
This CMR can be accessed at http://www.nzqa.govt.nz/framework/search/index.do.
Please note
Providers must be granted consent to assess against standards (accredited) by NZQA,
before they can report credits from assessment against unit standards or deliver courses
of study leading to that assessment.
Industry Training Organisations must be granted consent to assess against standards by
NZQA before they can register credits from assessment against unit standards.
Providers and Industry Training Organisations, which have been granted consent and
which are assessing against unit standards must engage with the moderation system that
applies to those standards.
Requirements for consent to assess and an outline of the moderation system that applies
to this standard are outlined in the Consent and Moderation Requirements (CMR). The
CMR also includes useful information about special requirements for organisations wishing
to develop education and training programmes, such as minimum qualifications for tutors
and assessors, and special resource requirements.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016