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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
Instructions for uploading are contained in the Assignment section where this assessment task was downloaded.
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.
| Task | Assessments | Elements | Target Mark | Pass Mark | Actual Mark |
| 1 | Discuss and confirm arrangements for ongoing service | FNSFPL505.1 | 29 | 20 | |
| 2 | Establish procedures for providing ongoing service | FNSFPL505.2 | 20 | 14 | |
| Total | 49 | 34 | | ||
Introduction
Objective
Once the financial plan has been implemented, the final step in the financial services advice process is to monitor the progress of the financial plan and establish ongoing client service arrangements.
Elements to be assessed
To achieve this objective, you will need to:
• Discuss and confirm arrangements for ongoing service
• Establish procedures for providing ongoing service
• Undertake and/or supervise review of financial plan
The assessment tasks in this assessment will allow you to demonstrate your knowledge and skills in relation to these elements.
Assessment Process
Start by:
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@mentor.edu.au
Don’t forget to keep a copy and retain it for 12 months.
1.0 Ongoing service arrangements
Once the financial plan has been implemented for your clients, the next step in the financial services advice process is to discuss and confirm arrangements for ongoing service.
This will require you to:
• Detail the ongoing service options available and the appropriate options recommended,
In this section, the evolution of the financial plan needs to be evaluated. Therefore, the ongoing service that is available for the client will also required mention here. Advisors generally provide guidance to the clients for their financial resource proper utilization. In simple sense, they make the outline for the client that where they should invest their money to gain positive results after doing the financial investments. As a recommendation by the consultants, clients can invest their money on particular share market, from where they get good interest rate and after some certain period, they get their invested money with the interest.
Propose the ongoing standard of service for the client including quality parameters, reporting frequency and arrangements for reviews and client initiated changes,
In a financial plan, quality parameter is one of the most important factors before advised it to the client. In order to check the quality parameter of the entire plan, advisors need to go through the four steps that are purity, complexity, potency and stability. In order to assess the present financial plan the advisor may self- understand about the purity of the plan and scrutinize about the others factors that are the complexity, potency and stability The plan is also persist with some complexion such as the time scale. The plan that has been advised to the client also has the opportunity to report frequency. Clients have the option to do arrangements for reviews.
• Explain and confirm fees and charges for ongoing service, and
For the ongoing service fixed fees is USD70
Request client agreement for ongoing service.
In order to implement the Ongoing service task clients co-operation has been requires in perspective of planning and the determined the place of their choice, where they want to invest their money.
In preparing your answers, you should refer to your completed financial plan to ensure consistency.
1.1: Ongoing Service options
Identify and describe the service options that you could offer your clients following the implementation of the recommendations in the financial plan.
| Options | Description | Marks |
| “No service” | No service plan is the part of financial plan where it relates to an one-off investment placement by the clients to their chosen organization for the financial advice. In this context, no ongoing service or review of the financial plan and the investment portfolio is provided to the client unless specifically requested by the client or upon the recommendation of the planner. | / 1 |
| “Portfolio valuation” | Portfolio valuation is a process to analyse the investment policies. This factor also incorporated with the concept to fund managers, share market and limited partner’s surveillance over the entire referred service. The advisor needs to evolute the portfolio in annual or quarterly basis. | / 1 |
| Portfolio review” | Portfolio review is generally refers as the review of the offered portfolio in the aspect of how that facilitate both the service users and service providers. The Portfolio review provides the suitable public events and develops the better platform with discussion and discovering stakeholders with emerging artists. | / 1 |
| “Financial Plan review” | Financial plan needs to be reviewed in between the specific period to understand about the effectiveness of the offered plan by the financial advisor. Though before starting any the consultancy job a financial advisor need to hold licence for that. Therefore, it became their practice to review the financial plan during their training period. The financial plan review enhances the suitable changes that effects regarding the investments carried out on financial aspects. The financial planning delivers comprehensive as well as ongoing modes of approaches at the time of managing all areas with financial life. There are certain changes that needs to be focused by the company to review financial planning. It includes with reduce amount of tolerance with risk, outcomes on investments, changes on incomes and changes made on personal areas. |
/ 1 |
| “Other” | Maintain a good communication win between the client and service provider during the time of plan implementation. The other service reviews provides suitable form of implementation regarding the financial planning. The financial auditor needs to focus on entire financial Submit Works All SamplesLatest SolutionLatest AssignemntsLatest ReviewsOur Top ExpertsHolding a PhD degree in Finance, Dr. John Adams is experienced in assisting students who are in dire need... 55 - Completed Orders Canada, Toronto I have acquired my degree from Campion College at the University of Regina Occuption/Desi... 52 - Completed Orders Even since I was a student in Italy I had a passion for languages, in fact I love teaching Italian, and I... 102 - Completed Orders To work with an organization where I can optimally utilize my knowledge and skills for meeting challenges... 109 - Completed Orders JOB OBJECTIVE Seeking entry level assignments in Marketing & Business Development with an organization... 202 - Completed Orders Current work profile Project manager- The Researchers Hub (2nd Jan 2016 to presently working) Researc... 20 - Completed Orders Sales Assistant, Mito Marina Assigned to the Stationery dept – assisted in merchandising, stock taking... 100 - Completed Orders Personal Profile Dedicated and highly experienced private chauffeur. High energy, hardworking, punctua... 200 - Completed Orders I'm Lizzy, full time education specialist in English, Essay Writing, Economics and Maths. Having Assi... 109 - Completed Orders |
