Reference no: EM132337628
Review Financial Plan and Provide Ongoing Service
Task Assessments
1 Discuss and confirm arrangements for ongoing service
2 Establish procedures for providing ongoing service
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 Task 1
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,
• Propose the ongoing standard of service for the client including quality parameters, reporting frequency and arrangements for reviews and client initiated changes,
• Explain and confirm fees and charges for ongoing service, and
• Request client agreement for ongoing service.
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
"No service"
"Portfolio valuation"
Portfolio review"
"Financial Plan review"
"Other"
1.2 Identifying reasons for ongoing service
Before you consider recommending an ongoing service option to your clients, you will need to consider the future changes that may impact the financial plan you have prepared for them.
In the table below, list potential:
• personal or financial situation changes, and
• environmental (economic, market, regulatory) changes.
You should list changes in general terms. For example, it is sufficient that you list ‘family situation', rather than specifying family events such as ‘child's wedding' or ‘divorce'.
Situations
(a) Personal Changes
(b) Environmental changes:
1.3 Suggested option for ongoing service
Describe the option recommended for your client, and why you have recommended this option. Include the level of service you will provide.
1.4 Identifying fees for ongoing service
Describe the proposed fee for the for the ongoing service option you propose providing for your clients
1.5 Ongoing service letter & agreement
In this task, you are required to prepare a letter to your clients outlining the Ongoing Service and Review Options, attaching the Ongoing Service Agreement.
A template that you can use as a guide for both the Letter and the Agreement will have been attached to the email in which you received with this task. You should note that the template is incomplete and that you will be assessed using the criteria detailed below.
Assessment Task 2
2.0 Ongoing service procedures
This assessment task involves establishing procedures for providing ongoing service.
This will require that:
2.1 Personnel to implement each action in the ongoing service arrangements are identified and briefed
2.2 Internal and external documentation requirements are identified and followed
2.3 Key revision dates are diarised and client contact arrangements established
2.4 Monitoring procedures are established for critical timings and priorities and client objectives are periodically reviewed
Please type your answers to the following questions in the spaces provided.
2.1 Role descriptions
In the table below, list the key responsibilities for each of the internal personnel responsible for implementing each action in the ongoing service arrangements.
For the purpose of this activity, please assume that the "Financial Plan review" option has been selected which involves the annual preparation of a Record of Advice.
2.2 Document-ation requirements
In the table below, list the internal and external documentation required by the three roles responsible for providing the ongoing service to your clients, as outlined in the Ongoing Service Agreement you prepared in Activity Task 1.
2.3 Ongoing service checklist
In the table below, develop an Ongoing Service (Checklist) that you can use to:
• Diarise key revision dates,
• Establish client contact arrangements,
• Monitor critical timings and priorities, and
• Periodically review client objectives.
Please complete the Checklist in the space provided below, ensuring that you have at least five (5) activities that you would do over the calendar year relating to ongoing support. This could include things like inviting clients to seminars, sending monthly newsletters etc.
For the purpose of this activity, please assume that the "Financial Plan review" option has been selected which involves the annual preparation of a Record of Advice.
Attachment:- Ongoing Service.rar