List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Develop rapport with clients | 1.1 Address client needs and objectives in a manner consistent with their level of financial understanding and which directly applies to objectives and requirements they have disclosed 1.2 Demonstrate high level communication skills in dealings with clients, including those with special needs 1.3 Introduce services, strategies and recommendations using clear and unambiguous language that avoids jargon in both oral and written communication 1.4 Ensure disclosure of capacity to client is consistent with industry requirements and organisational guidelines |
2. Present broking options to clients | 2.1 Guide clients through broking options and clearly and comprehensively discuss the impact of each option including advantages, disadvantages, risks and financial implications, taking into account various assumptions or possibilities 2.2 Clearly explain fees, charges and commissions to clients and provide copies of research and other documentation 2.3 Disclose any commercial relationship of representative and their organisation to products and services mentioned in plan 2.4 Identify and address issues, based on professional judgement, that may require further consideration or consultation with other financial services professionals 2.5 Seek confirmation from clients that they understand broking options presented |
3. Negotiate effectively | 3.1 Identify and respond appropriately to any client concerns and present alternatives to recommendations when requested 3.2 Observe limits imposed by regulatory requirements or organisational guidelines 3.3 Maintain communication channels when dealing with complaints and follow complaint handling procedures 3.4 Obtain agreement to proceed from clients |
4. Complete and maintain necessary documentation | 4.1 Record client interaction in accordance with industry requirements 4.2 Provide confirmation including relevant documentation and contract variation to clients 4.3 Ensure instructing or purchasing documents, where required, are signed by clients 4.4 Clearly define post-broking service to be provided and communicate to clients |
Evidence of the ability to:
interpret and comply with legislative requirements, industry regulations and codes of practice
present broking options based on:
impact of each option on client’s financial circumstances
consideration of client’s special needs
consideration of client's level of financial understanding
obtain client feedback and respond appropriately to any concerns
complete relevant documentation in accordance with industry requirements and organisational guidelines.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
identify and categorise key products available in the broking industry
identify and explain complex features of a client situation and needs including:
commercial loans
chattel leases
native title rights
heritage issues
contaminated sites or properties near noxious industries
outline key features of legislation, regulations and codes of practice affecting the broking industry
explain risk issues relating to:
borrowing risk and gearing
specific product risk
institutional risk
risk factors and return expectations of the client
volatility of income and capital
discuss verbal and non-verbal communication
explain organisational guidelines when dealing with clients who have special needs:
visual or hearing impaired
English as a second language
cultural differences.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the finance and mortgage broking field of work and include access to:
office equipment, technology, software and consumables
financial services product information
specialist software and data.
Assessors must satisfy NVR/AQTF assessor requirements.