Assessor Resource

FNSFMK502A
Analyse financial market products for client

Assessment tool

Version 1.0
Issue Date: May 2024


This unit applies to a range of job roles in the financial markets sector.

This unit describes the performance outcomes, skills and knowledge required to accurately assess client needs, conduct analysis of financial market products to their specific requirements and expectations, and provide advice and recommendations.

This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Employability Skills

This unit contains employability skills.



Evidence Required

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.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

accurately identify clients needs for an assessment of their financial requirements, specific objectives, needs and expectations

conduct analysis of a range of financial markets products in order to provide effective advice and recommendations

interpret and comply with legislative and organisational requirements

test and assess the integrity of financial information for risk, viability and effectiveness and the impact of trends on strategy and product performance

provide correct and up-to-date advice on features and benefits of financial products and or services within designated timeframes.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to financial services product information

access to financial markets databases.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business simulations or scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

well-developed communication skills to:

determine and confirm client and organisational requirements, using questioning and active listening as required

disseminate accurate market information

liaise with team members and peers, share information, listen and understand

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

use comparative analysis techniques

use spreadsheets and databases

access internet information

highly developed research and analysis skills for:

accessing, interpreting and managing complex information and evaluating and disseminating information to clients

evaluating research against client objectives

identifying gaps in information and gathering necessary information from alternative sources

well-developed literacy skills to:

read and interpret market information

identify economic environmental factors which affect financial services and markets

produce reports

judgement skills for forming recommendations in complex situations

organisational skills, including the ability to:

estimate, plan and prioritise client requirements

plan and sequence own work

work effectively in a constantly changing environment

self-management skills for complying with ethical, legal and procedural requirements and model a professional and ethical approach to clients

Required knowledge

client needs analysis and feedback gathering strategies

duty of care and ethical requirements

financial information sources

organisational policies and procedures

relationship between ethics and regulatory requirements

relevant legal principles and compliance requirements

risks and implications associated with financial products and services

taxation issues in relation to the products and markets in which they operate

types of financial market products and services

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Information to be obtained from the client may include:

cash flows

required

projected

details of the client's needs and objectives for:

income

security

liquidity

time period

individual investment preferences including any aversion or tolerance to risk

other client details such as:

employment security

likely events and their impact on the client

age

other products they have

relevant personal, financial and business details.

Client objectives may include:

business needs

debt position

expectations of access to products

expectations of income from this product

expectations of life cycle and length of product

family income.

Establishing rapport may include:

establishing knowledge level of the client

explaining fee and charging methodology

explaining the adviser's role

explaining the procedures for complaint handling

explaining the services offered.

Adviser may include:

all natural persons who provide financial product advice to retail clients

any representative of a licensee

employee or owner.

Appropriate techniques to accurately assess client needs may include:

listening actively to what the client is saying and requesting

providing an opportunity for the client to confirm or rephrase the request

questioning to clarify and confirm the client's needs

rewording the requests to ensure complete understanding of needs.

Range of available financial market products may include:

capital markets

cash

commodities:

hard

soft

derivatives:

forward rate agreements

swaps

options

futures

electricity contracts

foreign exchange

government bonds

managed funds

negotiable or transferable instruments

reciprocal purchase agreements

securities:

debt

equity.

Legislation may include:

Banking Act

Commonwealth Criminal Code

Corporations Act

Financial Corporations Act

Financial Services Reform Act (FSRA)

Financial Transaction Reports Act

Privacy Amendment Act (Private Sector)

Reserve Bank Act

Taxation Act

Trade Practices Act.

Organisational requirements may be outlined and reflected in:

access and equity principles and practices guidelines

business and performance plans

complaints and dispute resolution procedures

ethical standards, codes of practice

goals, objectives, plans, systems and procedures

legal and organisational policy/guidelines

mission Statements, strategic plans

policies and procedures in relation to client services

product or services development

quality and continuous improvement process and standards

quality assurance or procedures manuals.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Client information is accessed, and consultative processes are conducted to review and quantify client objectives, needs and expectations 
Appropriate communication and interpersonal skills are used to establish rapport and promote positive client adviser interaction 
Specialist advice is sought, as required, where it is identified or anticipated that clients have a complexity of needs or problems 
Appropriate techniques are used to accurately assess client requirements and strategies developed to meet client needs and outcomes 
Information relevant to the range of available financial products is sourced and assessed for currency and accuracy 
Appropriate analytical techniques and processes are applied to identify facts, issues and patterns, inter-relationships and trends 
Trends are accurately analysed to provide meaningful information on the performance of financial products and markets 
Risk assessment is conducted of possible financial strategies and products identified through research and analysis processes 
Performance, trend and risk analyses are collated and reviewed to ensure accuracy and thoroughness, and presented in an appropriate format, style and structure 
Recommendations are supported by evidence, and advice is consistent with relevant legislative, industry and organisational requirements 
Features and benefits of recommended financial products are clearly described to client and meet client requirements and expectations 

Forms

Assessment Cover Sheet

FNSFMK502A - Analyse financial market products for client
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

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Assessment Record Sheet

FNSFMK502A - Analyse financial market products for client

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: