Assessor Resource

FNSPRM605A
Establish or review marketing, client services and supplier relationships

Assessment tool

Version 1.0
Issue Date: May 2024


This unit requires the application of management and professional skills and may be applied to a professional practice or to a discrete unit of a larger organisation in any sector of the financial services industry.

This unit describes the performance outcomes, skills and knowledge required to establish or review marketing, client services and supplier relationships which support the provision of professional services to clients.

This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying 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:

identify and address factors which may affect the marketing and performance of client services and assess risks and benefits associated with using a range of products and services within a practice

review suppliers and establish and maintain the required level of service

evaluate business systems against practice requirements and make recommendations

apply cost-benefit analyses to systems and procedures.

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 relevant legislation, regulations and codes of practice.

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/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

highly developed communication skills to:

determine and analyse organisational marketing and client services, using questioning and active listening as required

liaise with peers, staff and external service providers, share information, listen and understand

use language and concepts appropriate to cultural differences

highly developed research skills for:

accessing and managing complex information from a wide variety of sources

interpreting complex data

coordinating multiple tasks across an organisation

highly developed literacy skills to read and interpret documentation from a variety of sources and produce high quality reports and organisational guidelines

IT skills for accessing and using appropriate software such as word processors, spreadsheets and databases and using internet information

management skills for working effectively in a constantly changing environment

interpersonal skills to establish rapport with peers, staff and clients

highly developed judgement skills for forming recommendations in senior organisational situations

organisational and time management skills to sequence tasks, meet timelines and arrange meetings

well-developed problem solving skills to identify marketing strategies and client services that have the potential to impact on the practice and to develop options to resolve any issues if they arise

self-management skills for complying with ethical, legal and procedural requirements

learning skills to maintain knowledge of changes to compliance legislation and best practice management techniques

teamwork skills

high level project management skills

Required knowledge

financial practice administrative processes and systems

financial products, their characteristics and risk profile

financial practice professional services

marketing and advertising principles, techniques and tools

office IT systems and software

relevant acts, regulations and codes of practice impacting on the financial service industry

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.

Marketing tools (that may be impacted by regulation) include:

advertising

brochures and sales aids

client base development

direct marketing

focus groups

in-house publications

lead generation

market surveys

product marketing

public relations activities

reports

specialist contact software

sponsorship

telemarketing

using compliance materials.

Suppliers include:

accountants

actuaries

auditors

consultants

fund administrators

IT specialists

insurance companies

investment managers

legal professionals

other financial planning practices

risk managers

sales and marketing specialists

solicitors.

Supplier terms of appointment can be:

formal

informal.

Client services may be pre, point of, or post sale and may include:

appropriate personal contact

complaints handling

enquiries

policy changes

records management

reports

timely and accurate documentation

written communication.

Service standards may include:

accuracy rates

completion dates

data availability

document presentation

procedures

response times

staff communication.

Methods of communication may include:

at meetings

electronic

in writing

individual and group

verbal.

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
Marketing strategy is established or reviewed and marketing tools developed and made available within budget and timelines 
Marketing strategy is confirmed and implemented across the organisation or business unit 
Criteria to enable an effective evaluation of supplier services are established and all existing suppliers assessed against the criteria 
Availability and suitability of alternate suppliers who can meet the service support requirements within legislative requirements are identified and analysed 
Terms of appointment of suppliers to achieve service support requirements are established and relationships with suppliers maintained and developed 
Client services are determined which will meet client expectations, are within enterprise policy and philosophy, and meet industry legislative requirements 
Key performance indicators to measure customer service are established and existing client services reviewed against these and improved where required 
Service standards are documented in the prescribed format and communicated to all stakeholders 
Services are delivered within the timeframe and budget 

Forms

Assessment Cover Sheet

FNSPRM605A - Establish or review marketing, client services and supplier relationships
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:

Signature:

Date:

Assessment Record Sheet

FNSPRM605A - Establish or review marketing, client services and supplier relationships

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: