Assessor Resource

FNSSAM401
Sell financial products and services

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to present a sales solution and close a sale in response to a client enquiry.

Within their level of authority, individuals apply specialised knowledge and make judgements and recommendations based on detailed analysis of information.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

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



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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify nature of enquiry

1.1 Establish rapport with client and determine reason for enquiry to allow suitable response

1.2 Determine needs of client by questioning

1.3 Check to see whether enquiry is within personal authorities or should be referred to appropriate personnel

2. Determine suitability of client for financial product or service

2.1 Identify products and/or services that might satisfy client needs

2.2 Obtain all information required to determine eligibility of client for product or service, with predetermined risk assessment criteria applied in accordance with product or service requirements

2.3 Prepare business proposal in compliance with legislation, regulations and codes of practice and personal authorities, and refer to appropriate personnel for further action if business proposal is outside defined guidelines

3. Provide client with information about product or service

3.1 Present business proposal to client and supply all product information

3.2 Discuss client queries, clarify proposal and make follow-up arrangements if required

4. Confirm sale and process documentation

4.1 Confirm suitability of product and price with client and obtain agreement to proceed with sale

4.2 Issue documentation in accordance with organisational policy and procedures

4.3 Process payment details without delay and update record systems promptly and accurately

Evidence of the ability to:

interact with clients, collect the necessary information and match client needs to company products or services

sell products and services, including matching client requirements to company products and services

finalise and record the sale, completing relevant documentation as required.

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 the basic structure and operation of the financial services industry

identify the key features of services and products within the financial services industry

describe the key features of company policy and procedures for interacting with clients and solving problems

describe the key requirements of relevant legislation and regulations impacting on the financial services industry in relation to selling products and services

compare and contrast selling techniques

describe the key features of the range of products and services available from an organisation including terms, interest rates, special packages and other conditions.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the sales and marketing field of work and include access to:

financial services product information

a relevant software system and data

organisational policy and procedures

common office equipment, technology, software and consumables.

Assessors must satisfy NVR/AQTF assessor requirements.


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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify nature of enquiry

1.1 Establish rapport with client and determine reason for enquiry to allow suitable response

1.2 Determine needs of client by questioning

1.3 Check to see whether enquiry is within personal authorities or should be referred to appropriate personnel

2. Determine suitability of client for financial product or service

2.1 Identify products and/or services that might satisfy client needs

2.2 Obtain all information required to determine eligibility of client for product or service, with predetermined risk assessment criteria applied in accordance with product or service requirements

2.3 Prepare business proposal in compliance with legislation, regulations and codes of practice and personal authorities, and refer to appropriate personnel for further action if business proposal is outside defined guidelines

3. Provide client with information about product or service

3.1 Present business proposal to client and supply all product information

3.2 Discuss client queries, clarify proposal and make follow-up arrangements if required

4. Confirm sale and process documentation

4.1 Confirm suitability of product and price with client and obtain agreement to proceed with sale

4.2 Issue documentation in accordance with organisational policy and procedures

4.3 Process payment details without delay and update record systems promptly and accurately

Evidence of the ability to:

interact with clients, collect the necessary information and match client needs to company products or services

sell products and services, including matching client requirements to company products and services

finalise and record the sale, completing relevant documentation as required.

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 the basic structure and operation of the financial services industry

identify the key features of services and products within the financial services industry

describe the key features of company policy and procedures for interacting with clients and solving problems

describe the key requirements of relevant legislation and regulations impacting on the financial services industry in relation to selling products and services

compare and contrast selling techniques

describe the key features of the range of products and services available from an organisation including terms, interest rates, special packages and other conditions.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the sales and marketing field of work and include access to:

financial services product information

a relevant software system and data

organisational policy and procedures

common office equipment, technology, software and consumables.

Assessors must satisfy NVR/AQTF assessor requirements.

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
Establish rapport with client and determine reason for enquiry to allow suitable response 
Determine needs of client by questioning 
Check to see whether enquiry is within personal authorities or should be referred to appropriate personnel 
Identify products and/or services that might satisfy client needs 
Obtain all information required to determine eligibility of client for product or service, with predetermined risk assessment criteria applied in accordance with product or service requirements 
Prepare business proposal in compliance with legislation, regulations and codes of practice and personal authorities, and refer to appropriate personnel for further action if business proposal is outside defined guidelines 
Present business proposal to client and supply all product information 
Discuss client queries, clarify proposal and make follow-up arrangements if required 
Confirm suitability of product and price with client and obtain agreement to proceed with sale 
Issue documentation in accordance with organisational policy and procedures 
Process payment details without delay and update record systems promptly and accurately 

Forms

Assessment Cover Sheet

FNSSAM401 - Sell financial products and services
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

FNSSAM401 - Sell financial products and services

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: