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. Create rapport with prospective client | 1.1 Carry out prospecting and provide general introduction to products, services, organisational values and experience to potential client through range of communication methods 1.2 Use appropriate questioning and listening skills to determine prospective client’s understanding of financial processes 1.3 Inform prospective client of role of advisers and organisation |
2. Identify prospective client’s needs | 2.1 Encourage prospective client to express needs and goals 2.2 Identify prospective client’s questions and concerns, and respond appropriately, in clear and unambiguous way and in manner consistent with prospect’s level of financial understanding |
3. Secure commitment | 3.1 Probe reasons for resistance and identify and address in appropriate manner through strategy to manage resistance 3.2 Use range of communication and interpersonal skills to gather prospect’s personal, financial and business details in accordance with relevant legislation, and map out next steps that will occur |
4. Manage prospective client information | 4.1 Record prospect information in appropriate way and conduct additional product and service research to determine possible appropriate products and services to meet potential client needs, if necessary 4.2 Consider initial range of options and prepare for next contact |
Evidence of the ability to:
successfully undertake cold calling, relationship building and prospecting for sales of financial products and services
establish a sales response and record required information.
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:
analyse and discuss issues relating to buyer motives
describe the key features of the buying and selling processes
discuss the key features of conflict resolution and persuasion techniques, including how to overcome buyer resistance
describe current industry product and service trends
outline the key features of organisational requirements, including policy and procedures relevant to prospecting for new clients
compare and contrast prospecting methods and management strategies
analyse a range of relevant financial products and services, including their strengths and weaknesses
describe the key features of sales and marketing techniques.
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.