Assessor Resource

FNSSAM403A
Prospect for new clients

Assessment tool

Version 1.0
Issue Date: April 2024


This unit may be applied to all sectors of the finance industry in which the selling of products and services is essential.

This unit describes the performance outcomes, skills and knowledge required to identify and contact potential client prospects through the utilisation of networks, leads and research skills as well as cold calling. Initial contact may happen over the phone or email, in person, at conferences and presentations, or through a variety of networking opportunities.

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)

Co-Requisites

Not applicable.

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:

successfully undertake cold calling, relationship building and prospecting for sales of financial products and services

establish a sales response.

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.

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

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills

setting and reviewing business simulations or scenarios

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 knowledge

buyer motives

buying and selling processes

conflict resolution and persuasion techniques

industry product and service trends

organisational requirements including policy and procedures

prospecting methods and management strategies

relevant financial products and services, including their strengths and weaknesses

sales and marketing techniques

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.

Prospecting is a continuous process of gathering the names of potential buyers who are likely to be interested in the purchasing the salesperson's product. These may include

advertisements

brokers

business associates and associations

databases

direct mail

friends and family

internal company referral systems

networking groups and events

referrals

telemarketing.

General introduction to products and services may include:

client charter information

organisation values, mission and ethics

types of products and services.

Appropriate questioning and listening may include:

asking the caller what aspects of their finances they most need to focus on now and attend to these concerns

assessing for risk or apprehension in the potential client

determining the nature of the person's relationship to a referee

using silence appropriately.

Buyer resistance may include:

no perceived need

poor rapport with salesperson

price resistance

timing issues

uncertainty about product or service.

Probing may include:

checking perceptions

open and closed questions

repeating back prospect's understanding of products and services.

A strategy to manage the resistance

may include:

giving referrals such as satisfied clients to contact

giving trial offers or offers of incentive

listing and describing superior benefits of products and services

providing additional information, education, and support such as statistical information

using assertive messages.

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
Prospecting is carried out and a general introduction to products, services, organisational values and experience is disclosed to potential client through a range of communication methods 
Appropriate questioning and listening skills are applied to determine prospective client's understanding of financial processes 
Prospective client is informed of the role of advisers and the organisation 
Prospective client is encouraged to express their needs and goals 
Prospective client questions and concerns are identified and responded to appropriately, in a clear and unambiguous way and in a manner consistent with prospect's level of financial understanding 
Reasons for resistance are probed and identified and addressed in an appropriate manner through a strategy to manage the resistance 
A range of communication and interpersonal skills are used to gather prospect's personal, financial and business details in accordance with relevant legislation and the next steps that will occur are mapped out 
Prospect information is recorded in an appropriate way and additional product and service research is conducted to determine possible appropriate products and services to meet potential client needs if necessary 
Initial range of options is considered and prepared for next contact 

Forms

Assessment Cover Sheet

FNSSAM403A - Prospect for new clients
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

FNSSAM403A - Prospect for new clients

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: