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. Establish financial products or services | 1.1 Identify client needs, requirements and expectations 1.2 Identify suitable products or services according to client needs |
2. Develop approach to providing products or services | 2.1 Identify organisational techniques and strategies for promoting identified products or services to clients 2.2 Determine approach for promoting products or services according to client expectations 2.3 Discuss, assess and revise approach with relevant stakeholders 2.4 Develop advisor aids and train advisors and customer service representatives in approach for intended market segment 2.5 Identify opportunities for providing ancillary products or services according to organisational policies and procedures, legislation and regulations |
3. Implement, monitor and evaluate promotional approach | 3.1 Develop criteria for evaluating promotional approach 3.2 Trial promotional approach and gather feedback 3.3 Evaluate trial results and update approach 3.4 Communicate updated approach to required stakeholders and obtain approval 3.5 Review required data on product or service take up and plan 3.6 Document results and determine future promotional strategies |
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
apply advanced techniques to provide at least two different financial products and two different services.
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
organisational policies and procedures and legislative and regulatory requirements relating to promoting financial products and services
advanced product positioning techniques and promotional approaches
processes for monitoring and reviewing a promotional approach
techniques and features of training and development programs for advisors and customer service representatives
evaluation and monitoring techniques for financial products and services, their strengths, weaknesses and alignment with customer needs
techniques and features of collateral and key messaging used to promote financial products and services to customers
techniques for generating new and innovative ideas for promoting financial products and services
opportunities for promoting ancillary products and services
organisational documentation processes relating to provision of financial products or services
techniques to calculate and estimate numerical and financial data used for products and services comparison.
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
financial services and product information
organisational policies and procedures and legislation
office equipment, technology, software systems and consumables.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.