Elements and Performance Criteria
- Establish relationship with client
- A range of communication and interpersonal skills are used to establish the knowledge level of the client
- Enquiries in relation to products and services are responded to by explaining the range of products and services available and their relevant fee and charging methodology
- Client is informed of the role of the adviser and the licensee/principal responsible for the adviser's conduct including procedures for complaints handling and the circumstances in which they should be engaged
- Identify client' objectives, needs and financial situation
- A range of communication and interpersonal skills are used to gather client personal, financial and business details
- Client's needs and their product risk profile are identified by encouraging expression of their objectives and goals (short-, medium- and long-term goals as relevant to the product)
- Client expectations of cash flow and relevant taxation obligations are established and confirmed
- Analyse client's objectives, needs, financial situation and risk profile
- An assessment of client's needs is undertaken, utilising all information gathered and taking into account client's product expectations and specific needs
- Client isconsulted throughout the analysis for further clarification where necessary
- The need for specialist advice is analysed and the client is referred to an appropriate adviser for higher level or specialist advice if required
- Product risk profile of the client is assessed and agreed demonstrating understanding of the ASIC identified generic and specialist knowledge relevant to the products being offered