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Elements and Performance Criteria

1. Develop appropriate strategies and solutions
   • An appropriate strategy to provide for identified needs and outcomes is determined from analysis of products, client risk profile and assessment of their needs
   • Relevant research, analysis and product modelling is conducted and an appropriate solution, plan, policy or transaction is drafted for presentation to the client demonstrating understanding of the ASIC identified generic and specialist knowledge relevant to the products being offered
2. Present appropriate strategies and solutions to client
   • The proposed transaction is explained and discussed with the client in a clear and unambiguous way demonstrating product knowledge appropriate for the service or product offered
   • Relevant details, terms and conditions of product or service are reinforced to client with impacts and possible risks of the solution disclosed in a clear and concise manner
   • Client is provided with written supporting documentation and guided through the key aspects of the documentation
3. Negotiate financial plan, policy or transaction with client
   • Concerns or issues the client has regarding the proposed plan, policy or transaction are discussed and clarified
   • Confirmation is sought from client that they understand the proposed plan, policy or transaction
4. Coordinate implementation of agreed plan, policy or transaction
   • The client's formal agreement to the proposed plan, policy or transaction is gained
   • Associated fee and cost structures and timeframes for execution and processing are clearly explained and confirmation of understanding gained from the client
5. Complete and maintain necessary documentation
   • Proposal and all other statutory and transactional documents are completed and signed off by the client
   • Copies of appropriate documentation and the signed agreement are exchanged
6. Provide ongoing service where requested by client
   • Type and form of ongoing service including reporting on performance and review of plan, policy or transaction is agreed with the client
   • Fees and costs for ongoing and specifically defined service are clearly explained and confirmation of understanding gained from the client
   • Ongoing service is provided as required

Required Skills

Required skills

communication skills to determine and confirm client requirements using questioning and active listening as required present products and services to clients clearly and thoroughly negotiate agreed outcomes with clients use language and concepts appropriate to cultural differences numeracy and IT skills to identify and use financial product information access and use appropriate software such as spreadsheets and databases use internet information literacy skills for analysing information and products to ensure appropriateness to client needs currency and accuracy analytical skills to determine client risk profiles and undertake a needs analysis interpersonal skills to establish rapport with clients and to liaise with other team members organisational and time management skills to sequence tasks meet timelines and arrange meetings

Required knowledge

Generic knowledge requirements the economic environment and characteristics and impact of economic and business cycles including interest rates exchange rates inflation government monetary and fiscal policies the operation of financial markets the roles played by intermediaries and issuers structure and interrelationships within the financial markets and interrelationship between industry sectors financial products including the concept of a financial product general definition specific inclusions and exclusions types of financial investment products types of financial risk products taxation issues in relation to the products and markets in which they operate advisory functions including the role of the representative or adviser participants in the advisory services market range of services provided profile and financial information of the client appropriateness of a risk assessment the legal environment and disclosure and compliance including relevant legal principles eg Corporations Act Financial Services Reform Act FSRA Trade Practices Act the relationship between ethics and regulatory requirements eg good faith utmost good faith full disclosure of remunerationfees and any other conflicts of interest which may influence the advisers recommendation relevant industry codes of practice and conduct complaints resolution procedures internal and external ASIC regulatory guidelines Specialist knowledge requirements the specific industry or product in which they are operating For general insurance products this includes types of general insurance products and policies standard cover and deviations policy wordings taxes and charges insurance claims premium rating and risk selection reporting product development underwriting for deposit products and noncash payment facilities this includes types of products and facilities product and facility characteristics

Evidence Required

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 interpret and comply with industry regulations and codes of practice including for insurance products the required approval or authority to accept the transfer of risk explain the characteristics benefits and impacts of financial products and servicesto clients present appropriate financial products and services to clients and negotiate a plan policy or transaction successfully
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 workplace projects and business simulations or scenarios accessing and validating third party reports
Guidance information for assessment

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Range Statement

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.
Identified needs and outcomes may include:	business needs debt position expectations of access to product expectations of income from this product expectations of lifecycle and length of product family income security.
Risk profile might include:	access restrictions on product borrowing risk and gearing economic market and sector risks: economic cycle fixed interest property stock market risk factors and return expectations specific product risk volatility of income and capital.
Documentation might include:	disclaimers disclosures product application forms written advice.
Client concerns and issues might include:	personal involvement: active passive risk profile: conservative speculator moderate their beliefs about performance expectations of fluctuations in income or capital being a long-term or short-term investor need for security.

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