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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Develop appropriate strategies and solutions
   • Determine appropriate strategy to provide for identified needs and outcomes based on analysis of first home saver account deposit product risk profile and assessment of client information
   • Conduct relevant research, analysis and product modelling, and draft appropriate transaction for presentation to client that demonstrates understanding of ASIC identified generic and specialist knowledge relevant to products being offered
2. Present appropriate strategies and solutions to client
   • Explain and discuss proposed transaction with client in clear and unambiguous way, demonstrating product knowledge appropriate for service or product offered
   • Explain and emphasise relevant details, terms and conditions of first home saver account deposit product or service, including impacts and possible risks of proposed solution in clear and concise manner
   • Provide client with written supporting documentation and guide client through key aspects of documentation
3. Negotiate financial transaction with client
   • Discuss and clarify any concerns or issues client has regarding proposed transaction
   • Seek confirmation that client fully understands proposed transaction
4. Coordinate implementation of agreed transaction
   • Gain client’s formal agreement to proposed transaction
   • Clearly explain associated fees, cost structures and timeframes for execution and processing, and confirm client understands these details
5. Complete and maintain necessary documentation
   • Ensure that proposal and all other statutory and transactional documents are completed and signed off by client
   • Exchange signed agreement and copies of appropriate documentation
6. Provide ongoing service where requested by client
   • Agree with client about type and form of ongoing service, including reporting on performance and review of first home saver account deposit product
   • Clearly explain and confirm fees and costs for ongoing and specifically defined services, and confirm client understands these details
   • Ensure ongoing service is provided as required

Performance Evidence

Evidence of the ability to:

interpret and comply with industry regulations and codes of practice

analyse client needs relevant to first home saver account deposit products and services, and develop strategies and solutions to meet client requirements

finalise transactions, ensuring all documentation is completed accurately following organisational procedures.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must satisfy knowledge requirements relevant to the products and activities in which advice is given. They must:

explain the legal environment including disclosure and compliance covering:

role of the representative or adviser

relevant legal principles relating to the Corporations Act, Financial Services Reform Act (FSRA), Competition and Consumer Act, Privacy Amendment (Private Sector) Act and Australian Securities and Investments Commission (ASIC) Act

relationship between ethics and regulatory requirements including good faith and utmost good faith

full disclosure of remuneration and fees and any other conflicts of interest which may influence the adviser's recommendation

relevant industry standards and codes of conduct

complaints resolution procedures (internal and external)

ASIC guidelines on adviser conduct and training

outline the economic environment and characteristics impacting on first home saver account products including:

interest rates

exchange rates

inflation

government monetary and fiscal policy

describe the operation of first home saver market institutions including:

banks

credit unions

building societies

identify taxation issues in relation to first home saver accounts

explain advisory functions including:

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

explain first home saver account financial products including:

general definition

age limitations

cooling-off period

interest paid – institution and government

fees and charges

non-cash payments:

direct debit

external funds transfer (EFT)

auto transfer

withdrawal limits and requirements

specific inclusions and exclusions

types of financial risk.

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