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

the economic environment and characteristics and impact of economic and business cycles including

interest rates

exchange rates

inflation

government monetary and fiscal policies

operation of First Home Saver market institutions including

banks

credit unions

building societies

First Home Saver Account financial products including

general definition

age limitations

coolingoff period

interest paid

institution

government

fees and charges

noncash payments

direct debit

external funds transfer ETF

auto transfer

withdrawal limits and requirements

specific inclusions and exclusions

types of financial risk

taxation issues in relation to First Home Saver Accounts

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

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

analyse client needs and advise them ethically and accurately on First Home Saver Account Deposit products and services

assess the impacts of taxation on clients financial requirements for specific products offered

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 First Home Saver Account Deposit 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

verbal or written questioning on underpinning knowledge and skills

setting and reviewing business scenarios

evaluating samples of work

accessing and validating third party reports

Guidance information for assessment

Client needs, objectives and financial situation may include:

Product risk profile may include:

The type of information to be obtained from the client may include:

Documentation may include: