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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 strategies and solutions
   • Determine client’s financial needs and outcome requirements
   • Analyse products and client risk profile
   • Conduct assessment of client needs
   • Conduct research, analysis and product modelling according to client’s needs and outcome requirements
   • Draft proposed solution according to ASIC identified generic and specialist knowledge relevant to products being offered
2. Present strategies and solutions to client
   • Present proposed solution to client and demonstrate product knowledge required for product offered, according to organisational policies and procedures, legislative and regulatory requirements
   • Reinforce all relevant details to client with impacts and possible risks of solution disclosed
   • Provide client with written supporting documentation and guide client through key aspects of documentation
3. Negotiate financial plan, policy or transaction with client
   • Identify concerns or issues client has regarding proposed plan, policy or transaction
   • Seek confirmation to ensure that client understands proposed plan, policy or transaction according to ASIC and AFS licensing requirements
   • Determine client requirements to establish formal agreement for a proposed plan, policy or transaction
4. Complete and maintain necessary documentation
   • Confirm proposal and required statutory and transactional documents are completed and signed off by client
   • Confirm that signed agreement and all copies of appropriate documentation are exchanged between required parties
5. Provide ongoing service, where requested by client
   • Confirm that type and form of selected ongoing service, reporting on performance, and review of plan, policy or transaction is agreed with client
   • Explain fees and costs for any ongoing and specifically defined services and ensure client understands these expenses

Performance Evidence

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:

provide personal advice on non-relevant financial products to at least two different clients

present suitable non-relevant financial products to each of the above clients and successfully negotiate a plan, policy or transaction.

In the course of the above, the candidate must:

comply with industry-specific legislative and regulatory requirements for non-relevant financial products

explain the characteristics, benefits and impacts of non-relevant financial products.

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Knowledge Evidence

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:

key features of the following non-relevant financial products:

general insurance

deposit products

non-cash payment facilities

key features of the legal environment, including disclosure and compliance covering:

role of representative and adviser

relevant legal principles relating to key Acts relevant to the performance evidence

relationship between ethics and regulatory requirements, including good faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest that may influence adviser’s recommendation

Australian Securities and Investments Commission (ASIC) regulatory guidelines and industry codes of practice and conduct relating to performance evidence

Australian Financial Services licensing obligations and requirements

resolution procedures for internal and external complaints.

For general insurance the individual must demonstrate knowledge of:

insurance products, and the roles and components that comprise Australian insurance markets, including:

definition of an insurance product

conditions, exclusions and level of coverage of risk transfer products

types of insurance products

pricing of risk products

taxation issues relating to insurance products

explain advisory functions, including:

role of representative, broker and adviser

range of services provided

process of a risk assessment

profile and financial information of the clients described in performance evidence

characteristics of the general insurance products for which advice is given, including:

standard cover (and deviations)

policy wordings

taxes and charges

insurance claims

premium rating and risk selection

reporting

product development

underwriting.

For deposit products and non-cash payment facilities the individual must demonstrate knowledge of:

types of deposit products and non-cash payment products

product characteristics.

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